Word: raiding
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Dates: during 1950-1959
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Last week the cry of "raid" made financial headlines in New York and Chicago...
...Libby's 3,600,000 shares of stock. Weismann thought that the company was doing poorly profitwise, asked for changes in the board and a new board chairman. Libby President Charles S. Bridges refused, wrote stockholders that the management was preparing to fight "a raid upon this company." The stockholders' committee that Weismann represented promised a proxy fight to enforce its demands...
...Manhattan's LEOPOLD SILBERSTEIN, 51, who started out as a "professor of sick companies" in Germany during the 1920s, made his first U.S. raid by buying 75,000 shares (of 148,000 outstanding) in the small, shaky Pennsylvania Coal & Coke Corp. With that as a base, he diversified into gas and oil, went on to take over companies making cables, power shovels, and cranes (Industrial Brownhoist Corp.). With cash from his growing empire (now called Penn-Texas Corp.), he recently bought 80,000 shares of machine tool maker Niles-Bement-Pond, whose stock was selling a few points below...
...Navy cast loftily about for new coasts to conquer. Having smashed many of the biggest ships of the U.S. and British fleets and landed their forces at will around the southern seas, they toyed between plans to go for India, Australia or Hawaii. It was Doolittle's Tokyo raid, launched in April 1942 from the U.S. carrier Hornet, that clinched the sea lords' new course of conquest. They decided to turn east, to capture Midway Island (1,300 miles northwest of Pearl Harbor) and use this outpost as an advance base for Japanese air patrols. As naval strategists...
...Minutes. It was the U.S. fleet that had achieved the surprise. Caught with most of its planes aboard, the Akagi exploded and burned. So did two sister carriers, the Kaga and Soryu (Hiryu, the fourth, survived to be wrecked by an evening raid). In two minutes the whole course of the Pacific war changed. That night, its air striking power destroyed, the Japanese invasion armada turned in "emptiness, cheerlessness and chagrin" and limped for home. (The U.S. Navy lost the Yorktown, one of the three carriers that it was able to muster for the great battle...