Word: turndowns
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Dates: during 1950-1959
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...unsuccessful battle to win Senate confirmation as Secretary of Commerce. During the prolonged Strauss hearings (TIME, June 15 et seq.), Democrats made much of his role as AEC chairman in working out the Dixon-Yates contract, used it against him in the fight that led to the first turndown (49-46) of a presidential Cabinet nomination since the days of Teapot Dome...
...reason for Du Font's turndown of the Government plan was an Internal Revenue Service ruling that would cost Du Pont stockholders millions. IRS ruled that the G.M. stock, if distributed, would be taxable at ordinary income rates when received. If the stock was sold, any profit would be taxed again either as straight income or capital gains. For individual Du Pont stockholders, said President Crawford Greenewalt, income taxes alone would come to an estimated $580 million, plus another $100 million for corporations owning the stock. Moreover, so many shares would be dumped on the market that the market...
Capital also faced another turndown by CAB, this time on its petition for a $21.4 million subsidy for 1957 and 1958. Though Capital got off subsidy six years ago, it now wants Government help again, says it cannot stay aloft without a renewed dole. But CAB is not sympathetic...
...knowing whom and what they wanted. Dwight Eisenhower could have brought on a "wide open" presidential nomination only by his own irrevocable withdrawal. And for months Ike had tried to avoid the appearance of dictation by withholding his all-out endorsement of Nixon. The fact: only by an unvarnished turndown of Nixon-in itself a denial of a "wide open" convention-could the President have changed the final results...
Only a flat, last-minute, wildly improbable turndown by the top man could have beaten him, but Richard Nixon was taking nothing for granted last week in his campaign for vice-presidential renomination. Chigger-bitten by Harold Stassen, stung by California Governor Goodwin Knight's bumblebee efforts against him (TIME, Aug. 27), Nixon spread political balm in San Francisco with a soothing hand. Like a busy doctor, he moved from room to room of his Mark Hopkins Hotel suite to talk to delegations-and before long, the traffic was so heavy that the only way the delegates could leave...