Word: cincinnatis
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...news was phoned to Assistant City Editor Bob Stayman. He slammed down his phone, jumped up and shouted the length of the Cincinnati Enquirer's city room: "The paper's ours!" Staffers stopped working, began hugging one another, shaking hands and dancing between their desks. A photographer scooted out, ran all over the building shouting ecstatically, "It's ours, it's ours." Every place he went, the words touched off a celebration. The staffers had good reason to celebrate. For $7,600,000 they had bought their newspaper from Washington's American Security & Trust...
Clean Break. The Enquirer employees' committee, with the financial backing of Cleveland Financier Cyrus Eaton, had beaten out the Taft-owned Cincinnati Times-Star, which had expected to buy the Enquirer unopposed (TIME, Jan. 14 et seq.). Last week, in a complicated deal, Washington's district court approved the sale to Eaton, through his Portsmouth Steel Corp., for $7,600,000. Eaton turned the paper over to a new corporation, Cincinnati Enquirer, Inc., set up by the employees. Portsmouth Steel will hold two notes for $6,350,000 and $1,250,000 until they are paid...
...debt. As a clincher, they offered to pay $7,500,000 in cash. The argument won them a delay. Soon Ratliff went back to the court with an agreement from Halsey, Stuart & Co., investment bankers, to issue $6,000,000 in bonds to help buy the paper. A Cincinnati brokerage house also offered to underwrite a $1.5 million stock issue. The money would be cash on the barrelhead, said Ratliff, where the Times-Star offered only $1,250,000 down. The Times-Star countered that its offer was solidly backed by Times-Star bonds; the offer of Ratliff...
...twelve years, Piedmont's founder and president, Thomas H. (for Henry) Davis, 32, has stretched a $14,000 investment in a plane agency into an airline with twelve DC-3s and 2,230 miles of routes reaching from Wilmington, N.C. to Cincinnati. Although Davis' airline is technically a "feeder" (i.e., a supplier for trunk-line routes), 47% of its passengers ride only Piedmont. President Davis runs his line so efficiently that he needed only 24% in airmail pay per $1 of gross revenue to break even last year, while other feeders require as much as 46? for Southwest...
...Finer Things. In Cincinnati, Dr. Lowell Keirle, 26, won a divorce from her husband, Dr. Alfred M. Keirle. 29, on her charge that he brought home champagne, orchids and $500 worth of tropical fish when what they really needed was food...