Word: woolen
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Dates: during 1950-1959
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TEXTRON, which lost the early rounds in its fight to take over the American Woolen Co. (TIME, March 22), has been busy buying up stock, now owns 45% (445,000 shares) of American Woolen's common and a block of voting preferred, and apparently has control. Prospects are for a three-way deal to merge the two companies with New England's Bachmann Uxbridge Worsted Corp...
...Joseph B. Ely, 73, onetime governor of Massachusetts (1931-35) and a longtime Al Smith Democrat, was elected president of American Woolen Co. of Boston. Ely succeeds Francis W. White, who remains as a director of the company. Ely's job is temporary. If stockholders approve a proposed merger with New England's Bachmann-Uxbridge Worsted Corp., Bach-manh-Uxbridge President Harold Walter will take over on June...
...groundfish fillet imports (largely from Norway, Canada and Iceland), up from 9,000,000 Ibs. in 1939 to 107 million last year. ¶ Lead and zinc producers complain of shutdowns and layoffs in U.S. mines because "a flood of imports has demoralized the domestic mining industry." ¶ Makers of woolen gloves and mittens charge that cheap imports (mostly from Hong Kong and Japan) have taken more than half the U.S. market, while half the industry's 4,000 workers are jobless...
Brave, stupid Lord Cardigan is remembered nowadays only by the button-up woolen sweater he wore in the Crimea...
What swung the balance to McGinnis? Some thought it was the 23,200 shares owned by Stockbroker John A. Munro of Morristown, N.J., who had criticized Dumaine's interests in outside businesses such as American Woolen. Munro would not say. But there was no doubt that McGinnis had voted his proxies more shrewdly than Dumaine. Under the New Haven's cumulative voting procedure, one share of stock counts for 21 votes. They can be spread out across the railroads entire slate of 21 directors, or lumped on one director. Knowing it would be close, McGinnis concentrated his strength...