Word: timbered
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Dates: during 1950-1959
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Presidential Timber (Fri. 10:30 p.m., CBS). Talk by Senator Estes Kefauver...
...great-grandfather Jesse W. Fell, who trudged into Illinois with a knapsack over his shoulder in 1832. Jesse Fell was a lawyer who became a real-estate developer and city planner, and was a close friend of Abraham Lincoln. He was the first to describe Lincoln as presidential timber. A staunch Republican, Fell proposed the Lincoln-Douglas debates, and played an important part in the Lincoln-for-President campaign...
...Johnson Lumber Corp., one of the biggest and most profitable in the Northwest, had a vexatious problem: too much cash on hand and more profits pouring in from its huge timber stands. If the $6,375,000 in cash and Government bonds in the company till was paid out in dividends to the Johnson family, which controlled the company, most would go for income taxes. The Johnsons talked their problem over with another lumberman, 48-year-old Owen Cheatham, president of the Georgia-Pacific Plywood Co. Cheatham had worries also...
...both parties. Cheatham paid the Johnsons and other stockholders $80 a share for stock which was last bid over the counter in October at $42. The Johnsons will pay only a 25% capital-gains tax on profits from the sale. Georgia-Pacific got nearly 1 billion feet of timber worth $24 million at current market prices. It will also take over the Johnson company's excess-profits tax base of $2,000,000, will thus be able to keep a bigger chunk of future profits. Better still, Georgia-Pacific picked up the $6,375,000 in cash and bonds...
...corporations are willing to give money with no strings attached. Except for Ford's scholarships, Detroit's auto industry gives money only to research that will benefit the industry; the Weyerhaeuser Timber Co.'s gifts go into scholarships in forestry. Of Northwestern's $761,000 bonanza, 90% was earmarked for specialized research. Most companies apparently agree with Pittsburgh's Allegheny Ludlum Steel Corp.: "No contributions are made to colleges as such, no matter how good they are, unless we can figure some direct return...