Part 3 Chapter 28 Tabloid Summary and Analysis

The Morgan bank is not active in the stock market directly but they do have trust funds. The merger results in the bank being the biggest trust operation. They sometimes are responsible for up to one fourth of all shares traded. Street Hinton is named to run the trust department after the incorporation. Hinton buys stocks and holds them. By the mid 1960s Morgan manages $15 billion in trust assets. A Congressional report indicates that the trust market totals $1 trillion and that sixty percent of it is with commercial banks, mostly with Morgan and four other banks.

In April 1965 the SEC charges thirteen people with inside trading, one of whom is Tommy S. Lamont for giving information to Longstreet Hinton who buys Texas Gulf. Tommy has been on the Texas Gulf board since 1927. In November 1963 the company makes...