Word: centralize
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Dates: during 1950-1959
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Robert H. Wescott, engineering manager of the University, testified before the Council that the building of the new steam tunnel would save the University money by connecting the three Prescott St. dorms with the existing central heating plant...
When Robert R. Young was battling his way to control of the New York Central, one of his aides was Randolph Phillips, onetime New York newspaper financial writer. After Young won in 1954, he and Phillips fell out (TIME, Dec. 26, 1955) because, according to Young, Phillips failed to get the top Central job he expected. Phillips set about getting revenge. Though a battery of high-priced Central lawyers had never laid a legal glove on Young, Phillips soon had Young hanging on the ropes...
...which Young and the shareholders could start drawing dividends. Then Phillips won a lower court decision holding that Alleghany Corp. should be regulated by the Securities and Exchange Commission, not the Interstate Commerce Commission. ICC had allowed Young to use the Alleghany Corp. in his fight for the Central in ways that the stricter SEC rules would have forbidden...
...courts to decide if ICC had observed all of its own regulations for the protection of minority stockholders when it approved the stock swap. But Bob Young could finally breathe easy. If he had lost in the Supreme Court, the retroactive ruling might have cost him control of the Central...
...capital, it reaps a rich harvest. Canada, for example, has drawn a total of $6.5 billion in direct U.S. investment v. Mexico's $485 million largely because it has treated American investors far better than the U.S.'s southern neighbor. Capital-hungry countries can also set up central offices to encourage and facilitate private investment, as The Netherlands has done so successfully, organize development banks and investment corporations to encourage local capital to enter partnerships with U.S. investors. Even state socialism or nationalism need not be a deterrent to private investment. Socialist-minded India, for example, guarantees foreign...