Word: mergers
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Dates: during 1950-1959
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...Detroit, at the first biennial convention of the Council of Liberal Churches, set up in 1953 by the Unitarians and Universalists, delegates voted to set up a "merger commission" to plan for organic union of the 100,000 Unitarians and the 79,000 Universalists...
...some politicos, who have always found bankers a popular target, the merger trend is cause for alarm. Cried Brooklyn Democrat Emanuel Celler, chairman of the House Judiciary Committee: "An alarming concentration of financial power in the hands of a few banks." Celler is busily pushing a bill to restrict mergers, and has lined up top Administration support behind it. Both Trustbuster Stanley N. Barnes, who has investigated some of the mergers, and Federal Reserve Board Chairman William McChesney Martin have come out in favor of the bill. While they feel that the mergers probably have not caused any lessening...
...world's biggest swimsuit maker), Fruit of the Loom hosiery. Last week, still pulling itself up by the garters, Kayser agreed to pay $13 million for Milwaukee's thriving Holeproof Hosiery Co. (1954 net: $1,157,984), one of the biggest U.S. lingerie and stocking manufacturers. The merger, Kayser's sixth in one year, will make it the world's largest producer of lingerie, stockings and women's accessories. Solidly in the black, after six years in which sales plummeted from $27,500,000 to $19,400,000 (fiscal 1954 loss: $500,000), Kayser...
...House, Brooklyn Democrat Emanuel Celler, chairman of the Judiciary Committee, took the role of anti-business gadfly. He attacked the Commerce Department's Business Advisory Council (a group of top industrialists and financiers), and tried to push through a bill to put bank mergers under the Antitrust Act. At hearings on his anti-bank merger bill, he charged that bank mergers threaten a "free and competitive economy," but his bill died in the Rules Committee...
MONSANTO Chemical Co. will push into the oil business through a merger with Arkansas' Lion Oil Co. (1954 gross: $99 million). Under the deal, still to be approved by the stockholders, Monsanto will exchange 1½ shares of stock for each of Lion's 3,090,912 shares outstanding, will operate the company under the Lion name to provide basic oil supplies for its growing petrochemical business. Combined assets of the two: $524 million...