Word: flatto
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Dates: during 1939-1939
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During the next three hours minority stockholders (including Manhattan Ribbon Manufacturer Arthur C. Flatto, recent No. 1 stockholding critic of Western Union) aired their views, heckled the management, demanded minority representation, applauded, jeered. When the uproar was over, tough Charlie Hardy announced the results of the annual election: the management slate had been reelected. Extent of its support: more than 60% of the 589,150 eligible shares. Oscar Cintas picked up his umbrella and walked out with Latin disdain...
...most serious stockholders' revolt in the history of 88-year-old Western Union Telegraph Co. was staged last fortnight by Stockholder Arthur C. Flatto, who popped up at the annual meeting (at which President Roy Barton White announced a 1938 loss of $1,637,000). Mr. Flatto declared he had proxies representing 250,000 shares and did not like the present management. After a stormy session (TIME, April 24), the meeting adjourned while the proxies were counted. Last week President White announced that the management slate received 531,812 votes, the Flatto opposition...
...Flatto turned up for last week's meeting, claiming to hold 9,000 proxies representing 250,000 shares. He demanded to know what would happen if he had 300,000 shares and the management had 300,001. Mr. Carlton retorted that nothing would happen...
...Carlton then adjourned the meeting to count the Flatto proxies. At 5 p. m. he announced an adjournment to the following day. Next day, as officials continued to dig through the Flatto proxies, the meeting was adjourned until this week. By this time Western Union's management, harried by Flatto threats to challenge every one of their proxies, diagnosed the most serious stockholders' revolt in their 88-year history as a "disease of the times...
...Flatto is a ribbon manufacturer. This year, thanks to Shirley Temple Hair Bows and a vogue for beribboned lingerie and millinery, his business is 50% better than...