Word: boarded
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Dates: during 1950-1959
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From the Federal Reserve Board last week came news that department stores started their Christmas season from the highest take-off point in history. Sales in the final pre-Thanksgiving week hit 182 on the 1947-49 index, up from 169 in 1958. Only 5% ahead of 1958 at the beginning of November, department-store sales were 6% ahead in the second week of the month, 8% ahead in the third. Other signs of a faster beat in the economy...
Mortimer moved on the board in 1950, jumped to executive vice president in 1952. The top job was now in view, but Mortimer got hot competition from two company rivals. Chairman Francis was behind Mortimer, recognized that the company needed a strong merchandising man to lead General Foods into the future. When Mortimer became president and chief executive officer, his two rivals left the company...
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 Chairman Allan P. Kirby has withdrawn offer to give Boston Financier Abraham Sonnabend a seat on Allegheny's board, will not extend a second otter to buy 200,000 shares of stock claimed by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...
...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...