Word: coal
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Dates: during 1960-1969
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Chrysler's announcement last week that its auto sales are running 48.2% ahead of last year pleased nobody so much as a Pittsburgh coal executive, George Hutchinson Love, 62. Coal and cars may be far apart, but Love's aptly named Consolidation Coal Co. is now Chrysler's largest shareholder with a 7.3% interest that Love is steadily increasing. Since 1961, Consol has pumped $45 million into Chrysler from profits piled up in 20 years of profitable Love management; the value of this investment has jumped to $86 million. Love himself has become chairman of both Consol...
...called "Cupey" by some friends because of his bald head and cherubic face, George Love never set out to be coalman or auto magnate. After Princeton and Harvard Business School, he became a bond salesman in Chicago and St. Louis, but left to run three family coal mines outside Pittsburgh. He did well enough to be offered a Consol job by George Humphrey, who was then heading Consol for its principal shareholder (now 21%), M. A. Hanna Co. Love succeeded Humphrey as president, in 1945 forged together the best of Consol and the best of Pittsburgh Coal (a Mellon interest...
Inevitably, Love crossed shovels with brawny opponents. When he stood up for the whole coal industry against John L. Lewis' demands for a three-day work week in 1950, Lewis in his fury borrowed from Shakespeare to dismiss Love as "a liar by the clock." Love good-naturedly responded by asking Lewis for one of his eyebrows to use as a toupee. Eventually Lewis backed down, and today the two old antagonists are friends. Hanging from the wall of Love's Pittsburgh office is an unlikely trinity of photographs: George Humphrey, U.S. Steel's late Ben Fairless...
...stimulate that will, the Commerce Department is pressing Congress to set up a Civilian Industrial Technological Program that would establish closer links between business and universities, provide tax write-offs for private research and create other special incentives for probing into such technically backward industries as textiles, construction, coal and metal working...
...Crumpets. Yet the Offy never wants for challengers. Last week a new one showed up-as out of place at Indy as a diamond cutter in a coal mine. Great tea and crumpets, the English! Sitting in the Speedway pits, Colin Chapman's tiny green Lotuses looked like go-karts next to the burly Offies. They weighed only 1,130 Ibs. compared with nearly 1,400 Ibs. for the lightest Offy. Their power plants were Ford Fairlane V-8s-souped up to 376 h.p., but with carburetors, yet-and they got their nourishment from the good old Esso pump...