Word: mellons
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Dates: during 1940-1949
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Last week Operator Eaton took time out from politics to try to turn a dollar or two. Object of his attention was the San Antonio subsidiary of the ill-fated United Light & Power system, which Eaton once controlled. Biggest single interest in United now is the Mellon family's Koppers Co., which owns 28.4% of the Class B voting stock (which would be practically wiped out in United's proposed recapitalization...
...August the San Antonio subsidiary decided to refund a $16,500,000 bond issue at a lower (3½%) rate. To merchandise the issue, it contacted another Mellon family unit-Mellon Securities Corp...
Without much ado, Mellon Securities got up a syndicate, planned to price the issue at 105 or 105½ to the company, proposed to sell it to the public at 107 or 107½ Spread would be $330,000, of which Mellon Securities' cut would have been $48,000 (based on their original plan to take $2,400,000 of the issue). Since SEC has not yet decided what to do about the underwriting fees of banking houses found to be "affiliates" of utility holding companies, Mellon Securities proposed to impound its money...
Last week Joe Widener, ailing at 68, announced, through his son P. A. B. Widener II, that the family pictures (and equally choice statuary, tapestries, porcelains, rugs, jewels) would go to the National Gallery in Washington, now being built with money donated by the late Andrew Mellon. Manhattan's Metropolitan Museum had had no hope of getting the Widener collection, but Philadelphia's Museum of Art had. Apparently unprepared for the announcement, its officials kept the shocked silence of the disinherited...
...stop "important gaps" in his education (Choate, Yale, Cambridge), and after many a false start in publishing, chain restaurants and banking, earnest, book-&-horse-loving Paul Mellon, 33-year-old only son of the late Secretary of the Treasury Andrew William Mellon, entered famed St. John's College at Annapolis, Md., a freshman. Weekending with wife and daughter on his nearby 400-acre farm in foxy Fauquier County, Va., Freshman Mellon on weekdays will begin to mull the 100 classics which St. John's considers all that is necessary for a college education...