Word: battened
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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...
According to President Batten & friends this right belongs to N. W. Ayer, the corporation, as owner of 117,000 trusteed shares. Last month they held a meeting for the 201 Ayer stockholders, put through a plan whereby the 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...
...Batten plan, declared Mr. Thornley, was a "program by which certain of the corporation's stockholders, to the disadvantage of the others, would be privileged to obtain control of the company by use of the company's funds...
...Chester B. ("Chet") Bowles with whom he had only a nodding acquaintance. But by 1929 Bowles knew Benton as ace assistant to Lord & Thomas Adman Albert Lasker in Chicago. Benton knew Bowles as a crack writer who was turning out some $4,000,000 worth of copy annually for Batten, Barton, Durstine & Osborn in Manhattan. Few months before the stock-market crash, Adman Benton, then 29, and Adman Bowles, then 28, went into the New York Secretary of State's office, came out as Benton & Bowles, Inc. Glib Partner Bowles began to write copy. Aggressive Partner Benton went...