Word: endicott
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...western New York State's Triple Cities of Endicott, Binghamton and Johnson City last week, residents poured into a temporary office with their pledges of help to repel an invader. A 13-year-old schoolboy offered $142 saved from his newspaper route. A local dairy put up $100,000. A Boy Scout troop signed up for $150. A Greek Orthodox church proffered $3,000. A medical group pledged $25,000. Endicott's Post 82 of the American Legion pledged $50,000, offering to take "the plaster off the walls and sell the post home" if more was needed...
...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...
Joseph D. Ward, Secretary of State, received the formal party nomination at the annual convention, but six others challenged him in the primary Lieutenant Governor Robert Murphy, who had expected to be named, accordingly entered the race. Endicott "Chub" Peabody, an All-American before his graduation from Harvard in 1942, then appealed for the liberal Democratic vote, while State Treasurer John F. Kennedy relied on his name for nomination. An able City Councillor from Boston, Gabriel Piemonte, tried for the Italian and local vote, with oposition by Roxbury politician Alfred Magaletta. The final candidate, Francis J. Kelley, plastered MTA walls...