Word: mcelwaine
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Alexander McElwain '21, Howace W. Fuller '30, William G. Nickerson '31, John S. R. James '34, Wendell M. Hastings '35, and John W. Cutler '40 were among the other alumni who comprised the group whose average...
...years big Melville Shoe Corp. (No. 1 U. S. shoe retailer; sales: 10,000,000 pairs of shoes, 12,000,000 pairs of socks) and J. F. McElwain Co., Nashua, N. H., shoemaker, have got along fine. The arrangement between them has been that Melville contracts to take most (now 92%) of McElwain's yearly output, to be sold through its 652 Thom McAn chain stores. Under the plan the factory sold shoes to the distributor at cost, took a percentage of net profits from sales. This streamlined combine, which eliminated all conflict between the two main branches...
...their stockholders the two firms proposed that they would merge. Reason: to make their cooperative enterprise permanent, remove any possibility of a bust-up. The deal: 1) Melville to acquire all of McElwain's outstanding 16,966 7% preferred and 104,726 common shares; 2) Melville stockholders to submit to reclassification of their 99,992 6% preferred, 404,722 common shares, take shares of the new company in return...
...show that the merger was not born of necessity, both companies released their nine months' earnings. On $27,019,958 sales Melville showed a net profit of $1,453,556 (a shade under its profit for all of 1938). McElwain's net of $641,250 was well on the way toward topping its 1938 profit...
Members of his committee include William N. Chandler '41, McCrea H. Cobb '39, Henry P. Day '41, William H. McElwain '41, Douglas Mercer '40, Jere J. Nelson '41, Hamlin D. Smith '41, and Prescott H. Wellman...