Word: ayer
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Dates: during 1930-1939
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Last week Ayer's solemn progress was rudely disturbed by one of those things the old firm so deplores in the affairs of its livelier corporate clients -a well-publicized fight for stock control. The year its new building was finished, N. W. Ayer & Son was converted into a corporation with a stock ownership limited to Ayer officers and employes. Control, how ever, continued to rest in the hands of President Wilfred Washington Fry until his death last summer (TIME...
...part of their stock in a voting trust with an agreement, in effect, that when one of them died or retired the remaining certificate holders could: 1) buy his stock or 2) name another buyer. In practice, as the partners retired, the buyer elected was generally N. W. Ayer & Son, Inc., which now has 117,000 such shares in its treasury...
Largest single block of trusteed Ayer stock-234,000 shares -was held by President Fry. Current Ayer fight is primarily over the intra-corporate disposition of those shares following their owner's death...
Lined up on one side are four Ayer directors headed by Harry A. Batten, new Ayer president elected last fortnight. Now 39, President Batten entered the firm as an office boy at 15, worked up through the production and copy departments to a vice-presidency in 1929. He lives in a new $60,000 home in suburban Rosemont, takes direct part in the management of the Pennsylvania Working Home for Blind...
President Batten and Director Clarence L. Jordan each own 500 shares of the trusteed Ayer stock in addition to 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...