Word: co
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Dates: during 1950-1959
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...them. At the turn of the century manufacturing employed nearly 50% of all nonfarm workers. Today, the proportion is only 30%, and employment in the service industries is far more stable than in manufacturing. Says Economist Gabriel Hauge, onetime adviser to President Eisenhower and now chairman of Manufacturers Trust Co.'s finance committee: "The shift from manufacturing to services is comparable to the shift in the American economy in the 19th century from agriculture to manufacturing...
SINCE 1873 the most famed address in the U.S. financial world has been "The Corner" at 23 Wall Street, home of the House of Morgan. From The Corner last week came news that J. P. Morgan & Co.. Inc. will merge with Guaranty Trust Co. of New York, provided the trustbusters approve, to form the fourth largest bank in the U.S., with resources of $4 billion, capital funds of more than $500 million...
...Henry Clay Alexander, 56, will enable both banks "to serve our clients' increasing needs and our country's growth even better." The merger was characterized in Wall Street as "Jonah swallowing the whale," since Alexander will be chairman and chief executive officer of the Morgan Guaranty Trust Co of New York; Guaranty President Dale E. Sharp, 55, becomes president...
...from One. Though other banks have outstripped J. P. Morgan & Co. in total deposits, it has never lost the patrician air of leadership it gained virtually at its founding in 1862. It still does what the elder J. Pierpont Morgan called "only a first-class business and that in a first-class way," serving such blue-chip firms as Du Pont, General Motors, International Harvester, American Telephone & Telegraph and U.S. Steel, many of which it had a hand in building. The bank began by marketing U.S. railroad securities abroad, took the lead in consolidating and merging railroads toward the turn...
...when the Federal Banking Act compelled the separation of investment and commercial banking, J. P. Morgan Jr. elected to continue in commercial banking; his son formed the investment house of Morgan Stanley & Co...