Word: freeporters
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Dates: during 1930-1939
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...fairly dry on his Harvard Business School diploma. On his side was the family banking house into which he had been born 25 years before, the firm of John R. Williams of Richmond, Va. On the other was the established, close-mouthed management of the $19,303,681 Freeport Texas sulphur syndicate headed by old E. P. Swenson, onetime board chairman of Manhattan's powerful National City Bank...
...that time Lang Williams was 27 and too young-he decided-to be Freeport's president. But from the vice president's chair he saw that officers' salaries were cut 30%, that expenses were pared all around, that dividend rates were lowered. (In 1928 the company had paid $6.50 a share, earned only $4.49.) By 1933 Lang Williams was 30 and old enough to be president. Baltimore Financier Eugene L. Norton, who had held the job "in trust" for him, stepped down and Williams stepped...
Today at 36 Lang Williams is president of Freeport Sulphur Co., corporate successor (in a reorganization in 1936) to Freeport Texas. Board chairman is socialite John Hay Whitney who is only 34. Between them they operate the second largest sulphur company in the world (the largest: Texas Gulf Sulphur), which supplies some 27% of the world's supply of brimstone sulphur. Last year gross sales were $10,050,355. With its financial socks pulled up, Freeport Sulphur paid dividends of $2 on 796,380 shares of common stock, has paid a total of 50? in the first half...
Last week Lang Williams and "Jock" Whitney decided the time had come to bring another youngster into the business, to keep it in step with present-day social trends. They announced an old friend of Lang Williams' as a new director of Freeport Sulphyr: husky, 38-year-old Alan Valentine (onetime Swarthmore footballer and Phi Beta Kappa), now president of wealthy, Eastman-endowed University of Rochester. Alan Valentine will commute from Rochester, N. Y. to Manhattan for directors' meetings, will draw the regular director's fee (normally between $10 and $20 a meeting...
...John Hay ("Jock") Whitney's Freeport Sulphur Co. showed $1,279,000 for the half, compared to $1,014,000 in the same period a year ago. Not only a sulphur company is Freeport: near Santiago, Cuba it is now producing 10,000 tons of 'manganese per month. After the manganese tariff was halved following the signing of the reciprocal trade pact with Brazil, a big manganese producer, Freeport's Cuban subsidiary languished until prices rose and another $500,000 was invested in new equipment. This year for the first time since 1934 Freeport's Cuban...