Word: largest
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Dates: during 1960-1969
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Probably the largest accumulation of investment capital is held by Manhattan's Morgan Guaranty Trust Co., a lineal descendant of J. P. Morgan & Co. By the best estimates, it administers 250 pension funds with assets totaling about $7 billion. All its stock trading decisions are initiated by one man: Carl Hathaway, 34, a Harvard graduate. He weighs the recommendations of the bank's analysts, makes his choices, and then presents them to a small group of senior officers-who almost always go along with his advice. Morgan has concentrated one-third of its equity investments in just...
...their struggle to rise above a rundown economy, Britain's major industrial companies have moved into a flurry of mergers. Since last summer, consolidations have created Europe's largest steel company, second-largest auto producer and third-largest electrical-equipment manufacturer. Now the trend has spread into the once staid realm of banking. In the largest bank merger in Britain's history, Westminster Bank, the country's fourth largest (deposits: $4.2 billion), has just agreed to join forces with the fifth-largest, National Provincial Bank (deposits: $4.1 billion...
...combine, for which neither a name nor a boss has yet been picked, will become Britain's largest domestic bank. Counting the funds in two smaller banks owned by National Provincial-the District Bank and Coutts & Co.-it will have total deposits of $8.3 billion-about $2.2 billion more than the present frontrunner, Barclays Bank. Barclays Bank D.C.O. (for Dominion, Colonial & Overseas), in which Barclays Bank has a 51% holding, remains larger, however, with $9.7 billions in deposits...
...long prided themselves on being among the world leaders in both size and prestige, the crown has slipped. The U.S. now has six banks bigger than any in the U.K.; the Bank of America, with $19 billion of deposits, is well over twice the size of Britain's largest. Most big U.S. banks have London branches that battle vigorously with British banks for time deposits. On top of that, British banks have come under pressure to match the growth-by-merger of their corporate customers-or lose accounts...
...Depression wiped out the loosely run mortgage-guaranty companies that flourished in the '20s, the Federal Government was the only source of insurance for home loans, chiefly through the Federal Housing Administration. Today, seven private companies are successfully challenging that monopoly. The oldest and by far the largest, Milwaukee-based Mortgage Guaranty Insurance Corp., has not only grown into a thriving concern with $50 million of assets and $3.5 billion of insurance in force, but has also spread its operations into 46 states, the District of Columbia, Canada and Australia...