Word: swapping
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SCHERING CORP., a top ethical drugmaker (1956 sales: $57 million), will merge with $12.7 million-a-year White Laboratories (Feen-A-Mint, Aspergum) to fight current attempts by Revlon Inc. to win Schering control. If stockholders approve, Schering will swap about 11% of its shares for White, thus set up White group as a counterbalance to Revlon, which now owns 9% of Schering stock, probably the biggest single block outstanding...
Wakaw was a town that drowsed six days a week, only to swarm on Saturdays with farmers in town to shop, socialize, swap drinks from common bottles, and sometimes blow smoldering feuds into bloody violence. Out of such a quarrel came the young lawyer's first case. The client: a farmer charged with shotgunning a neighbor to death. The trial came on John Diefenbaker's 24th birthday. The crown prosecutor made a solid case, and the judge issued a strong charge, all but directing the jury to convict. Instead, the jury returned a verdict of not guilty. Later...
Southern Democrats, desperate for support against a Republican move to put the House's civil rights bill on the Senate calendar, offered Northern Democrats a swap: vote with us to send the civil rights bill to the Southern-dominated Judiciary Committee, and we'll vote with you on Hells Canyon...
THREE-WAY MERGER is proposed by boards of Textilemaker Bachmann Uxbridge Worsted Corp. (1956 sales: $33 million), American Hard Rubber Co. (sales: $27 million) and Wardell Corp., which sold its Eureka vacuum-cleaner business in 1953. If stockholders approve, stock swap will produce new, diversified industrial company to be called Amerace Corp...
...POWER SWAP will be made via underwater cable between Britain, whose coal-burning power plants are overworked in winter, and France, whose hydroelectric plants have surplus of water for power in winter but shortage in summer. Construction of $11 million English Channel cable starts this fall, and by 1960 it will have capacity...