U.S. Business: Banking the Blue Chips

Though its $6.3 billion in assets makes it the sixth largest U.S. bank, and its blue-chip list of clients qualifies it as perhaps the most patrician, Manhattan's Morgan Guaranty Trust Co. insists on the homely dictum that its principal wealth is its men. Last week the bank chose a new chairman and chief executive who is gilt-edged enough to decorate both sides of that bill: Thomas S. Gates Jr., 59, a Main Line millionaire's son who left his post as a Philadelphia broker to serve as Under Secretary, then Secretary of the Navy and later as President Eisenhower's last and ablest...

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