Word: goodyears
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With reference to your account of the suit by F. A. Seiberling against Ohio Goodyear Securities Corp. (TIME, July 1), I would like to point out that Mr. Edgar B. Davis did not, as you state, borrow $57,000 from Mr. Seiberling to tide him over until his North & South Development Co. struck oil, and the attorney for Mr. Seiberling in the present litigation has disavowed any such claim...
When the pair first met in 1912. Frank Seiberling was the head of Goodyear Tire & Rubber Co., which he had founded; Edgar Davis was managing director of U. S. Rubber Co.'s vast Sumatra plantation. They found they had a common dream: enough U. S.-owned plantations to smash the Dutch-British rubber monopoly. Before they could do much about it, Rubberman Davis left U. S. Rubber Co. with a $2,000,000 fortune, which he proceeded to give away and to pour down a series of dry holes in the oil country around Luling...
Having endorsed Goodyear's notes in the 1920 panic, Seiberling, with personal debts of $6,665,000, was ousted from control of his company by Dillon, Read & Co. He quickly formed a new firm, Seiberling Rubber Co., and a holding company, Prudential Securities, Inc., into which he put all of his personal assets - including 128,000 shares of Goodyear common stock...
...able "F. A." was deftly maneuvering his new rubber company from 330th to seventh (now eighth) place in the industry. He paid off Davis' loan and, when Prudential's notes again came due, got Cyrus Eaton to put $5,000,000 into a new holding company, Ohio Goodyear Securities Co., which acquired Prudential's assets, paid off the bankers. Most of the Goodyear stock was swapped to Eaton for U. S. Rubber stock, other assets were sold, Eaton was paid off - all of Ohio Goodyear's stock was transferred to Davis...
...this show they studiously ignored advertising clients. Robert Riggs (Dole pineapple, Goodyear tires) exhibited his circus lithographs, which have steadily won critical acclaim in the past six years. A surrealist painting was hung by famed French Poster Artist A. M. Cassandre (Dubonnet). Instead of seminudes in bathtubs for Cannon towels, Gladys Rockmore Davis sent a demure little girl writing. Peter Helck, who turns out ads for Champion spark plugs, Goodyear tires, refreshed his soul with an antiquated locomotive in a railroad yard. Leon Karp, layout man for N. W. Aver, painted his son in rougher textures than ad clients generally...