Word: trusts
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Dates: during 1950-1959
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After three weeks of unexpected delay, the Arnold arboretum's $1 million breach of trust suit against the Corporation has been presented to the State Supreme Court for immediate decision...
...Counsel for the Arboretum maintains in its final brief that by moving six-sevenths of the total Arnold collection to Cambridge, the University has violated the trust which stipulated that they must act "in the sole interest of the Arnold Arboretum." Furthermore, by arranging for the Arboretum director to teach undergraduate botany courses, Harvard is clearly benefiting "other interests...
...first four, based on deposits: Bank of America, Chase Manhattan Bank, First National City Bank of New York, Chemical Bank New York Trust...
...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, the New York Times. It runs them well. Alexander's current appraisal of the stock market is one of caution; the bank is now putting only one-third of new money into stocks...
...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. He and his associates held 341 directorships in 112 com panies with total resources of $22 billion...