Word: mergers
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Dates: during 1930-1939
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...Jean) Paul Getty, 43, Oxford-educated spokesman for the Los Angeles Getty oil interests, who let one of his representatives, Harold L. Rowland, state his attitude toward the merger of two Tide Water operating subsidiaries with the parent holding company. Although his father left an estate of $21,000,000, Jean Paul Getty, an only son, had to make his own way in the oil world. In 1920 he was $400,000 in debt, by 1926 was a millionaire in his own right. Early in 1932 he bought a controlling interest in Pacific Western Oil Corp., a rich California producer...
Corporation Meeting. In funereal atmosphere punctuated only by tugboat tootings in the harbor, two score small fry and a few big stockholders gathered at No. 17 Battery Place last week to approve or vote down the merger of Tide Water Oil Co. and Associated Oil Co. into a new Tide Water Associated Oil Co. William Francis Humphrey, stout, double-chinned president of Tide Water Associated who is also head of San Francisco's famed Olympic-Club, called the meeting to order, clipped through parliamentary procedure in approved police court fashion...
...Rowland, Oilman Getty's representative, read a letter to the chairman setting forth that the Getty interests, "having the largest single investment" in Tide Water, approved of the management's efforts to effect operating economies and tax savings, but opposed the form of the merger agreement. Disapproval was voiced of 1) the directors' rights to determine conversion privileges and price of 873,000 shares of unissued preferred stock, and 2) "deprivation of rights which should belong to the stockholder," namely, the ability to vote annually on directors. Unperturbed, President Humphrey queried: "Does that mean you are voting...
...vote on the merger was called for, ballots issued and collected, proxies tabulated. Result: for, 5,318,107 shares; against, 50; not voting, 782,328 (Getty interests); absent...
Even with the spade work done in advance by the companies, labor organizers have made little headway in Detroit itself though they have done better in the automobile plants outside the city. United Automobile Workers of America, a merger of most of the labor organizations whose internecine struggles helped contribute to Labor's failure in Detroit, claims a membership of some 60,000, which is less than one-seventh of all auto, body and parts workers, and is probably an exaggeration at that. But automobiles are on John L. Lewis' list of prospects for industrial organization...