Word: porters
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Dates: during 1950-1959
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...ranking heirloom collector of U.S. business is a Pittsburgh millionaire named Thomas Mellon Evans. His heirlooms are old, family-owned business enterprises that have fallen on hard times, and his specialty is modernizing them. Last week Tom Evans, chairman of Pittsburgh's H. K. Porter Co., Inc., an industrial combine with assets of $57 million, added another heirloom. He took over as board chairman and chief executive officer of Chicago's Crane Co., the nation's largest manufacturer of valves, fittings and pipes, in a shake-up of 104-year-old Crane's management...
Cold Cash. Tom Evans, at 48, has amassed a fortune with his knack for changing corporate hard times into good times. He started at 28 by taking over H. K. Porter Co.. money-losing locomotive manufacturer, built it up into a profitable combine of 18 divisions specializing in electrical and steel products. In the last 15 years he has acquired more than 30 companies...
Evans built his pyramid with cold cash. When he won control of a company, he nurtured it until it began to generate cash, then used the cash to buy yet another company. In the first quarter Porter's sales rose from last year's $32 million to $52 million, its profits from 51? per share to $1.30, after a merger with one of its subsidiaries. For Crane, Tom Evans hopes to turn a similar trick...
Ohio Republican Frank Bow waded into House debate over Porter's resolution to ask whether "perhaps we are beginning to find our way into the One World Federation." He was all for Nixon's rule of law proposal, said Bow, so long as it protects U.S. sovereignty. Replied Porter: "I think we could afford to make some concessions for world peace...
Prospects for the Clark-Porter resolution's getting through Congress are dim. But the spreading U.S. debate on ways and means of working out a world system of law hold nothing but promise for a nation in search of a policy that can contribute to a just and enduring peace...