Word: sloan
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Helped by a steady stream of checks from Sloan Sr. for the weekly payroll, Sloan...
...through the shirt-losing stage. Then A. P. Sloan Jr. got the mushrooming auto industry interested in his bearing for its axles - automakers had been using an ordinary wagon axle, heavily greased. Soon, Hyatt Bearing was making money hand over fist...
...auto industry stretched and soared, so did Hyatt. By 1916 Hyatt had a gross capacity of $10,000,000 worth of bearings a year. But A. P. Sloan was worried. His biggest customer was General Motors, which brilliant, mercurial William Crapo Durant had put together by merging a number of auto companies several years before. What if G.M. should decide to make its own bearings? So when Billy Durant offered to buy Hyatt, Sloan jumped at the chance, sold out to Billy Durant for $13,500,000. At 41, with $5,000,000 in his pocket, he might have retired...
...depression, which swept Durant out of the company, almost sank it. The Du Fonts saved it by buying Durant's stock, got bankers to guarantee the payment of the loans. When Pierre du Pont, after acting as president for two and a half years, stepped aside, Sloan slid into his chair. But the Du Fonts kept their stock, now hold 22.7%, virtually a controlling interest. In 1937, Sloan moved up to board chairman...
...head of the biggest U.S. corporation, Sloan has always been an apostle of bigness. He believes that a vast organization, with its money and talent, can make things better and cheaper than a small company. Under his direction, G.M., which had been vast when he moved in, became even vaster. But expansion was not hit or miss. Part of it was something new in the auto industry : a big staff to get all the facts on anything G.M. wanted to do, a bigger research laboratory, under famed Charles F. Kettering, to find out the best...