Word: parentes
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...American-Grace Airways is jointly and equally owned by Pan American Airways and W. R. Grace & Co. (bankers & shippers). It flies the west coast route and the trans-Andean jump in the parent air company's great South American loop. Last week it had flown nearly 5,000,000 mi., crossed the Andes safely 1,200-odd times...
Meantime Alemite Corp. had produced another person who was equally determined to set aright the parent company's affairs. Alemite's head since 1925 has been Joseph Edward Otis Jr., son of the chairman of Charles Gates Dawes's old Chicago bank. A baldish, pleasant man of 41 who graduated from Yale in 1916 and spent a few years with Union Carbide, he lives on Chicago's Gold Coast, likes to hunt and fish in Florida. Able Mr. Otis' problem was to get outside representation on Stewart-Warner's board which, with the exception...
...took the new directors only six weeks to learn that Inventor Zerk's accusations against the management were substantially correct. They promptly ousted President Charles B. Smith, and before the year end they also ousted his two senior vice presidents. Mr. Otis was made active head of the parent company. Suits were hastily brought against the old officers to recover salaries and bonuses. Unprofitable lines including cinema equipment were dropped. Alemite's operations were consolidated with the Stewart-Warner Chicago plant. Superfluous subsidiaries were dissolved. A new accounting system was installed and assets were written down. Stewart-Warner...
...Like the parent of many a kidnapped child, Mr. Rudginsky advised the snatching of the diet needed by the victim of the crime: raw meat, raw eggs, milk once...
...earnings. By December 1932 bank loans had been cut $24,000,000. That year the company earned $17,204,000. Between January and June 1933 he paid off another $9,500,000 out of earnings. Last month two more subsidiaries each paid obligations of $6,000,000 to the parent company by the private sale of guaranteed notes. Last week, when Columbia Gas announced 1933 earnings of $12,496,000, Mr. Gossler proudly informed his stockholders that their company was now entirely out of debt to the banks...