Word: adman
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...first store in a chain, $2 on the second, $4 on the third and so on up to $500 on the tenth and each subsequent store. Gasoline stations and beauty parlors were exempted, but other chain stores, led by Safeway with 1,300 stores, got the help of Adman Don Francisco of Lord & Thomas (who two years ago waged a successful fight to defeat Upton Sinclair for Governor) and launched a desperate campaign to defeat the tax. Listing chain stores as paying almost $7,000,000 a year in taxes, paying almost $9,000,000 in rent, saving California consumers...
...their other Ayer shares. Only other individual owner of trusteed stock is George H. Thornley, who has 39,000 shares. Director William M. Armistead, who returned to the Ayer board fortnight ago, was a partner in the original trust but had to sell out when he temporarily retired. Adman Thornley has been with Ayer for 30 years, is the only remaining partner of the original trust agreement. On the ground that he owns 39 times as many trusteed shares as Messrs. Batten & Jordan combined, he claims the right under the terms of the trust to buy the key stock block...
...company allocated big blocks of the Fry stock to President Batten and Director Jordan on a deferred payment plan, undertook to buy the rest of the Fry stock for the company's treasury. The idea behind this plan was to equalize the holdings of four directors, including Adman Thornley. All the trusteed stock was voted in a block in favor of the plan, Trustee Thornley being unable to swing the other three trustees to his side. The final vote: 4,000 shares to 626,023 shares...
...Meantime Adman Thornley was fired as Ayer vice president in charge of sales, though he is still a director. He set a lawyer to work to right his alleged wrongs. In ordinary corporate practice the argument that a company may not vote its own stock is watertight. In the Ayer case there is certainly room for legal debate because the question involves the exercise of an option under an agreement in which the corporation is now interested as a stockholder, not a stock issuer. To settle the question Adman Thornley announced last week that he had filed suit...
Died. Frank Presbrey, 81, longtime Manhattan adman, onetime (1894-96) publisher of The Forum under the late Walter Hines Page; of a cardiac ailment; in Greenwich, Conn. For the Hamburg-American Line in 1897 he originated the steamship pleasure cruise...