Word: generale
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Dates: during 1950-1959
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Explaining the report on the BBC last week, Committee Chairman Christie summed up: "If any member of the committee were asked if he considered suicide wrong he would say it was. Of course there are always exceptions. But in general, Christians-who are a minority in this country at present-would say no man or woman had the right to terminate life entrusted to him by God. There is also a feeling that to take one's own life when things are difficult is rather like running away in battle. On the other hand psychologists have made us more...
...Villain: Congress. Banker Alexander agrees with the general view that part of money's tightness-and the highest interest rates (5% and up) in 28 years-is the result of demand for credit spawned by the strong upsurge of the new boom. But it is also the result of fumbled fiscal policy. Who is to blame for that? Says Alexander: "The Administration's policy is good, and the Treasury is doing all it can.'' The real villain, he says, is Congress. It has refused to raise the 47% ceiling rate on long-term Treasury bonds, thus...
Alexander's "special kind of bank" has attracted the biggest lights of the financial firmament. More than half of the top 500 U.S. corporations-including such giants as General Electric, General Motors and Standard Oil (New Jersey)-bank with Morgan Guaranty. The U.S. Government leans on Morgan Guaranty as one of the principal dealers in government securities. The bank annually sends out more than 9,200,000 dividend checks worth $1 billion for corporations, takes care of investing $6.5 billion in trust funds. Morgan Guaranty runs pension funds for such big corporations as Johns-Manville, Kennecott Copper, Philip Morris...
...working out a novel method of financing freight cars or oil tankers. After being turned down by several banks, a group of utilities that wanted to finance an atomic reactor turned to Morgan; in a few days, the bank set up the plan to do the job. When General Electric asked Morgan Guaranty to buy up the shares of an affiliate abroad, the bank doggedly pursued one widow from city to city all over Europe until she finally sold her shares...
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...