Word: stocking
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Dates: during 1970-1970
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...recovery from a $435 million loss on its Convair jetliners; it was the largest financial setback on a single product line ever sustained by a U.S. corporation. Crown felt deeply wounded when the company's directors in 1965 and 1966 called in General Dynamics' preference stock, forcing him and his family to sell a $100 million holding. It seemed like an obvious attempt by the directors to get rid of Crown; he was so hurt that he severed all connection with the company...
...M.S.C. into one of the world's largest sand and gravel companies. After Crown quit General Dynamics in 1966, many of Material Service's top executives departed in frustration at the way the company was being run. Upset, Crown quietly began buying blocks of General Dynamics common stock. By last May, he and friends had accumulated 18% of the shares for about $57 million...
While corporations are slashing away at executive flab, Robert W. Haack, president of the New York Stock Exchange, has come up with a few words of caution about economy drives. Said he in what could rank as the quote of the week: "Moderation, even in cost-cutting, can be a virtue...
...exchange's quarterly report, Haack noted the upturn in stock trading volume and said that those brokerage firms that have pared personnel and operations selectively "will enjoy a distinct advantage over their competitors when it comes to handling a resurgence of business." His message: companies that have zealously hacked off not only fat but also bone and muscle will feel the pain as business gets better...
...announced move to England should be a real cause for distress, if only for what it says about America's sense of humor. It's not just the violence, he says, it's the way the violence fills up the newspapers and doesn't leave any room for his stock in trade: the bizarre, the eccentric, and the unusual. England, he thinks, will be better. I hope he's right. I doubt...