Word: breeches
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Actually, Henry Ford II and Chairman Ernest Breech had not intended to say anything about Ford's economy car until it was ready to be marketed, lest it keep people from buying this year's cars. What forced the company's hand was the fact that the Ford Foundation is preparing to sell some 2,000,000 shares of Ford Motor stock. Ford lawyers decided that the registration statement on the sale, required by the Securities and Exchange Commission, would have to take note of Ford's plans for the small car. Under...
...Lehman Bros, to form new open-end, i.e., unlimited shares, mutual fund. Lehman will underwrite and manage fund, will have it buy out Aurora Corp. (assets: $36 million), an investment firm owned largely by Ford executives. New fund, called One William Street Fund, will have Ford Chairman Breech and four other Ford veterans on 13-man board...
Artillery: A new Soviet 203-mm. gun-howitzer can be emplaced for firing within minutes (compared to 36 hours for the World War II version), throws a conventional or nuclear shell 15 miles. The U.S. 8-in. howitzer is comparable but less mobile. The Russians boast a 240-mm. breech-loading mortar that doubles as an infantry and short-range artillery weapon. While its value in modern warfare is questionable, the U.S. has no counterpart...
From the other members of autodom's Big Three came equally chill words. Chrysler's Lester Lum ("Tex") Colbert sent word that in his view Reuther was proposing to "fight inflation by making a whole series of new inflationary demands." Ford's Board Chairman Ernest Breech, speaking in Nashville, said "giant labor unions, with unprecedented monopoly power." are putting a "steady squeeze on corporate profits and constantly increasing the price for goods and services...
When news of Breech's remarks came to the U.A.W. convention at Detroit's Masonic Temple, Reuther rose and observed that Breech received $565,000 in bonuses in 1955. "If Mr. Breech is entitled to a share of those profits," said Reuther, "then I say the workers are entitled to a share...