Word: lytton
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Dates: during 1960-1969
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...DALE F. LYTTON Laguna Beach, Calif...
ERMYNTRUDE AND ESMERALDA by Lytton Sfrachey. 75 pages. Stein and Day. $5.95. A novelistic joke by the author of Eminent Victorians protests repression through the letters of two sexually inquisitive girls. Written in 1913 and rather cutesie-pie, with terms like pussy cat and bow-wow for private parts...
Died. Bart Lytton, 56, short-term titan of the savings and loan business; of a heart attack; in Los Angeles. A onetime theatrical pressagent, grade-B screenwriter ("I'm a lot prouder of some of the mortgages I've written"), and scriptwriter for radio's Gangbusters, Lytton used Broadway promotional techniques to build his Los Angeles-based Lytton Financial Corp. into a $700 million business. Overextension and the collapse of the California housing boom started his downfall in the mid-'60s, and creditors moved in to depose him in April 1968. "Money," he once said...
When the securities actually change hands next month, Lytton S&L plans to merge with two smaller Southern California savings-and-loan associations, Equitable of Long Branch (assets: $318 million) and Mission of Santa Ana (assets: $39 million). The mammoth merger was approved by the Federal Home Loan Bank Board two weeks ago, but financial men are more fascinated by the audacity of the move than by its size. Says one competitor: "Wellman is converting three alley cats into a pedigreed lion...
Tempting Bait. Equitable, also headed by Wellman, and Mission need more capital, but neither is large enough to raise it easily. Thus they can use the aid of the Lytton holding company, which, thanks to its listing on the New York Stock Exchange, has readier access to Wall Street money. Even so, Wellman had to offer investors some tempting bait. They will pay substantially less than the current market price for the Lytton stock, which closed last week at $11.50 a share...