Word: bigs
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Dates: during 1940-1949
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...that houses its main offices and the conference rooms in which much of its important business is transacted. Yet for 48 years, the important business of the annual stockholders' meeting has been transacted across the Hudson River in Hoboken, N.J., in a small bank building.* Last week at Big Steel's annual meeting, only 350 stockholders (out of a total of 228,000) bothered to come. But not even all of them could find a place to sit; for three sweltering hours 50 of them had to stand in a cramped, stuffy room...
...Big Steel's Chairman Irving S. Olds was cool enough. He calmly used the management's 8,889,042 proxy votes to kill a proposal to move the annual meeting to Manhattan. Olds's action roused Stockholder Wilma Soss (five shares), who recently founded the Federation of Women Shareholders in American Business, Inc. Mrs. Soss had come to the meeting dressed in a 1901 costume with mutton-chop sleeves and ostrich-plumed hat. As Chairman Olds and President Benjamin F. Fairless listened in polite boredom, Stockholder Soss sassed them. Her costume, she said, was appropriate...
...Wall Street Journal also admonished Big Steel: "There seems no reason why the sessions should not take place in a hall of sufficient size." Forbes Magazine Publisher B. C. Forbes also let fly: "The time is past when companies can get away with holding their meetings in damned inaccessible places like Squeedunkus or Hohokus . . ." In midweek, the stockholders' revolt gained a small victory. Continental Can Co., Inc., which has been holding its annual meetings in Millbrook, N.Y., a more than two-hour train & bus trip from Manhattan, announced that it would hold future meetings in its Manhattan headquarters...
Down & Up. In a big week, Packard Motor Car Co. cut prices 4½% to 8½% on six models and reported a net income of $3,911,033 for the first quarter of 1949, three times its net for the same quarter last year. The auto price cuts nipped from $26 to $194 off list prices. Furthermore, equipment formerly extra will be included in list prices, so Packard figured that the reductions will actually be from $103 to $246. Prices of a few models in Packard's super line were raised...
...Big Brass. The U.S. Chamber of Commerce elected a new president: the Bridgeport Brass Co.'s big, friendly President-Chairman Herman W. Steinkraus, 58. As boss of Bridgeport Brass's 5,000 employees, Steinkraus has not had a strike or a work stoppage, has been so successful at labor relations that other employers often seek him as a speaker on the subject. He succeeds General Electric's Vice President Earl O. Shreve...