Word: goodrich
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Dates: during 1930-1939
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Because Rubberman Benjamin Franklin Goodrich, sometime physician, had been dead 18 years, no one at B. F. Goodrich Co. realized that a chunky, broad-shouldered young man who reported for work at the Akron factory one day in 1906 was the founder's nephew. James Dinsmore Tew, just out of Harvard and anxious to prove his worth, did not take the trouble to remind his employers that B. F. Goodrich Co. had once been called Goodrich, Tew & Co. At the end of two years, when young Tew was making $75 a month, he asked for a raise...
Last week publicity-hating President Tew was chagrinned to find his name very much in the news. Two months ago he asked Goodrich stockholders to authorize a $45,000,000 first mortgage, of which $28,000,000 was to be raised immediately, the rest at some indefinite future date. The purpose of the issue was to retire at a cost of $22,000,000 all of Goodrich's 67? bonds and all of the 5½% and 7% notes of Hood Rubber Co., a Watertown, Mass, subsidiary which manufactures Goodrich footwear as well as products under its own name...
Accordingly, last fortnight, Otis & Co. dispatched a tart letter to most of Goodrich's 24,000 stockholders. Excerpts...
...management of your company has asked you to authorize a $45,000,000 first mortgage and to increase immediately the company's outstanding first mortgage indebtedness. ... In the last five years following borrowings of $30,000,000 through issuance of long-term debentures Goodrich stockholders have seen losses from the company's operations mount to a total of $24,832,000 and have stood by without dividends and with the market value of their holdings gradually diminishing. In the same five years Goodyear has shown profits of $20,965,000 and Firestone $17,463,000. The company...
Otis & Co. marched into an Akron court and, by virtue of owning ten shares of Goodrich stock, got permission to inspect the books of Mr. Tew's company. Then it began rounding up proxies to try to prevent approval of the new first mortgage at a special stockholders' meeting...