JP MORGAN'S SUPPLY PURCHASES FOR ALLIES ASSUMED BY US GOVERNMENT
Washington, D.C. (JFK+50) One hundred years today, May 21, 1917, a meeting was held here in the Nation's Capital between Assistant Secretary of Treasury Oscar T. Crosby* and J. P. Morgan** during which an agreement was made for the United States government to assume responsibility for the purchase of all supplies in this country during WWI for the Allied nations.
Previous to the agreement, J.P. Morgan and Company, according to the Chicago Daily Tribune, had acted "in this capacity for most of the governments at war with Germany."
*Oscar Terry Crosby (1861-1947) was born in Ponchatoula, LA & graduated from West Point in 1883. He was commissioned in the Army Corps of Engineers in 1886. OTC was the 1st president of Potomac Electric Power Company in Washington, D.C. & served as Assistant Secretary of Treasury 1917-1919.
**John Pierpont Morgan (1837-1913) was born in Hartford, Connecticut & became an American financier & banker who dominated corporate finance & industrial consolidation in the late 1800s & early 1900s.
"Crosby, Oscar Terry," Social Network and Archival Content, www.socialarchive.iath.va.edu/
"Uncle Sam Buys For Allies Now, Morgan Quits", The Chicago Daily Tribune, May 22, 1917.