Word: foundered
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Dates: during 1950-1959
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...Rubber to assure markets for their own products. The Du Ponts defense: they had bought the stock purely as an investment. To protect their original G.M. investment they were forced to pour millions more into the company in the early '205, and run it, after G.M. Founder William C. Durant's enormous stock-market losses threatened to ruin him and G.M. alike. At the time, the Du Pont total investment was some $80 million; its holdings are now worth $1.8 billion...
Died. Dr. Leon M. Birkhead, 69, crusading Unitarian minister, founder of Friends of Democracy, Inc., antitotalitarian propaganda agency; in Manhattan...
Died. Clyde V. Cessna, 74, pioneer aviator, plane designer and manufacturer, founder (in 1927) of the Cessna Aircraft Co. in Rago, Kans. Cessna built his first wooden monoplane in 1911, launched his own business by designing and producing a cantilever monoplane which won every race it entered in 1928 and 1929. He retired in 1934, later saw the company become the nation's largest manufacturer of commercial light planes...
WILLIAM E. BOEING, founder of Boeing Airplane Co. (TIME, July 19), who retired in 1934 to devote all his time to his lumber business, has just closed one of the Northwest's biggest timber deals. For $13 million, Boeing has sold his 23,000-acre tract (1 billion bd. ft.) of fir along the Oregon coast to Georgia-Pacific Plywood...
...Transportation, who is now president of two Oklahoma City truck lines. In as director and executive committee member went Roy G. Woods, 54, Oklahoma oilman and owner of several trucking companies. Rentzel and Woods got a five-year option to buy 20% of Slick Airways stock (100,000 shares). Founder Earl Slick, whose family still owns 51% of Slick, stepped down to a directorship...