Word: tew
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Dates: during 1930-1939
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Because Rubberman Benjamin Franklin Goodrich, sometime physician, had been dead 18 years, no one at B. F. Goodrich Co. realized that a chunky, broad-shouldered young man who reported for work at the Akron factory one day in 1906 was the founder's nephew. James Dinsmore Tew, just out of Harvard and anxious to prove his worth, did not take the trouble to remind his employers that B. F. Goodrich Co. had once been called Goodrich, Tew & Co. At the end of two years, when young Tew was making $75 a month, he asked for a raise...
Last week publicity-hating President Tew was chagrinned to find his name very much in the news. Two months ago he asked Goodrich stockholders to authorize a $45,000,000 first mortgage, of which $28,000,000 was to be raised immediately, the rest at some indefinite future date. The purpose of the issue was to retire at a cost of $22,000,000 all of Goodrich's 67? bonds and all of the 5½% and 7% notes of Hood Rubber Co., a Watertown, Mass, subsidiary which manufactures Goodrich footwear as well as products under its own name...
Otis & Co. marched into an Akron court and, by virtue of owning ten shares of Goodrich stock, got permission to inspect the books of Mr. Tew's company. Then it began rounding up proxies to try to prevent approval of the new first mortgage at a special stockholders' meeting...
...several days President Tew kept silent. Then he gave stockholders an explanatory statement which cut considerable ground from under the Otis complaints. Reiterating that "it was in the best interest of the company not to deal with Otis & Co. as an underwriter," he outlined the benefits of the new first mortgage as follows: 1) Its interest rate is lower than the coupons of any of the bonds and notes it replaces; therefore a considerable interest saving would be effected. 2) Goodrich's reason for refunding the Hood Rubber notes, due in 1936 anyway, is to protect its investment...
...Field C. Leonard '37, f.b.; Jose M. Mayorga 2G.B., s.h.; Joseph McGinn 1G.B., f.; Donald W. Mieklejohn G '33; r.c.; Spencer D. Oettinger 1G.B., f.; Austin W. Scott, Jr. '37, sub; Bernard C. Sendall 1G, f.; Geoffrey L. Stagg 1G, l.w.; Chalmers E. Sweeney '35, f.; James D. Tew '35, sub; Edward F. Whitney...