Word: ownerships
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Dates: during 1950-1959
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...college graduates in banking today? If this question had been asked 50 years ago, the answer would have been quite different. At that time banks were generally closely held corporations and the major responsibility for their operation fell to smaller groups who either represented family interests or large stock ownership...
Ability Not Ownership...
...recognizes that one of the many functions of management is to recruit and develop the best young men available. Young men in banks today are trained for specific responsibilities and are promoted on their ability. Success comes as a result of ability and not as a result of representing ownership interests...
...built-in stabilizers (social security, farm program, deposit insurance, widespread ownership of liquid assets including U. S. bonds) help to ensure against collapse. For expansion, however, an active program is needed including lending and guaranteeing operations by the government (housing, rural electrification, etc.), public investment projects (resource development, power, roads, health, education, etc.), tax rates low enough to ensure that full employment savings will find adequate investment outlets; and finally, a monetary policy that will ensure low rates of interest and ample liquidity for a growing economy...
...take a look at what goes on at the corner of Wall and Broad Streets in lower Manhattan and decide for ourselves. There we will find a marketplace where each day people from every corner of the country send orders to buy and sell shares which represent an ownership interest in nearly all the leading corporations in the country. In this one place Americans have free access to an ownership stake in 1,100 corporations--companies which together earn about half of all the net profits after taxes reported by all United States companies, pay half of all the dividends...