Word: corp
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Dates: during 1960-1969
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...with consciousness of its mounting financial power, Texas had challenged a Wall Street titan to the biggest proxy fight in U.S. history. Last week Texas-in the persons of John Murchison, 39, and his brother Clint Jr., 37-won the day, snatched control of Manhattan's giant Alleghany Corp. away from Multimillionaire Allan P. Kirby...
Moving Time. Alleghany is a rich prize. Besides its I.D.S. stock, Alleghany owns 50,000 shares of Transamerica Corp., a West Coast insurance holding company, and $20 million of notes in Bill Zeckendorf's Webb & Knapp real estate company. But its biggest holdings are in railroads: it controls the New York Central, owns more than 50% of the class B stock of the Missouri-Pacific, and holds, in conjunction with the Central, 20% of the Baltimore & Ohio's common stock. In all, Alleghany controls companies with assets of about $6.7 billion...
...experienced operations man was what the Sinclair Oil Corp. wanted-and what it got last week by naming President Edward L. Steiniger, 58, as chief executive officer, succeeding P. C. Spencer, 67. Steiniger made his reputation in the tough Venezuelan fields, where during one three-year period (1941-44), he brought in 105 wells out of 108 attempts. Intense and quick-witted, he believes in studying countries where the company drills, once delighted Haile Selassie with his knowledge of Ethiopia. Under Steiniger, Sinclair will spend a major part of this year's planned $182 million capital expenditure to step...
...those who regard electronic brains with a hostile eye came support from an unlikely source: Bernard Benson, 39, English-born president of California's Benson-Lehner Corp., manufacturers of data-processing equipment. As more and more personal information about Americans is fed into computer drums from social security forms, credit records and employment files, said Benson, only a "deliberate effort to guide technology in the direction of freedom" will save the U.S. from "a big-brother machine that is all-seeing, all-knowing, all-watching." Another Benson worry: the tendency to forget that a computer's judgment...
Before the Senate subcommittee investigating the great electrical price-fixing conspiracy, the boss of the nation's second biggest electrical company last week was both contrite and positive. Mark W. Cresap Jr.. president of Westinghouse Electric Corp., denied any personal knowledge of the conspiracy, but accepted his "share of the responsibility" and promised to make "law abidance, ethical business conduct and integrity the way of life at Westinghouse." Cresap's reaction to the whole "sorry" episode: "I hope the long-run results will be constructive and wholesome for the entire industry." Coals & Cricket. By the time Cresap...