Word: armour
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Dates: during 1930-1939
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Pestered by questions of minority stockholders who upset his plan for recapitalizing Armour & Co. (TIME, Sept. 11), President T. (for Thomas) G. (for George) Lee last week gave out answers as he had promised. Dissenting stockholders had intimated that Bankers Samuel McRoberts of Manhattan's Manufacturers Trust Co., Albert H. Wiggin, ex-chairman of Manhattan's Chase National, and Arthur Reynolds, ex-chairman of Chicago's Continental Illinois, had each received $100,000 a year for merely voting Armour stock as voting trustees...
Last week a notable meeting of stock-holders was held in a gymnasium. The gymnasium (no longer used on account of Depression) is on the second floor of Armour & Co.'s main building in the Chicago stockyards, faces on one side the packing firm's general offices, on the other a cowpen. The meeters were Armour & Co.'s stockholders. President of Armour & Co. is T. G. Lee. Thirty-eight years ago as Thomas G. Lee he became a stenographer in Armour & Co.'s beef department under the late F. Edson White. Through the ranks he rose...
...morning in January 1931, F. Edson White plunged out of his bathroom window. The directors of Armour & Co. met to pick his successor. After a stormy session they named not Philip D. Armour III, 37, who was first vice president, but Mr. Lee who was 52, had served in nearly every department of the business. Another change followed: T. George Lee became simply T. G. Lee and took up a tough job. He did more than stare down his nose at subordinates and say, as he liked to, "You're all wet." In his first report to stockholders...
...operating profit is handsome but it is wholly inadequate for Armour & Co. In the post-War slump when J. Ogden Armour lost his fortune, Armour & Co. took a terrific beating, emerged from reorganization with a debt of $144.000,000. Its funded debt is still $91,000,000. T. G. Lee could do this simple bit of arithmetic: add to $6,000,000 (interest charges), $4,000.000 (guaranteed dividends on the preferred stock of its subsidiary, Armour & Co. of Delaware) and $7,000,000 or $8,000,000 (for deprecia- tion) and the total makes over $17,000,000 that Armour...
...Borders, Kansas City lawyer, and William Morgan Butler of Boston, got into action. More noisy than the others they carried their fight to the Press, asked embarrassing questions: Had Albert Henry Wiggin, Samuel McRoberts and Arthur Reynolds each been paid $100,000 a year as voting trustees for Armour's stock? Had the management manipulated the price of Armour stock? Had not the management tried to deceive stockholders about the reason for the reorganization? Ought stockholders not to have been told that they could demand cash for their shares? How could the company justify having used its employes throughout...