Word: stockely
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Dates: during 1970-1979
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...scatological remarks coming over the wires. One vice president, trying to persuade an irate California stockholder that the merger would prove beneficial in the long run, got the reply: "Sonny, I'm 84 years old, and I ain't waitin' around for the long run." Kennecott stock sells for about $22 a share, or $20 below book value...
...first public bid for Carborundum was made by Eaton Corp., the Cleveland-based auto-parts maker, nearly three weeks ago; Eaton offered $47 a share for Carborundum, a pretty premium of $14 for a stock that never sold higher than 40% during the past ten years. When Carborundum rejected that offer, a furious auction began that finally concluded early last week in the Manhattan offices of Morgan Stanley & Co., which represented Carborundum. After some unnamed other bidders called in by phone, Kennecott offered $66, or some 14 times this year's projected earnings...
...Carborundum stockholders and some arbitragers like Goldman, Sachs and Salomon Bros., it was a satisfying deal, to say the least. It was also a notable coup for the patrician Mellon family of Pittsburgh, which has for decades owned a large block of Carborundum stock...
...work. Concedes Chairman Bill Harrah: "The danger is that you can become overorganized and start getting answers and information that you don't really need. It's something we fight all the time." For Harrah, a quiet ex-Californian who owns 84% of the company's stock, fussing over minutiae is a hard habit to break after 40 years. Recently he ordered a hotel restaurant billboard repainted after noticing that the rack-of-lamb dinner on it "looked raw." At 66, though, Harrah has begun delegating more decision making to subordinates. A close friend of many show...
Personally, Telling is noted for a phenomenal memory; associates insist that he can recall the stock numbers of items Sears stopped carrying 20 years ago. As a manager, his style is demanding but not abrasive. One colleague says that in 25 years he has never heard Telling raise his voice. That style is well known to store managers. For the past two years Telling has been the link between headquarters in the 110-story Sears Tower, the world's tallest building, and 55 field executives and has been noted for tightening management control. Says Telling: "With five different territories...