Word: morehead
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When Chairman Morehead Patterson rapped the annual meeting of American Machine & Foundry Co. to order in Manhattan last week, one of the first things stockholders wanted to know was why the company's stock had fallen from $63 to $32 in the past year. "God knows," said Morehead Patterson candidly. "We were the same corporation . . . What bothers me is that we have 30.000 more share holders now than before it happened, and I'm sorry for every one of them.'' Patterson's failure to predict any rise in AMF shares in the near future...
...Terrier's hope for a big man this year disappeared when Dick Morehead (6-8) developed rheumatic fever and dropped out of school. Last year's scoring leader, Larry Isenberg, also dropped out of school...
After surveying the planetarium and bell tower he gave to the University of North Carolina, Multimillionaire Alumnus John Motley Morehead, 90, turned his attention to another of his campus contributions: the school's 135 Morehead Scholars. Mustering those about to graduate-each of whom had enjoyed a four-year, $5,000 grant-Union Carbide Engineering Consultant Morehead (who still commutes frequently to the company's Manhattan headquarters from suburban Rye) treated them to a brief bit of his practical philosophy: "Money doesn't bring happiness, but it helps to quiet the nerves...
Grow or Die. AMF's expansion is the work of slow-spoken, low-pressured Chairman Morehead Patterson, 64, who took over the company in 1943 from his father Rufus L. Patterson, inventor of the first automated tobacco machine. After World War II, Morehead Patterson decided that the company had to grow or die. Searching for new products, he turned up a crude prototype of an automatic bowling-pm setter. To get the necessary cash to develop the intricate gadget, Patterson swapped off AMF stock to acquire eight small companies with fast-selling products. The Pinspotter, perfected...
...companies suffered. International Business Machines' first-quarter profit set a record ($2.67 per share) for the period, a 39% gain over the year-ago period. Both Revlon and the Borden Co. also had record first-quarter earnings. American Machine & Foundry's Chairman Morehead Patterson predicted, as quarterly earnings rose to 93? a share v. 87? a year ago, that 1961 would be "a very satisfactory year...