Word: merchants
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Dates: during 1990-1999
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After studying in Switzerland and Germany, the cosmopolitan young Morgan arrived on Wall Street in 1857, serving as agent for his father Junius Spencer Morgan, who had taken over a London merchant bank. Though Pierpont participated in refinancing the Civil War debt in the 1870s, he acquired true imperial status in underwriting America's railroads...
...early days of World War II, German U-boats were sending Allied merchant ships to the bottom twice as fast as shipyards could build them. The U.S. Maritime Commission, desperately seeking an outfit to build 60 cargo ships for its allies, sent word to the Bechtel construction company that it would be welcome to bid on half the job. Stephen Bechtel, head of the family firm, had no experience in shipbuilding. But he insisted on getting the order for all 60. "Size can work to your advantage if you think big," he said. "You just recognize it and move...
...took Hitler to win Lucky his freedom. After Pearl Harbor, German U-boats off the U.S. coast were sinking merchant ships regularly. U.S. intelligence suspected they were aided by spies or Nazi sympathizers. Then the Normandie, a French liner being retrofitted into a troop ship, sank in the Hudson River, sparking fears of sabotage...
When the business began to emerge in the early '60s, Walton was a fairly rich merchant in his 40s, operating some 15 variety stores spread mostly around Arkansas, Missouri and Oklahoma. They were traditional small-town stores with relatively high price markups...
Walton viewed all these arguments as utter foolishness. He had been a small-town merchant. And he had seen the future. He had chosen to eat rather than be eaten. And anyway, he believed that small-town merchants could compete--if they would make major changes to adapt. As it turned out, of course, the consumer voted heavily with Walton. He gave America what it really wanted--low prices every...