Morgan Takeover, 1850
In 1847, Morgan appointed his son-in-law, George W. Quintard, to the financial department of Secor & Co. Quintard proved a capable manager and rose quickly in the firm. Morgan bought out the other partners in February 1850 and renamed the firm the Morgan Iron Works. Quintard became the plant's new manager, a position he was to retain until the sale of the firm to John Roach in 1867. Morgan, now the plant's sole owner, was the firm's financier, supplying its capital and credit.
The only variation to this arrangement occurred between May 1, 1857 to May 1, 1861, when Morgan's other son-in-law, Charles A. Whitney, joined the firm as co-manager. During this period, Morgan conveyed the Works to the ownership of Quintard and Whitney for the sum of $250,000, giving Whitney a one-third stake in the company and Quintard the remainder. The two manager-owners took out a $67,000 mortgage on the property to raise operating capital. After Whitney left the firm to pursue other business interests, Morgan returned as sole owner, purchasing the business for its sale price of $250,000 as of a few years prior, and settling the mortgage himself.
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Famous quotes containing the word morgan:
“The bread-winner must toil as in the fruitless effort of a troubled dream while the expenditure of an uneducated wife discounts the income in the lack of understanding to discern the broad possibilities of an intelligent economy.”
—Anna Eugenia Morgan (1845–1909)