Word: trusts
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Dates: during 1950-1959
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...signature- the new singles displayed the first design change in U.S. paper money since the Bureau of Engraving and Printing added the Great Seal in 1935. On the green side of the new dollar appears, for the first time on U.S. folding money, the motto "In God We Trust," which made its debut on the 2? piece of 1864 and is imprinted on all current U.S. coins except the buffalo nickel. Two years ago Congress ordered the motto added to greenbacks, last year made it - instead of E Pluribus Unum -the nation's official motto...
...During the Civil War, with Union gold reserves running low, President Lincoln suggested that instead of "In God We Trust," a more fitting motto for greenbacks would be the Apostle Peter's words to the lame beggar (Acts 3:6): "Silver and gold have I none, but such as I have give I thee...
...years before he died, Founder George H. Hartford began the odd A. & P. system by leaving each of his five children equal shares of the business in the form of the George H. Hartford Trust. As sole trustees, he appointed his sons George L., a reticent financial wizard who carefully tested A. & P. coffee every morning, and John A., a gregarious merchandising genius (TIME Cover, Nov. 13, 1950). John loved to boast to banker friends: "We had 100% stockholder attendance at our last annual meeting...
When eyebrows arched, John replied: "Well, George and I were there, weren't we?" It tickled John, and it was literally true. Though they owned only 40% of the stock, they also controlled the other 60% held in trust for the heirs of their two sisters and brother Edward,* who could neither vote nor trade...
After John died in 1951, at 79, George held a meeting with himself, and named A. & P. President Ralph Burger to replace John. With the death of George, Sole Trustee Ralph Burger now has one remaining responsibility: to dissolve the trust by distributing the stock, although what form this will take will not be known until George's will is probated. The ending of the trust turns 60% of the stock over to the heirs who can vote it, or sell it, although they have privately agreed not to sell any for three years...