Word: mergers
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Dates: during 1930-1939
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...Church South, which had seceded over slavery in 1844; 10° from the Methodist Protestant Church, which had split off in 1828. In the last three years the three churches successively ratified a plan of union. The Uniting Conference met to proclaim and exult in the merger, the biggest in Protestant history, and to deal with the many and various problems of overlapping administration. The three merging churches have between them 65 bishops, some 25,000 ministers, about 43,000 churches, 2,900 schools and colleges, many a hospital and social-service agency, several rich publishing houses, a combined budget...
Oliver Farm Equipment Co. (plows, tractors, seeders, threshers) was formed in 1929 by the merger of four small farm-implement concerns. That year it had assets of $46,000,000, sales of $27,400,000. In 1932 sales collapsed to $4,400,000 and the deficit amounted to $4,164,974.61. But by thriftily plowing back its earnings, Oliver finally emerged from debt last October after a 1937 profit of $2,182,763.36 (it fell...
...previous merger proposals, subway bondholders would have exchanged their securities for bonds issued by a Board of Transit Control and not guaranteed by the city itself. Last year, at the November election, voters passed an amendment to the constitution allowing the city to exceed its legal debt limit by $315,000,000 to effect transit unity. And by last week, when the city offered $175,000,000 for B. M. T. alone, Chairman Dahl was glad to take it, for depression and competition from the Independent have continuously weakened his position. That leaves the city $140,000,000 in City...
Groceryman Kunin jokingly proposed a merger: "With your brand names and reputation and my business methods, we can go places." Groceryman Dennehy laughed it off. But next time the two met on the train they joked some more about a merger...
Last week the merger was a reality. Engineered by clever Tom Dennehy, who became president of the new Sprague Warner, it gave both companies what they most needed. Harry and Maxwell Kunin (who became secretary-treasurer and vice president) got bigger manufacturing and distributing facilities, the prestige of Sprague Warner's name. Sprague Warner got the Kunins. Nobody put up any money. To reports that he had bought out Sprague Warner, Harry Kunin replied: "Where the hell would I lay my hands...