Squelch

As chairman of Manhattan's Chase National Bank, Winthrop W. Aldrich is not accustomed to having anyone tell him how to run his business. Last week he made that plain at the bank's annual meeting. A stockholder complained against the bank's loan of $25 million last year to Franco's Spain, and offered a resolution prohibiting another loan without approval of a "big majority" of stockholders. Aldrich ruled the resolution out of order, went on to explain that the loan was secured by gold and approved by the State Department. But just to make it quite plain who was boss, he added: "The management of this institution is in the hands of the ... directors . . . The stockholders have no right to intervene . . ."

This file is automatically generated by a robot program, so reader's discretion is required.