Word: settlement
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Dates: during 1930-1939
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Until last week the full story behind that story had not been told. In its May issue FORTUNE cut through the maze of rumor and legend and revealed, without betraying its sources, the chain of events leading up to the settlement which averted a major industrial war. Branded as "pure hokum," along with the idea that the House of Morgan had forced the settlement, were reports that the burly labor leader and the patrician steelmaster had been brought together by 1) Manhattan's First National Bank, 2) President Thomas Moses of H. C. Frick Coke...
...Myron C. Taylor. Without attempting to evaluate them the magazine declared that the only two rumors that could not be summarily dismissed were that the settlement had been hastened by 1) Franklin D. Roosevelt or 2) Walter Runciman of Britain's Board of Trade, who was in the U. S. at the time and might have hinted that rearmament orders would be withheld until U. S. steelmasters could assure continuous delivery...
...Again Mr. Lewis managed to dodge newshawks, presumably slipping into the Taylor mansion at No. 16 East 70th St. As a diplomatist Mr. Taylor had to paint for Mr. Lewis a terrifying picture of his board of directors, the men who must in the end accept or reject the settlement. To his board Mr. Taylor was painting an equally terrifying picture of Mr. Lewis and what he could do to the steel industry now that it was heading into a boom. Moreover, there was at least a reasonable doubt as to whether the steel industry could win a strike...
...management of the affairs of both institutions [Chase and its security affiliate] at the time the acts complained of are alleged to have occurred, in connection with which negligence is charged, I assume sole responsibility for losses sustained by such negligence, if any, for the purposes of this settlement." Acceptable to the suing stockholders, Mr. Wiggin's offer must be approved by the courts. Payments by the Hayden and Ledyard estates would go to Chase Bank, while the Wiggin money would be divided equally between the bank and Amerex Holding Corp., successor to Chase Securities. Bankster Wiggin...
...sooner had Mr. Wiggin molded the Doherty formula to his personal problem than Standard Gas & Electric Corp. reported an offer of $1,000,000 in settlement of suits against it which had never been filed, only threatened. Charging waste, misapplication and misappropriation of assets, a group of minority stockholders in Standard Gas were ready to ask $100,000,000 from the directors and various controlling interests, including H. M. Byllesby & Co. and U. S. Electric Power Corp. Reason advanced for quick settlement was that it would speed the reorganization of Standard Gas & Electric, now in famed Section...