Word: eaton
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Dates: during 1950-1959
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...consuming corporate desire to merge "Bessie," the second biggest U.S. steel company, with Youngstown Sheet & Tube, the nation's No. 6 steelmaker. Grace first tried to turn the trick in 1930, only to be thwarted in court after a proxy battle with Cleveland Financier Cyrus Eaton, who then controlled 19% of Youngstown stock. This year, at 78, Bethlehem's Chairman Grace announced that Bessie and Youngstown were again planning to merge. Last week the Justice Department, which has been cool to the plan all along (TIME, Sept. 13), flatly said no to Bessie...
...CYRUS EATON is negotiating with Krupp and Germany's other big steel producers to supply them with iron ore from his enormous Ungava Bay deposits near Quebec's northern coast. German technicians have already surveyed the site, are considering supplying mining equipment and building docks at a deep-water harbor less than 20 miles from...
...CYRUS EATON, wily old (70) boss of Cleveland's Otis & Co. and the Chesapeake & Ohio Railway, was helped up, then knocked down, by the U.S. Government. Otis was cleared by the Securities & Exchange Commission of six-year-old charges that it welshed on a $10 million deal to help float stock for Kaiser-Frazer Corp. But Internal Revenue agents handed Eaton a $1,570,000 bill for back income taxes (1943) on a $1,909,000 profit he made by transferring stock between two Canadian iron-ore companies...
...Barnum L. Colton, banker and longtime close friend of Labor Leader John L. Lewis and Financier Cyrus Eaton, was elected president of Washington's Hamilton National Bank. Hand-picked by Lewis (whose United Mine Workers just bought control of Hamilton), Colton's election paves the way for the merger of Hamilton and the National Bank of Washington (controlled by Lewis since 1949). The merger would make it the No. 2 Washington bank (after the Riggs National Bank) and provide investment outlets for U.M.W.'s $140 million in reserves, welfare and retirement funds...
Both moderator Arthur N. Holcombe '06, Eaton Professor of the Science of Government, and Professor Morison, University Historian pointed out that the occasion was an unprecedented one in Harvard history...