Word: pendleton
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Dates: during 1940-1949
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When American Woolen Co.'s President Moses Pendleton rose before his stockholders in Springfield, Mass, last week, he was wearing such a long face that the stockholders braced themselves for bad news. It came fast enough. The company's new orders, Pendleton reported, had sagged by mid-March to $11 million, less than one-sixth their 1948 level. As the news reached Wall Street, a wave of selling dropped American Woolen's stock 6⅛ points to 28⅝, the lowest since...
...Moses Pendleton, a hulking Connecticut Yankee who had started with American Woolen in 1903 as a clerk, all this sounded like the bad old days. From 1925 to 1946, American Woolen made the goods for one out of every six men's suits in the U.S. But the wool industry, in general, was in a slump until the war years, and American paid no dividends on common stock. Then, as 10,000,000 ex-servicemen rushed to buy their first civvies, American Woolen found itself so prosperous that in 1946 it declared a $12 common dividend, saw its stock...
...retailers, unable to move men's suits, wanted lower prices. Australian fine wool, said Pendleton, was so high that he could not cut prices...
...Angeles' Plomb Tool Co., which closed its plant after a U.S. district court ruled that it was illegally trading on the reputation of Philadelphia's Fayette R. Plumb, Inc. (TIME, Dec. 6), reopened-with a new trademark. Instead of "Plomb," it was now "Proto." Plomb President Morris Pendleton, who is appealing the decision, said the new trademark was just a temporary expedient (estimated cost: $130,000) to resume business. "We have been handed a lemon," said he, "so we are making lemonade...
Again Plomb of Los Angeles did not comply: its President Morris Pendleton argued that the two businesses did not really overlap very much at all, and went blithely on, doing business as usual. Last week the court cracked down hard. It ordered Plomb of Los Angeles to: 1) fulfill last year's order at once, and 2) pay Plumb of Philadelphia all the profits it had made since March 1948 on sales of tools marked "Plomb...