Word: endicott
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Dates: during 1960-1969
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...kiss with Gable. The role was just another chapter in the multi-chaptered life of Marietta Peabody Fitzgerald Tree, 43, a decorative, deserving Democrat who last week became the U.S. representative to the U.N. Human Rights Commission. To fellow Boston Brahmins, Marietta is the granddaughter of Groton School Founder Endicott Peabody, the daughter of Harvard Overseer and retired Episcopal Bishop Malcolm Peabody, the ex-wife of Attorney Desmond Fitzgerald. To Britons, she is now the wife of onetime Tory M.P. Ronald Tree, a multimillionaire investment banker in the land of his grandfather, the original Marshall Field. To New Yorkers...
...pledges were to buy shares of the Endicott-Johnson Corp., the Triple Cities' biggest employer and the nation's second largest shoe manufacturer (first: International Shoe Co.). The aggressor-at least in the eyes of the company's 13,000 local employees and the overwhelming majority of the Triple Cities' population of 200,000-was the multi-industry Glen Alden Corp., headed by Albert A. List...
...Offer. Three weeks ago Glen Alden sent a letter to Endicott-Johnson stockholders offering to buy-at $30.50 a share-all of the company's 810,000 shares of common stock, then selling at $27.50. A week later Endicott-Johnson Director Jacob M. Kaplan, onetime Welch Grape Juice president, was revealed to have sold 60,000 shares of his stock to Glen Alden, explained that he thought the shoe concern was "a dying company." Word quickly spread through the Triple Cities that Glen Alden, if it got control, would move the plants-a rumor Glen Alden denied...
...Three Cities' Chambers of Commerce formed a committee to obtain pledges from local residents to buy $5,000,000 worth of shares, pushed the stock to $34. Some Endicott-Johnson employees circulated a petition requesting that $10 million of their pension fund be invested in E-J stock if necessary to block Glen Alden's bid, got 65% of the workers to sign. One reason: many E-J workers migrated from nearby coal fields where Glen Alden mining operations declined in recent years, caused layoffs...
...Reaction. Behind the employee support of Endicott-Johnson are nearly 50 years of one of the most remarkable and benevolent managements in U.S. business, the work of three generations of Johnson-family management. The first Johnson, George F. Johnson, stepped in in 1895, a year after the company was formed. He started complete and free medical care for all employees in 1919-a policy that continues today. In 1916 E-J was one of the first U.S. companies to go on an eight-hour day. The company has built or provided mortgages for about 3,500 homes sold to employees...