Word: motoring
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Last week Wall Street was baking a pie much suited to Funston's taste; it was getting ready to float the first public stock issue of the Ford Motor Co. (TIME, Nov. 14). To Funston, this was a "landmark in the history of the ownership" of American business. To brokers, it was the biggest stock pie they had ever seen ($400 million). And everyone seemed to want to buy a bite. Orders flooded in by mail and phone; thousands of people who had never ventured inside a broker's office got ready to shell out their savings...
...COLUMN TO YOUR OCT. 10 STORY ON THE CONTINENTAL MARK II WHICH ERRONEOUSLY STATES THAT "PRESSAGENTS LET WORD LEAK THAT POTENTIAL CUSTOMERS WOULD BE CHECKED FOR SOCIAL STANDING." SUCH RUMORS ARE NEITHER TRUE NOR WERE THEY INSTIGATED BY THIS DIVISION. THE CONTINENTAL MARK II IS SOLD BY THE FORD MOTOR CO. TO FRANCHISED DEALERS, WHO IN TURN MAY SELL IT TO WHOMEVER THEY WISH...
VICE PRESIDENT FORD MOTOR...
Since 1919. when Henry Ford bought out his minority stockholders, Ford Motor Co. has been steered only by Ford and his family. This week, Ford Foundation trustees announced that the Ford family will give up sole control of the company, turning the last family-managed industrial colossus in the U.S. into a public corporation. Early next year, when the Foundation puts on sale the first blocks of stock (nearly 7,000,000 voting shares), the family will yield 60% of the voting rights in Ford management to investors...
...fast is the U.S. boom growing? Much faster than most businessmen think, Ford Motor Co. Board Chairman Ernest R. Breech told the St. Louis Chamber of Commerce last week. "The big boom we have all been anticipating for the early 1960's is no longer a distant dream. We have no choice but to prepare for a major breakthrough into a new and much higher plateau of production and consumption...