. Wall Street guide /. twenty-five to fifty million dollars. In connection with theorganization of this company, it is said that every-thing was ready to take in the independent companies,with the exception of the American Steel and WireCompany, which was then controlled by John , who was inclined to hold out for better Morgan immediately sent for him, and, accordingto report, something like the following conversationtook place: Mr. Gates, we want your stock, and we are willingto pay you so much per share for the common and somuch for the preferred. If you decide to accept thi
. Wall Street guide /. twenty-five to fifty million dollars. In connection with theorganization of this company, it is said that every-thing was ready to take in the independent companies,with the exception of the American Steel and WireCompany, which was then controlled by John , who was inclined to hold out for better Morgan immediately sent for him, and, accordingto report, something like the following conversationtook place: Mr. Gates, we want your stock, and we are willingto pay you so much per share for the common and somuch for the preferred. If you decide to accept thisoffer, well and good; if you do not, we will get itanyway. We have raised a pool of $200,000,000 tooperate in the stock market, and unless you give inyou will be sorry later. To which Mr. Gates replied, Can I be a director in the new company ? As answer was in the negative, Mr. Gatespromptly complied and retired from the steel in-dustry, at least for a time. Another of Mr. Morgans famous deals was the coin-. J. PIKKPOXT MORGAN. bination of the Great Northern, Northern Pacific, andBurlington systems, in which deal ho. was associatedand ably assisted by James J. Hill, and ibis combina-tion later brought on the Northern Pacific corner;ind the consequent panic of May 9, 1901. Mr. E. and the Standard Oil party had recently secured control of the Union Pacific Railroad andalso held large interests in the Chicago, Milwaukeeand St. Paul Railroad, and they began to fear seriouscompetition by the newly organized system above re-ferred to, consequently their brokers, Messrs. Kuhn,Loeb & Co., quietly began to buy all of the NorthernPacific stock, both common and preferred, that couldbe purchased in the open market without creatingundue notice. Mr. Morgan, being in Europe at thetime, did not learn what was going on until the stockbegan to advance very rapidly; and when it wasfound that the stock was cornered, there werefrantic efforts by the outside bears to cover, re
Size: 1370px × 1824px
Photo credit: © The Reading Room / Alamy / Afripics
License: Licensed
Model Released: No
Keywords: ., bookcentury1900, bookdecade1900, booksubjectstockex, bookyear1902
