Word: sound
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Dates: during 1920-1929
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...exclusive of freight, the chief value of the new beds lies in the fact that they are in the immediate vicinity of the coal burning Canadian paper mills, the largest of which, the Kapuskasing, burns 500 tons of coal daily. With coal mines within sound of their buzz saws, Abitibi pulpmakers saw a chance to make newsprint still more cheaply for U. S. newspapers. Lignite, or "wood-coal," is geologically half way between turflike peat and smudgy bituminous coal. It is hard, looks like dirty brown slate, burns without smoke, is clean to handle. Mined...
...utility companies in which it is interested; its holdings are usually no more than a substantial minority, not including an operating control; and if it chooses to regard itself as investor in many companies but as manager of none, such a position would certainly be statistically sound. The fact that so powerful a financial institution has become actively interested in utilities may be disconcerting to opponents of privately controlled light and power systems. But only a cartoonist could attempt to personify Mr. Morgan as Big Utility Goblin...
...every good bank come many sound investing opportunities which must be refused because of legal restrictions. So, in order to widen their operating field, most large banks have investment affiliates, somewhat less conservative than the banks themselves. Step Three in the employment of currency would obviously be for the bank to organize an investment trust, and that is what Chicago's Continental-Illinois Bank Trust Co., largest U. S. bank outside Manhattan, did last week. President was Arthur Reynolds, who is board chairman of Continental-Illinois. Vice-president was James R. Leavell, also a Continental-Illinois vice president...
...speculate in securities but was established primarily to assist Continental-Illinois' 40,000 commercial customers. Said Mr. Reynolds: "There are innumerable instances where a company is not entitled to commercial bank credit . . . and is in no position to go to the securities market. . . . Yet it is entirely sound and worthy of banking cooperation. . . . We know from experience that there is keen need for this additional banking service, that it is entirely sound and extremely lucrative. . . . There will be [in Continental Chicago Corp.] nothing of the speculative activity in which many of the present organizations [investment trusts] are prominent...
...therefore with a feeling of optimism that a bit of advice which might sound trite and worthless if coming from an advisor may be offered to the incoming class by some of its more experienced undergraduate colleagues...