Word: fruehaufs
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...using pension funds to buy into companies is progressing. A.F.L.'s International Brotherhood of Electrical Workers has just paid out $1,920,000 for 16,000 shares and control of the American Standard Life Insurance Co., and Dave Beck's Teamsters, who invested $1,500,000 in Fruehauf Trailer Co., then bought $1,000,000 worth of Montgomery Ward stock, now plans to spend still another million for 12,100 more shares of Ward stock...
...largest in terms of total operating revenues ($29,114,678). Last week Riss made his bid to become stronger than ever. He began to take delivery on one of the largest private-equipment orders in the history of trucking-$14 million worth of tractors and trailers from General Motors, Fruehauf Trailer and Strick...
...last week Roy Fruehauf was con fident that with Beck's help he had 55% of the 1,459,614 outstanding shares of stock on his side, felt assured of victory at the stockholders' meeting...
Since he owns only 2% of the stock himself, Roy Fruehauf looked for allies, but could not quite line up a majority of the stock. In the pinch, he turned to Seattle's Dave Beck, pink-faced boss of the A.F.L. International Brotherhood of Teamsters. Beck agreed to help, bought 37,500 shares of Fruehauf stock in the open market for about $950,000. But all voting rights and dividends were turned over to the Roy Fruehauf Foundation, Inc., which was incorporated in 1950 as a tax-free foundation to breed lead dogs for the blind. In effect, says...
Nobody will say how much more stock Beck will buy, but the investment is eventually expected to run upwards of $1,200,000. Both the foundation and Roy Fruehauf personally guaranteed the teamsters 4% for their money. Explained "Banker" Beck: "We've got more than $29 million in the union kitty, and we're going to put it where it will provide the best return to serve the cause of responsible trade unionism ..." The Fruehauf deal, Beck believes, com bines good investment sense with good unionism. He likes the way Roy Fruehauf has fought for uniform truck...