Word: firm
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Dates: during 1960-1969
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...young coadjutor bishop in Pittsburgh, Archbishop John F. Dearden of Detroit earned the nickname "Iron John" for his firm administrative style. Last week Iron John Dearden, one of four new American cardinals chosen by the Pope, proved that he is a man of much more flexible steel. He approved a long list of recommendations, put forward by a lay-dominated synod, that makes Detroit a model of democratically guided reform in the post-Vatican II church...
...that, the firm that competitors call "the General Motors of the agency business" last week announced plans to invite the public along for the ride. J.W.T. filed with the Securities and Exchange Commission to make a public stock offering. This would enable the agency to reward its people more handsomely and give it cash to expand beyond last year's record billings of $638 million...
...retirement fund. The sale will begin about June, at a price still to be determined. Of these shares, 350,000 will come from the company it self, and 109,709 from the retirement fund, which will still retain the largest block of stock. The rest will come from the firm's officers, who are being asked to sell up to 20% of their holdings for the issue...
With the new funds and its own stock, J.W.T. will be able to make additional acquisitions. It already owns a Puerto Rican insurance company and controls a New Jersey electronics firm. By establishing a market for the stock, the offering will fix its value and make it unnecessary for the company to buy back shares held by retiring executives. The offering will also help solve Seymour's problem of "how to give 7,500 employees in 55 offices around the world the idea of a real stake" in the firm's annual gross. J.W.T. will be able...
Chrysler Corp. is investing about $2,000,000 a week to become the landlord of projects ranging from a shopping center in Knoxville to a group of 360 town houses in Ann Arbor, Mich. Olin Mathieson Chemical Corp., the chemical manufacturer, recently bought the Yeonas Organization, a home-building firm in a suburb of Washington, D.C. International Paper picked up American Central Corp., a Lansing, Mich., developer of leisure-time property. The Penn-Central railroad is not only one of the nation's largest real estate owners but also depends on realty income to stay...