Word: firmed
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Dates: during 1960-1969
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...tiny State Street office by Lawyer John Clarke Lee and his cousin, Boston Merchant George Higginson, Lee Higginson over the years financed the development of the Atchison, Topeka & Santa Fe and other Western railroads, built several Boston fortunes by developing the fabulous Calumet & Hecla Copper Mine in Michigan. The firm helped put together General Electric in 1892, led the financing of the struggling General Motors...
...firm never really recovered. While some of the old partners spent 20 years or more honorably paying off their debts from the Kreuger fiasco, the reorganized firm could never rustle up enough cash for the computers and research staffs to compete with such giants as Merrill Lynch, Pierce, Fenner & Smith-or, on a somewhat smaller scale, Hayden, Stone. Says Hayden, Stone Chairman Alfred J. Coyle, they "couldn't make the costly effort we make in research-the only way a firm can supply the services customers want...
There was even less after the May 1962 market plunge. Lee Higginson lost heavily, then was all but ignored by investors in the trading resurgence that followed. In even more recent years, the firm had been barely scraping by. Boston-based Chairman Charles Cotting, 77, closed the books sadly-but just in time. Unless new funds could have been raised in a very short time, Lee Higginson was headed for an ignoble fate: suspension from the New York Stock Exchange for lack of adequate capital...
...growing branches of U.S. litigation is product-design liability suits against manufacturers, claiming that faultily designed products caused serious injuries or deaths. "This explosive field has grown tenfold in the last ten years-and that's on the conservative side," says Lawyer Craig Spangenberg, partner in a Cleveland firm that specializes in such cases. Spangenberg is all for it: "There's no reason why American industry can send a rocket to the moon and not design a can opener that's safe...
...that individual engineers need be overly alarmed about the new legal risks, which are still mainly aimed at manufacturers. Manhattan Lawyer Harry H. Lipsig foresees suits against engineers in only two general situations: 1) where the manufacturer has gone out of business, or is financially weaker than the engineering firm; 2) where the plaintiff finds the engineer in a more convenient jurisdiction than the manufacturer, as when a U.S. engineer designs a machine that is then built abroad...