Word: cheatham
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Also included in the program is George Wein's six-piece Dixieland band, "The Mahogany All-Stars," starring Vic Dickinson and Doc Cheatham. Jay Powers' Freshman Jazz Trio will also appear, and James A. Austrian '56 will serve as master of ceremonies...
...good deal for both parties. Cheatham paid the Johnsons and other stockholders $80 a share for stock which was last bid over the counter in October at $42. The Johnsons will pay only a 25% capital-gains tax on profits from the sale. Georgia-Pacific got nearly 1 billion feet of timber worth $24 million at current market prices. It will also take over the Johnson company's excess-profits tax base of $2,000,000, will thus be able to keep a bigger chunk of future profits. Better still, Georgia-Pacific picked...
...Loss. Until five years ago, Georgia-Pacific wasn't making any plywood at all. It was merely a lumber company known as the Georgia Hardwood Lumber Co. which Owen Cheatham had started 20 years ago in a tiny Augusta, Ga. bungalow. After he graduated from a military academy, young Cheatham spent a few years learning the lumber business in several small companies, before he started Georgia Hardwood with $6,000 of his own and $12,000 borrowed from friends. A crack salesman, Cheatham sold $250,000 in lumber the first year, netted $24,000. The company has made money...
...Cheatham opened sales branches in 15 countries, soon was selling 50% of his lumber abroad. During the war, he picked up four sawmills at sawdust-cheap prices, and was ready with his own lumber supplies when World War II ended. By 1946, he had annual sales of $13 million, and a young management raring to expand. The booming plywood business seemed just the thing...
...Georgia-Pacific ran into trouble. An earthquake in the Northwest did $250,000 worth of damage to its plywood plants, a price war cost it still more, and profits plummeted 90%. But Cheatham went right on picking up bargains with surplus cash. He bought a $2,000,000 plywood plant for the distress price of $300,000, snagged the Acme Door Corp. for less than its net asset value. It now accounts for 5% of all U.S. sales of wooden doors...