U.S. Business: Personal File: Aug. 10, 1962

∙ Last fall Dwight Eisenhower led a band of Pennsylvania Republicans who urged Thomas Sovereign Gates Jr., Ike's last and ablest Defense Secretary, to be their candidate for Governor or U.S. Senator this year. After agonizing over the decision, Tom Gates refused. Only a few months earlier, he had accepted a job as chairman of the executive committee of Manhattan's Morgan Guaranty Trust Co., whose assets of $5.2 billion make it the fifth largest U.S. bank, and he did not want to leave that job. Last week the full reason for Gates's decision became clear. Morgan Guaranty promoted...

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