Word: chairman
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Dates: during 1950-1959
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NUCLEAR POWER PLANTS that can produce electricity competitively priced with that produced by high-cost coal plants are "just about here," says Gwilym Price, board chairman of Westinghouse...
ALLEGHANY FIGHT is heading for showdown after compromise attempts failed. Chairman Allan P. Kirby has withdrawn offer to give Boston Financier Abraham Sonnabend a seat on Allegheny's board, will not extend a second otter to buy 200,000 shares of stock claimed by Sonnabend, and challenges him to a proxy fight. Sonnabend is mum on plans, has not yet filed statement of proxy intentions with...
Curtiss-Wright Corp. and its Chairman Roy T. Hurley are having their woes in the business of making aircraft engines, but when it comes to press releases, they fly high. Month ago, with sales down from $599 million in 1957 to $389 million in 1958 and still slumping, C-W displayed a "revolutionary" new air-car for U.S. travelers, a vehicle that has no wheels, but zooms along at 60 m.p.h. just off the ground on a cushion of compressed...
Last week there was no further word of air-car production or of orders. But Chairman Hurley had another innovation to announce. Calling in the press, he displayed (but did not demonstrate) a radical new internal combustion engine billed as the greatest advance since the diesel. It has no pistons or valves, only two moving parts; there is a carburetor to mix air and gasoline, a single spark plug, a rotor that drives the crankshaft. Beyond that. Hurley refused details. CW, he said, had developed the engine in conjunction with West Germany's NSU Werke, makers of autos...
...that point, Chairman Hurley and C-W's board of directors had another piece of news: the company cut its quarterly dividend almost in half, from 62½? to 37½?. Sales for the first nine months of 1959 were down $40 million, with a $6,400,000 drop (to $9,000,000) in profits. Once again C-W was suspended from trading as investors tried frantically to dump their stock. When trading was resumed, C-W dropped, wound up 5⅞ points below the high...