Word: timberlands
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Even Curtis Publishing Co. had a timely bit of luck in the find. After the publishing house announced that it owns 40,000 acres of timberland next to the Timmins strike-and that it has an agreement with Texas Gulf to share in the profits of ore under its timber holdings-Curtis stock rose 2⅝ points to 11, before trading was halted by the Big Board...
...with Scholar White as president, Businessman Cornell gave it a stunning lesson in fund raising. Spending some $525,000 for the privilege, he took charge of the bulk of the school's federal scrip for 990,000 acres of public land. He swapped the scrip for choice Wisconsin timberland, which eventually soared in value. When sold off, it netted the university almost $6,000,000. White meantime scoured Europe for top scholars, set high standards, and took such a dim view of football that he once vetoed a game in Cleveland with the edict: "I refuse...
...assets (now $117 million) in sugar land. Last week, mainland-born (Oregon) MacNaughton announced that C. & C. had completed arrangements to take over Dole Pineapple and Bumble Bee Brand Seafoods. Next MacNaughton targets: to decide whether to take up a Castle & Cooke option on 125,000 acres of Peruvian timberland, buy more food companies, get listed on the New York Stock Exchange
...directors were faced with the unexpected task of finding a new president after Shanks resigned as a result of the furor about a personal timberland deal with Georgia-Pacific Corp., a big Pru borrower. Shanks, who would have saved $400,000 in taxes, canceled the deal and was cleared of any wrongdoing. But, according to associates, he felt that several members of the Pru's board were opposed to him-despite the fact that most board members requested that he stay. He will get an annual retirement...
...that his glass wall had been suddenly and rudely pierced by some mighty embarrassing gazes. With the business world still buzzing over Chrysler Corp.'s conflict-of-interest troubles (TIME, Aug. 22), Shanks was shown, in a Wall Street Journal article, to have been the buyer of valuable timberland for Georgia-Pacific Corp., a Prudential borrower and the biggest U.S. plywood producer, in a complex deal that could save him as much as $400,000 in income taxes. At week's end, the New Jersey Banking and Insurance Department, watchdog of the Pru's home state...