Word: wall
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Dates: during 1950-1959
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...news of American Telephone & Telegraph Co.'s decision [to split its stock] not only hit Wall Street like a bombshell, but it hit me the same way. All I've ever heard about A.T. & T. and New England T. & T. has been that they're losing money and rates have to go up. As a lifetime consumer, may I now expect a reduction in rates...
Another reason: the U.S. found in Deputy Under Secretary of State C. Douglas Dillon, onetime Wall Street investment banker, a foreign aid field commander with the tactical skill needed-and deployed-to prevail upon Congress to pass 1958's $3.3 billion foreign aid appropriation. As much as it dramatized Communism's infiltration of strategic, oil-rich Venezuela, the mobbing of Vice President Nixon in Caracas (TIME, May 26) underlined the urgent need for U.S. help for orderly economic growth in the hemisphere. Needed in Latin America, Asia and Africa alike was a new climate of incentive plans...
...with deposits of $790.8 million; the Guaranty is ninth, with deposits of $2.5 billion. The merger, said Morgan Board Chairman Henry Clay Alexander, 56, will enable both banks "to serve our clients' increasing needs and our country's growth even better." The merger was characterized in Wall Street as "Jonah swallowing the whale," since Alexander will be chairman and chief executive officer of the Morgan Guaranty Trust Co of New York; Guaranty President Dale E. Sharp, 55, becomes president...
...chip firms as Du Pont, General Motors, International Harvester, American Telephone & Telegraph and U.S. Steel, many of which it had a hand in building. The bank began by marketing U.S. railroad securities abroad, took the lead in consolidating and merging railroads toward the turn of the century. From 23 Wall Street the elder J. P. Morgan stopped a run on the U.S. Treasury in 1895 by putting up gold for the Treasury, quelled the panic in 1907 by forcing leading bankers to produce enough cash to shore up shaky New York banks, put together a number of independent companies...
Alexander is not the Eastern, blue-blooded banker once associated with the idea of Morgan & Co. He was born in Murfreesboro, Tenn., son of a grain and feed merchant, went to Vanderbilt ('23) and Yale Law School. He worked on Morgan affairs as a partner of the giant Wall Street law firm of Davis Polk, so impressed J. P. Morgan Jr. that he became a Morgan partner in 1939. He became chairman in 1955, with a reputation for topflight banking and for building Morgan's staff. In line with Morgan's new look, Alexander does...