Word: lambert
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...York Hilton Hotel, where the Salvation Army in nonsectarian generosity honored Francis Cardinal Spellman, hosts and guests could have turned to a subject of mutual interest: sales of Listerine antiseptic. Listerine at a religious convocation? Why not-since, under terms of an old and apparently inviolable legal document, Warner-Lambert Pharmaceutical Co. must still make royalty payments on Listerine to the heirs, executors or assignees of its originator. The assignees include the Salvation Army, and until recently counted the aging cardinal as a major holder...
...riches was laid in 1881 when Dr. Joseph Joshua Lawrence, a St. Louis physician who worked out the secret formula for Listerine, decided to retire. The canny doctor sold his formula for Listerine and, four years later, for another remedy called Lithiated Hydrangea, to fellow St. Louisan Jordan W. Lambert. In the deal, Lawrence got a royalty for each gross (144 bottles) of Listerine that was first set at $20; this was later scaled down to $6 on sales of either preparation. Lithiated Hydrangea has disappeared-but Listerine sales spiraled after Lambert's son made halitosis a household word...
...royalty arrangement meanwhile has lasted despite efforts to break it. Warner-Lambert, the company that' evolved from the Lamberts' firm, last tried to break the arrangement in 1960 and was turned down flatly by a federal appeals court. Lawrence's heirs, who still retain about three-eighths of the royalties, continue to benefit as a result, and so do assignees of one of the most remarkable transactions in U.S. business history. Warner-Lambert this year, on sales of Listerine worth $50 million or more, will pay out about $4,000,000 in royalties...
...long now that it is easy to forget that only last year the Crimson offense packed about as much wallop as orange pop. The transformation has been so stunning that the undergraduates who last fall were spinning "Yo-Yo must go" yo-yos are now speaking possessively of the Lambert Trophy...
...Lambert board decided to change the meaning of its trophy this year when bitter disputes arose in both...