Word: mackay
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After Dana the Sun ownership passed to Paul Dana, his son, then to William Mackay Laffan, longtime Sim dramatic critic. The days of personal journalism were over; the Sun concentrated on its news coverage. It devoted page after page to the Spanish-American War, was the first to announce that yellow fever had broken out in Cuba. The Sun reporter there had got the news past the censors by using the words Jack Ochre, and Boss Lord's correct interpretation of Jack Ochre as "yellow fever" gave the Sun a major scoop over its bitter enemies, Hearst...
...Gates, of N. Y. Trust Co.............5,000 Walter S. Gifford, of A. T. &. T .........1,000 George H. Howard, of United Corp............2,000 Arthur Curtiss James ............2,000 Percy H. Johnston, of Chemical Bank & Trust ........1,000 Cornelius F. Kelley, of Anaconda ..........2,000 Clarence H. Mackay ...........2,000 Jlenry C. McEldowney, Pittsburgh banker ........5,000 Charles E. Mitchell ................10,000 Frederick K. Morrow, of United Cigar. .............1,000 Thomas Nelson Perkins, of A. T. & T. .............500 Wm. C. Potter, of Guaranty Trust Co. .............10,000 Seward Prosser, of Bankers Trust Co. ..............10,000 Alfred P. Sloan...
...obscure Puerto-Rican adventure, had acquired most of the telephone business of South America, had obtained a complete monopoly in Spain from His Most Catholic Majesty Alfonso XIII, had rebuilt the telephones of Paris and Shanghai, had obtained the backing of J. P. Morgan & Co. With the acquisition of Mackay-Postal it became the second largest communication company in the world.* Last week Mr. Behn became a director of L. M. Ericsson Telephone Co., potent Swedish manufacturers of electrical equipment and operators of telephone systems in Sweden, Europe, Mexico, South America. And I. T. & T. increased its voting interest...
Between the conquest of Mackay-Postal and last week's deal with Ericsson, lay four years of adversity. Bestriding the world, I. T. & T. was, in 1929, in excellent position to flounder and be lost in a violent world-wide storm. Interest charges on new capital seemed to be mounting faster than new profits. Revolutions and bloodshed in South America threatened not only I. T. & T.'s property but its contracts as well. The revolutionary government of Spain talked loudly of canceling the agreement which, five years before, had given I. T. & T. its first major boost...
...shrewd daring and persistent battling I. T. & T. owed its spectacular soar to success. He was now to prove himself a bad-weather pilot of extraordinary ability. He hacked expenses, pruned salaries, wrote down assets. With his able brother, Hernand, he worked furiously to increase the efficiency of Mackay-Postal, built five new radio stations on the Atlantic Coast alone. When the storm began to clear it was apparent that Sosthenes Behn had not only braced his towering electrical companies to stand it, but had actually increased the volume of his business. From across the sea came reports that...