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MEMPHIS POWER PLANT to take place of proposed $107 million Dixon-Yates plant (TIME, July 25, 1955) will be financed through $154 million revenue bond issue by City of Memphis. Wall Street's Salomon Bros. & Hutzler heads marketing syndicate, expects to have bonds on sale before Jan. 1. Memphis' stearn electric plant will generate 812,500 kw., start operating...
EBBETS FIELD, longtime home of Brooklyn Dodgers Baseball Club, will be turned into $25 million housing development. For an estimated $2,000,000, Dodgers have sold Ebbets Field to Manhattan Real-Estateman Marvin Kratter, associated with Financier Hanns Ditisheim who took over Chicago's Butler Bros, retail-store chain eight months ago (TIME, March 5). Kratter will lease the field to team until 1961, when he starts work on housing project...
...York a spokesman for Wall Street's Lehman Bros, and Lazard Freres claimed that together they can control 3,000,000 of Loew's 5,142,615 shares and throw out the board at the next annual meeting on Feb. 28. If it takes over Loew's, the Lehman-Lazard group would probably keep Vogel in charge of Loew's Theaters division, which he headed until last month, and hire a president who would drastically cut MGM's staff, replace Movie Production Boss Dore Schary, sell off some money-losing Loew's theaters...
...Mallon stepped into the presidency of Dresser in 1929, it produced only flexible couplings for plain-end pipes, had $5,800,000 in sales. Mallon built up Dresser into a company that could serve the entire gas and oil industry. In 1937 Dresser bought its first subsidiary company, Clark Bros, (angle compressors), and also got its vice president, John B. O'Connor, in the bargain. Three years later Dresser added centrifugal pumps to its growing list of products with the acquisition of Pacific Pumps...
CIRCUS DEAL is brewing between John Ringling North and Sports Promoter Bill Veeck, onetime owner of St. Louis Browns, who wants to keep big top operating by buying North's Ringling Bros, and Barnum & Bailey. Veeck's group reportedly offered $2,500,000 for performers, tents and animals, but North wants more...