Word: tennesses
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Dates: during 1950-1959
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Karim Aga Kahn '59, who graduates with the Class of 1959 tomorrow, has established a ten-year program of scholarships for students attending Harvard from India, Pakistan, the Middle East, Persia, and East Africa...
...those Depression days, the young lawyer had to canvass ten firms before he got his first offer. When he applied for a job at the Manhattan law firm of White & Case, which numbered U.S. Steel among its clients, the official who interviewed Roger Blough noted: "First-class chap; good, clean-looking, talked intelligently. We would probably make no mistake." Irving Olds, former chairman of U.S. Steel, who moved into the company from White & Case himself, puts it another way: "Blough was one of those fellows who turn up no more than once in ten years...
Blough streamlined the legal department, went on to important roles in labor negotiations, financing, a hundred other tasks. Within ten years he had scrambled through the corporate hierarchy so fast that when Ben Fairless shifted over from president to chairman in 1952, a special post of vice chairman was created for Blough and he became, in Fairless' words, "my right bower." Three years later, when Fairless retired, it was a foregone conclusion that Blough would be the new boss...
BLOUGH argues that the dollars corporations earn as profits have remained virtually stable for ten years, while wages have more than doubled throughout U.S. industry. In steel alone, employment costs have jumped at the compound rate of 7.9% each year since 1940. The industry still made a profit of 6.3% on its sales last year (an even better 8.7% for U.S. Steel), but Blough argues that profits still fall far short of the cash needed for expansion. U.S. Steel alone had to borrow $600 million in the last five years. As for inflation, Blough considers congressional suggestions of wage...
...locked in institutional portfolios. Companies are reluctant to float more because of heavy taxes. Daimler-Benz has 93% of its stock in the hands of institutions and other companies; in the past month, buyers of small amounts of floating stock propelled the price from $243 to $363 within ten days...