Word: broker
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...Partners. The Empire State deal is typical of Lawrence Wien's style of operating on high-rent turf around the country. Columbia-educated, Wien got into commercial real estate in 1949 when he gathered a small group of investors to buy a two-story building for $165,000. Broker on the deal was Harry B. Helmsley, chief of the Manhattan broker-management firm of Helmsley-Spear. Wien and Helmsley have been allies ever since, have parlayed their original venture into a $600 million real estate empire that includes New York's plush Plaza hotel and the more plebian...
...because 50% of AmSeCo's production each year is shipped in the summer months to meet the fall openings of schools, churches and theaters. (In 1960, with first-half sales of only $15.9 million, the company wound up the year with a record $42 million.) One Wall Street broker estimates that AmSeCo's earnings ($2.77 per share last year) will hit $3 this year and $3.70 next...
Monopoly on Merit. "This town can't support seven newspapers," says New York Newspaper Broker Vincent J. Manno. "If you added all seven together, you wouldn't come out with a net profit of $2,000,000 a year." To Scripps-Howard's Roy Howard (World-Telegram & Sun) and William Randolph Hearst Jr. (Journal-American, Mirror), the cost of keeping their papers going is worth it just for having New York as a prestige outlet for their chains...
Accent on News. These laments strike no nearer the heart of New York's newspaper problem than Broker Manno's statement that seven newspapers are more than New York will support. For not even seven newspapers may be enough for a city with a potential metropolitan-area readership exceeding 9,000,000. This possibility has occurred to New York Times Publisher Orvil Dryfoos. although he puts it another way. "We're successful," said he, "because of the emphasis we put on the first syllable in the word 'newspaper.' There is ample room for serious treatment...
...Panair do Brasil away from Pan American World Airways. Though Pan Am retained its 30% holdings in Panair, Miranda bought up the other 70%, mostly from Panair's Brazilian directors, for an estimated $5,000,000. A self-made millionaire-he is Brazil's biggest insurance broker-elegant Celso Rocha Miranda has ordered eight French Caravelle medium-range jets to put his new enterprise on a competitive footing with rival Brazilian airlines Varig and Real...