Word: mergers
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Dates: during 1930-1939
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Cyrus Stephen Eaton of Cleveland, the man who blocked the Youngstown merger, was the man who caused the bonus war. What justification was there, he had asked to know, for paying as high as $1,623,753 in one year (1929) to President Eugene Gifford Grace? Minority shareholders echoed Mr. Eaton in surprise and indignation. Chairman Charles Michael Schwab, who had issued the bonuses in his discretion (but never taken one himself), pleaded with tears in his eyes and a catch in his voice for the shareholders to "drop it, drop it" (TIME, April 27). Last week, having altered...
Last week a merger was, almost miraculously, realized. In Seattle the Congregational and Christian Churches met in joint convention, consummated a long-planned union. Representing 6,670 congregations and 3,000,000 church constituents, the new church will be called "Congregational and Christian." It will have two moderators. Rev. Dr. Carl Safford Patton, pastor of the First Congregational Church of Los Angeles, was elected by the Congregationalists to succeed Rev. Dr. Fred B. Smith. Dr. Samuel Parkes Cadman of Brooklyn, syndicated advice-giver, was nominated but had his name withdrawn. Christian President, too ill to attend the Convention...
Fair Exchange. When the Government decided that Standard Oil Co. of New York might legally merge with Vacuum Oil Co. (TIME, June 15), it was apparent that the original merger terms would have to be revised. Last week it was decided that the deal will go through with two and one-half shares of Socony considered equal to one of Vacuum, instead of the former 3-1 ratio. Both companies will operate under their former names. The holding company will be christened Socony-Vacuum Corp...
Scornful, Expert Culbertson immediately declared that he had refused to join Bridge Headquarters, Inc., because it was a "purely commercial proposition," called it a "merger of ex-authorities" said there was no need for a universal system since 90% of U. S. bridge players already used the Culbertson system. Further, he offered to play, either with his wife as partner or with any partner of Lenz's choice, Expert Lenz and any partner Expert Lenz might select, 200 rubbers of contract bridge, bet $5,000 to $1,000 that he and his partner would win. Said Expert Culbertson...
...alliance between Standard Oil Co. of Ohio and the onetime Standard unit, Ohio Oil Co., was widely discussed. The reason for this hubbub was that the last day during which the U. S. Department of Justice could have appealed to the Supreme Court to halt the proposed merger between Standard Oil Co. of New York and Vacuum Oil Co. had come and gone, and the Department of Justice had NOT appealed...