Word: corp
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Dates: during 1960-1969
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...success of the nation's new growth companies are intensely curious and dedicated men who started out to do something new rather than simply make money (although they hoped to do that too). Among the new millionaires : ¶Edwin H. Land, chairman, president and research director of Polaroid Corp., was worth $95.4 million personally (plus $99.8 million in stock held by his family) when Polaroid stock touched $256.50 a share earlier this year. Every time Polaroid's stock moves two points, the Lands' wealth rises or falls by $1,522,000. Their stock has risen in value...
...Frank J. Prince, 72, controlling stockholder of Universal Match Corp., is the man who gave the world the vending machine that can change paper money. The biggest manufacturer of coin-handling devices, his company has jumped its sales from $12.1 million when he took over in 1951 to an estimated $85 million this year. Prince owns 650,000 shares worth $39 million, takes little part in day-today operations, says, "My main task is to look ahead and plan acquisitions...
ZECKENDORF HOTEL site in Manhattan will probably be sold to Uris Buildings Corp. for $9,000,000. Ballyhooed as the first major Manhattan hotel to be built in 30 years, the Zeckendorf, without enough financing, remained just a hole across from Rockefeller Center. Rockefellers wanted a hotel on the site, but Uris plans office building...
...David Bakalar, chairman and president of Transitron Electronic Corp. of Wakefield, Mass., have run up a stock fortune of $307 million (another $34.4 million has been realized in cash) on an initial investment of $200,000 made by Leo, 47, a plastics manufacturer at the time. The investment was backing for an improved gold-bonded diode developed by David, 35, who has a Ph.D. from M.I.T. Since then, the company has grabbed 10% of the semiconductor market (second among independents only to Tex as Instruments), last fiscal year ran up sales of $30.9 million, which the Bakalar brothers expect...
Growth companies have not only created a new breed of management millionaires but have added some hefty figures to existing fortunes. Millionaire Laurance Rockefeller, a backer of Bos ton's Itek Corp. and its biggest stock holder, bought 259,765 shares at an average cost of $1.41. His present 195,197 shares in the company, now discussing a merger with Chicago's Seebring Corp., were worth $12 million last week. More than 1,100 Texas Instruments employees, buying stock under a special purchase plan, have spent just over a million and a half for stock now worth more...