Word: cullman
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Dates: during 1950-1959
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...know tobacco best-Philip Morris' Board Chairman Al Lyon, 67, and Benson & Hedges' President Joseph Cullman Jr., 71-have the same hobby: horseback riding. Last week they decided to ride the same horse, i.e., merge their fast-growing companies. The new company will keep the Philip Morris name and officers, absorb Cullman as chairman of the executive committee, his son Joseph III as a vice president. But the Cullmans will continue to run Benson & Hedges as a separate division...
Under the merger, which stockholders of both companies must still approve, Philip Morris gets Parliament cigarettes, and thus a sizable chunk of the fast-growing filter-tip market. For the popularity of his filtered cigarettes, Cullman is cashing in handsomely. His share-for-share swap of stock with Philip Morris will place a value of approximately $22 million on the company, whose control (55%) was bought for only $1,000,000 twelve years ago by the Cullman family's investment trust, Tobacco & Allied Stocks, Inc. Since Cullman, his brother Howard, chairman of New York's Port Authority...
Another suggested help to overhead and audience happiness: a bar in the theater. Said Cullman: "Half the delight of the London theater is getting a good Scotch that helps a bad show...
These nightly forfeits paid by New York theatergoers may partly explain why Broadway has only ten shows currently playing (see below), while London has 37. One expert who sees the point is Howard S. Cullman, inveterate first-nighter, chairman of the New York Port Authority, and one of Broadway's archangels. Last week Playgoer Cullman suggested that New York's City Council change some of its antiquated laws...
Manhattan has not had a new theater, Cullman noted, since 1927. For the past two years the City Council has studied the possibilities, but has done nothing about revising the building code to permit theaters in office and apartment buildings. Not only would this cut down real-estate overhead, but with present building methods such a theater would be "as safe as Gimbels' basement...