Word: mckinlay
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Dates: during 1940-1949
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Last week Cuneo won his war. John McKinlay, onetime president of Marshall Field & Co., who has run National Tea for the last six years, resigned. As part of the peace treaty, Cuneo won control of National's board of directors. Backed by his print shop millions, he had become a potent new figure in the chain-store field...
...business. Founded by an immigrant, the late George S. Rasmussen, National Tea ran into difficulties not many years after he left the company to his sons, George S. Jr. and Robert V., and went home to Denmark. By 1937, National Tea was in the red by $1,365,280. McKinlay was brought in to try to pull it out, though Robert stayed on as president...
National made a little money, although not enough to encourage McKinlay, who sadly announced in 1943 that he saw little hope. John Cuneo, watching from the sidelines, saw plenty. He bought up 101,325 shares of common stock, another 1,907 of preferred. By last week he already had enough stockholders behind him to settle on his own terms: a thorough house cleaning of National Tea, new executives, new selling methods. When the stockholders meet, March 25, no one doubts that he will get what he wants. And no one doubts that Cuneo, in cleaning out the cobwebs, will make...