NOTES

CHAPTER FIVE

1. TNEC, Investigation....

2. Ibid., pp. xvi-xvii.

3. Ibid., p. 116.

4. Ibid.

5. Ibid., p. 117. The holdings were listed at this place.

6. Ibid., pp. 105-7.

7. Ibid., p. 641.

8. Ibid., pp. 107-8.

9. Ibid.

10. Ibid., pp. 107-8, 846-51.

11. Ibid., pp. 852-52.

12. Ibid., pp. 107, 125, 1489.

13. Ibid., p. 1489.

14. Ibid., pp. 1017, 1489.

15. Ibid., p. 108.

16. Ibid., pp. 108-9.

17. Ibid., p. 109.

18. New York Times, August 6, 1964; 31:1. The original sum was $26 million, but with income and appreciation rose to $96.35 million.

19. TNEC, Investigation..., p. 109.

20. Ibid., pp. 112-13.

21. Ibid., p. 1341.

22. Ibid., pp. 1455-82.

23. ASF.

24. TNEC, Investigation..., p. xvi.

25. Amory, The Proper Bostonians, pp. 32-35.

26. Stanley Silverberg, Senior Economist, Department of Banking and Currency Research, Office of the Comptroller of the Currency, "Bank Trust Investments in 1964" The National Banking Review, United States Treasury, Washington, D.C., June, 1965, Vol. 2, No. 4, p. 483.

27. Ibid., pp. 483-84.

28. Ibid., pp. 486-87.

29. Ibid., p. 487.

30. Ibid.

31. Ibid., p. 488.

32. Ibid.

33. Ibid., p. 489.

34. Ibid., p. 490.

35. Standard Federal Tax Reporter, Income Tax Index, Sec. 195, p. 12,033, 1964, Commerce Clearing House, N.Y.

36. Source of data: U.S. Treasury Department, Internal Revenue Service, Statistics of Income: 1958-59, pp. 175-76.

37. Stated at insertion No. 517-3, [sic] January 11, 1965, P. 7002, "Estate Planning," Federal Estate and Gift Tax Reporter, Vol. 2. Mellon's deathless words, there set down for the prudent, were: "According to my experience, it is more difficult to keep wealth when you have it than to accumulate it. Fluctuations in value, panics, maladministration of justice, frauds, accidents and the constant grinding of taxation and other influences, tend constantly to the disintegration of wealth. More especially so at a period of life when the master spirit is weakened and the stimulus of success no longer allures to renewed exertion; and we are more inclined to repose than activity. In that condition we are more likely to lose than gain. I now no longer wonder at many of my business contemporaries having acquired wealth in the prime of life and letting it slip through their fingers in old age. Without prudent children, or others competent to guard it, it is a natural consequence that a man's wealth will begin to waste away with his mental and physical energies."

38. Martin L. Lindahl and William A. Carter, Corporate Concentration and Public Policy, Prentice-Hall, Inc., Englewood Cliffs, N.J., 1959, p. 85 et seq.