Word: foundered
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Dates: during 1950-1959
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Norwich representative. Ives became an insurance agent-and a politician. Backed by a group of local G.O.P. insurgents, he got himself elected to the New York State Legislature. From his freshman term he specialized in problems of labor and industrial relations (he was co-founder and-for 1½years-dean of the New York State School of Industrial and Labor Relations at Cornell). Offstage he was a convivial Young Turk who enlivened one party convention by parading through a hotel overturning beds and occupants (in 1936 he swore off drinking). After 16 conscientious years in Albany (including terms...
...double-edged welcome. In full-page ads, Macy's hospitably showed an opening-day mob scene in front of the new Ohrbach's façade, then slyly suggested: "If you live through this, you're ready for Macy's." When spry old (69) Founder Nathan M. Ohrbach (rhymes with floor tack) unlocked the plate-glass doors, he barely got out of the way in time before the mob rushed in. By closing, 100,000 people had jammed into the new store, spent more than...
...guided him to other waiting cops, who brought him down. Bridge Expert Wendlinger made only one mistake; he was so busy talking that he took no pictures. But another Mirror photographer took a frontpage picture for his paper (see cut). The photographer: John Hearst Jr., 20, grandson of Founder William Randolph Hearst, and son and namesake of the Hearst-papers' assistant general manager...
Open for Bids. The battle started three months ago, when word got out that the Statler family, headed by Mrs. Ellsworth Statler, widow of the founder, would listen to bids for the country's third-biggest hotel chain. Zeckendorf promptly offered $50 a share for the 1,551,226 shares of Statler stock outstanding, then selling at $43.50 a share. The Statler board of directors snapped up Zeckendorf's offer, and sent a letter to stockholders advising them to accept. But it turned out that Zeckendorf was talking to the wrong people...
Sunday Pilots & Spotters. The credit for Cessna's new planes and its soaring business goes to President Dwane Wallace, who took over in 1934 from his uncle Clyde Cessna (the company's founder). Since its founding in 1927, the company had not made much money. But Wallace, who graduated from Wichita University with a degree in aeronautical engineering, knew how to build a speedy, airworthy plane. His first Cessna Air-master could cruise at 140 m.p.h.; private U.S. flyers bought 212 of them in six years, and Wallace was able to stay in business...