Word: commonwealths
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...position is a near-total retreat from the former demand that majority rule be effected before independence would be granted. Nevertheless, Wilson was able to parlay the policy into a major diplomatic victory. Observers had predicted that last month's Commonwealth meetings in London would collapse under pressure from militant African representatives. Instead, Commonwealth leaders issued a joint communique in which they affirmed the Six Principles, demanded that Smith submit, and threatened to request that the United Nations enforce mandatory economic sanctions if he refused...
...Public was operating well in the red, and state banking officials began casting around for a merger partner to save what was left. Early last week, a proposed merger with Detroit's solid, $498 million Bank of the Commonwealth unraveled when Public's accountant up and quit over "disagreements" with his bosses. Michigan State Banking Commissioner Charles Slay called it all "the damnedest mess I've ever seen...
...successful merger, Slay went into a Wayne County circuit courtroom at 6:45 one evening last week. The judge declared Public insolvent, put it in receivership with the Government's Federal Deposit Insurance Corp. FDIC quickly moved to safe guard Public's depositors by selling Public to Commonwealth, and provided the new owner with a $10 million guarantee against any further bad debts owed to Public. Six hours later, at 12:45 a.m., McGuire was informed of the deal by telephone. At 2 a.m., Commonwealth officers began telephoning their own staffers, with orders to get Public...
What could be salvaged for Public's 3,000 stockholders, whose shares had dwindled in value to about $1 last week, would not be sorted out for months. For his part, Commonwealth President George W. Miller, 41, whose bank was one of the two Depression survivors, declared only a "Boy Scout's" interest in the debacle. "We didn't want to see Public go down the drain," he said. "It isn't good for banking...
...Today's atomic installations go up in units large enough to light whole cities, or even states. At Lake Keowee, S.C., Duke Power Co. is building a $157 million plant with Babcock & Wilcox reactors that will generate 1,664,000 kw.-enough for South Dakota, Vermont and Nevada. Commonwealth Edison is busy expanding its Dresden plant 50 miles southwest of Chicago into an 1,800,000-kw. complex capable of serving a population equal to that of Baltimore and San Francisco combined. As an increasing number of power companies do, Atlantic City Electric, Philadelphia Electric, Delmarva Power & Light...