Word: colton
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...Barnum L. Colton, banker and longtime close friend of Labor Leader John L. Lewis and Financier Cyrus Eaton, was elected president of Washington's Hamilton National Bank. Hand-picked by Lewis (whose United Mine Workers just bought control of Hamilton), Colton's election paves the way for the merger of Hamilton and the National Bank of Washington (controlled by Lewis since 1949). The merger would make it the No. 2 Washington bank (after the Riggs National Bank) and provide investment outlets for U.M.W.'s $140 million in reserves, welfare and retirement funds...
...wife and mother of Francis Colton Hammond, Navy hospital corpsman I/C, were deeply hurt by the article in the Jan. 11 issue of TIME, "Report on a Drug Clerk." It is felt that a great injustice has been done to the memory of this young man who died a hero's death. The article . . . tends to belittle the youth and training of this young man when it would appear that nothing too good could have been said in recording publicly the life of one to whom the entire nation owes a debt of gratitude...
...EMMI COLTON Hendersonville...
...Then Broker James M. Johnston, representing an undisclosed customer, suddenly offered $280 a share. For $2.9 million he reportedly snared 80% of National's stock. A few days later, the directors eased President J. Frank White up into the board chairmanship and elected a new president, Barnum L. Colton, who was brought over from the National Savings and Trust Co. There he had been a vice president and had handled the United Mine Workers' deposits, chiefly the welfare fund of some $25 million. Presumablythe fund might now be moved...
...Colton and White said they did not know who had bought the bank. Broker Johnston, who was elected a director, knew but was telling no one. However, the United Mine Workers had been talking for some time about buying a bank-and it made good financial sense. The welfare fund was likely to soar to $100 million and the union could make more money by putting it out in bank loans than by drawing interest on it as a deposit. But when newsmen asked Lewis if he was now a banker, all they got was a faraway look...