Word: businessmen
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Dates: during 1940-1949
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...morning Winston-Salem (N.C.) Journal (circ. 49,048) and the afternoon Twin City Sentinel (circ. 33,205), Secretary of the Army Gordon Gray has a newspaper monopoly-and it worries him. Back in 1937 when he was 29 and a millionaire tobacco heir, Gray and a syndicate of big businessmen wanted to start a newspaper to compete with the Journal and Sentinel monopoly. He ended up buying the two papers for more than $1,000,000 when the owner threw in the towel. Gray still wishes Winston-Salem (pop. 90,000) could afford two independent papers because "monopoly journalism...
When Oak Ridge released the radioactive byproducts of its atomic pile for private use in 1946, few U.S. businessmen paid much attention. But to a handful of young M.I.T.-trained scientists it was big news; they were ready to cash in on the first U.S. commercial use of atomic energy. They had already pooled their $31,000 in savings to form Tracerlab, Inc., and had rented dilapidated quarters down near Boston's South Station...
Pensions & Profits. To many businessmen it looked as if steel had botched the job. Said Barren's Business & Financial Weekly: "Unfortunately . . . few steelmen have seen fit to use rational arguments in presenting their case ... It would be amazing if [the fact finders] did not develop the strongest possible resentment against the steel companies." Actually, to anyone who read all the arguments, the steelmen had built up a good case, answering the union point by point...
...many businessmen might blink at the narrow control in some industries not usually mentioned in the same breath with aluminum or tobacco. Carpetmakers, for example, were dominated by four firms, Alexander Smith & Sons, James Lees & Sons, Bigelow-Sanford and Mo hawk Carpet, which owned 57.9% of the industry's productive facilities. National Biscuit Co. controlled 46.3% of all net capital assets in its industry in 1947. Armstrong Cork owned 57.9% of all the land, buildings and equipment in the linoleum industry. "Two giant organizations virtually preempt" the making of tin cans, charged the FTC report, with American...
Vandeveer gave two main reasons for selling: 1) tax laws which "encourage small businessmen to take their earnings in capital gains instead of paying taxes on current income" ("you have to sell out"); 2) the problem of paying inheritance taxes. As the two partners owned almost all the corporation's stock, the shares had no established market value. A public sale, said Vandeveer, would have brought a price far below the company's worth as a going concern. Yet it was precisely Allied's value as a going concern which the Government would have used...