Word: dillons
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...your Jan. 11 issue, on p. 27, in a footnote, you refer to Clarence Dillon as the builder of the Youngstown Sheet & Tube Co. This is not correct. A few years ago the Youngstown Sheet & Tube Co. purchased the assets of the Steel & Tube Co. of America, in which a syndicate managed by Dillon, Read & Co. owned a controlling common stock interest. That is all. The Youngstown Sheet & Tube Co. was founded in 1901 and owes its present preeminence to its President, James A. Campbell and his associates...
...Kemmerer, famed Princeton economist, onetime fiscal consultant to the German Reichsbank and to the governments of South Africa, Chile, etc., returned to the U. S. after a two weeks' visit in Poland, whither he had gone at the invitation of the Polish Government and by the request of Dillon, Read & Co. of Manhattan, who have recently dealt largely in Polish government securities...
...special corps of 200 accountants had told Mr. Dillon that the N. C. R. Co. concern possessed assets of 41 millions, exclusive of patent rights which were nominally set at $1, and of good will which was not reckoned at all; that it had an annual business of 40 millions (85% of the world's cash register orders); that its 900,000 shares of common stock profited $40.69 per share last year after 7% had been paid on 9½ millions worth of preferred; that there was no funded debt...
President Frederick B. Patterson was more than willing to see the inactive interests in his family bought out. He had been negotiating with banks since the death (in 1922) of his father, John H. Patterson, the company's founder. So in stepped Clarence Dillon and succeeded where others had failed of accomplishment...
...Clarence Dillon is not the first genius to appear on Wall Street, but all geniuses have their special characteristics. Besides honesty, foresight, courage and decision, what distinguishes this Texas-born, Harvard-bred, widely-traveled young man is an attitude toward business - and life - that is commonly called the artistic attitude. What other men make a labor, he makes an art. Before he tried his hand at business he idled in Europe for two years studying art and architecture. "I never expected to become a professional painter, or to build houses," he says, but he still delights to execute an etching...