Word: stevensonism
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Dates: during 1960-1969
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Allis-Chalmers has 38,000 employees, runs 20 plants in the U.S. and Canada, is the third biggest U.S. maker of electrical and construction equipment and fourth in farm machinery. Under Chairman Robert Stevenson, 60, a minister's son who started off as an Allis-Chal mers tractor salesman in 1933, profits have more than quadrupled since 1961 to last year's $26 million, on record sales of $857 million. For all that, the company recently ran into trouble. The general slump in construction, rising production costs and a sticky three-month strike at two plants combined...
...unfazed. He merely uncorked "Plan B"-a new offer to buy all of the stock for a mix of cash plus two classes of L-T-V shares worth, by LTV's estimate, around $55 per share of Allis-Chalmers' common. Moreover, he promised Stevenson and six other directors spots on LTV's board, said that Allis-Chalmers could retain "existing management control...
...willing to offer a better price. The company, L-T-V figured, was boxed in and liable to all sorts of stockholder suits if it held out. Thumbs Down. Once again the Allis-Chalmers board retired to consider the offer. And once again it emerged with thumbs down. Stevenson cited doubts about the "realizable value" of the stock that L-T-V was offering, pointed again to the talks with his so far silent ally, General Dynamics. This time Allis-Chalmers had more vocal support. Obviously pulling for the home team was Thomas F. Nelson, the Wisconsin State securities division...
...tangible: a jowly, gutter-mouthed Lyndon Johnson supported by assorted cronies and a megalomaniacal wife; a string of identical Kennedys whose misfortunes (the assassination, Bobby's exile and Ted's plane crash) are attributed to the Chief's ambition and insecurity; and a few foreshortened political standbys like Stevenson, Warren and Wayne Morse. The rhetoric is tired and tiring. J.F. Ken O'Dunc promises "A giant generation / geared for glory, seared in sacrifice"; his successor pledges the achievement of "the Smooth Society" which "has room for all; / for each, a house, a car, a family, / A private psychoanalyst...
Activist Opener. Back home in Alabama, Trial Lawyer Johnson discovered the sometime profit of being a Southern Republican. Though Stevenson swept Alabama in 1952, Johnson served as one of Eisenhower's nine state campaign managers. His reward: appointment, at 34, as U.S. attorney for northern Alabama. His two-year record: impressive. In one of the few such cases since Reconstruction, for example, Johnson won a peonage conviction against two Alabama planters who had paid Mississippi jailers to bind Negro prisoners over to them. In 1955 fate intervened with the death of the U.S. judge for Alabama's Middle...