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...also the nation's biggest coalman. Chrysler's directors turned to Love because he is a proven comeback champion (his Consolidation is highly profitable despite the slump in coal). New Chairman Love will make policy and wield virtually the same powers as did former Chairman Lester Lum Colbert; Townsend will boss day-to-day operations, much as did former President William Newberg...

Author: /time Magazine | Title: Business: Personal File: Sep. 29, 1961 | 9/29/1961 | See Source »

...fearful of Chrysler's long-term future, or dissatisfied with the offer (along with the customary six-figure salary, Chrysler's directors were offering three-year stock options that could be worth $1,500,000). What helped to scare them off was the determination of Chairman Lester Lum ("Tex") Colbert, 56, prime target of a vocal group of dissatisfied Chrysler stockholders, to stay on as Chrysler's chief executive officer until next year, when he hoped company finances would look better...

Author: /time Magazine | Title: Autos: Chrysler's New Bosses | 8/4/1961 | See Source »

...Nashville, Tenn., one of the local mills advertises a self-rising ingredient for flour and meal known as Hot Rize. For the past nine years, the fortunes of Hot Rize have been rising with a couple of hillbillies-Banjo Player Earl Scruggs and Guitarist Lester Flatt-whose musical style on Grand Ole Opry is uncannily like the gassy product they represent on the show. Scruggs and Flatt are the country's leading practitioners of a particularly corny style of country music known as "bluegrass." And, thanks in large measure to the efforts of the twanging pair, bluegrass is enjoying...

Author: /time Magazine | Title: Music: Pickin1 Scruggs | 6/30/1961 | See Source »

...Scapegoat. The Coyne affair showered political sparks all over Ottawa's Parliament Hill. Liberal Opposition Leader Lester Pearson called for an emergency debate in the House of Commons. Hitherto opposed to Coyne's high interest rates and his stubborn insistence that Canadians are living beyond their means, Pearson suddenly came to the governor's defense. He challenged Finance Minister Donald Fleming to prove that Coyne had blocked a single government program. "We will not support the government in any attempt to use the governor as a scapegoat for their own faults," he cried...

Author: /time Magazine | Title: The Hemisphere: The Coyne Affair | 6/23/1961 | See Source »

Virtually every one of its models is a sales disappointment to Chrysler-a fact that Chairman Lester Lum Colbert blames chiefly on bad publicity resulting from stockholder dissension and the conflict-of-interest scandals (TIME. July 11 et seq.). Once-mighty Plymouth has skidded from 4.9% to 3.3% of the market, and the European-styled Valiant has not made up the difference, rising only from 2%_ to 2.1% despite a $100 price cut. Valiant's new and costlier twin, the compact Dodge Lancer, got only a discouraging 1.2% of the market, and the middle-priced Dodge Dart, newly styled...

Author: /time Magazine | Title: State of Business: Detroit's New Line-Up | 6/23/1961 | See Source »

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