Word: controls
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Dates: during 1950-1959
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Once a schoolmaster, the Archbishop of Canterbury relentlessly assigns papers to his church-and on subjects fit to make a county curate spill his tea. In recent years the Anglican Church has issued opinions on artificial insemination, birth control, homosexuality and prostitution. Out last week was the latest: Ought Suicide to be a Crime...
...firm at 20 to try his own luck on Wall Street. After acting as agent for his father's firm, he went into business for himself under the name of J. Pierpont Morgan & Co. He performed dazzling feats of finance one after another. His method was to buy control of banks and other financial institutions, use them to seize a dominating role in corporations, then reorganize, merge and centralize the corporations in a process that became known as "Morganization...
Morgan won control of some 50% of the railroad mileage of the U.S., merged the roads so efficiently that they were soon earning $300 million a year. He helped put together such later industrial giants as General Electric, merged several companies to form U.S. Steel, with the steel works of Andrew Carnegie as its nucleus. When Carnegie scrawled the price he wanted on a scrap of paper ($447 million), Morgan characteristically glanced at it briefly, snapped: "I accept." At one time Morgan controlled six banks and trust companies, three life insurance companies, ten railroads and a cluster of huge corporations...
...effect. While Morgan's interests were relatively unscathed by the crash, the Depression spelled the end of concentrated banking power. The New Deal launched a campaign against "the princes of privilege." J. P. Morgan II was hauled down to Washington to appear before a whole series of investigations. Control of U.S. finance passed from Wall Street to Washington. Regulatory bodies were established, restrictive bills passed, the Federal Reserve strengthened. The Banking Act of 1933 forced Morgan to split off its investment-banking activities, and a group of partners left to form the separate investment house of Morgan, Stanley...
VOLKSWAGEN STOCK SALE has been agreed upon by West German federal government and state of Lower Saxony, will end a ten-year ownership dispute. Plan calls for 60% of shares to be sold to the public, 20% to be held by Bonn, 20% by Lower Saxony. To prevent majority control by a single group and to spread ownership as widely as possible, the $25 shares will be rationed five to an investor. To attract lower-income customers, initial sale will be restricted to German citizens making less than $4,000 a year...