Word: texaco
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Sharp, frequent and dramatic have been the family fights within Texas Corp., biggest independent oil company in the U. S. But nothing ever emerged for public inspection from Texaco's battle-torn board room until last autumn when Ralph Clinton Holmes, ousted as the company's chairman, gave Texaco's stockholders a flashback of internal tussles (TIME, Oct. 2). Mr. Holmes's heaviest fire was directed at John H. ("Jack") Lapham, chairman of the executive committee and one of three representatives of the Lapham family, whose meddling, said Mr. Holmes, always brought on unhappy boardroom scenes...
...strike was short-lived. Bus drivers, taximen, public service workers, presumably inspired by their employers, had scarcely got it into momentum before Acting Governor Horton stepped in with a proclamation. The price of gasoline was 25?; he reduced it to 20? ordered the leading companies-Shell, Texaco, West India (Standard of New Jersey subsidiary), Pyramid-to keep it at that price until gasoline costs could be investigated. The Commissioner of Labor, a Puerto Rican, magnanimously suggested that if the companies starved on a 20? price, the Legislature should reimburse them for their loss...
...post. Announced reason: the discovery that he was a showman, not a businessman. Ota Gygi (Hun garian-born, onetime court violinist to Alfonso XIII) and Henry Goldman, businessman, who ran the company all summer while Mr. Wynn was in Hollywood, remain in charge. Ed Wynn became once more Texaco's broadcasting Fire Chief...
Last spring, as happened with Texaco's first president Joseph Stephen Cullinan in 1913 and with Chairman Arnold Schlaet in 1920, the question of who was to run the biggest independent oil company in the U. S. again popped up. Ralph Clinton Holmes, by this time not only president but acting chairman of the executive committee and board of directors, again called for a showdown. This time he lost. Mr. Holmes was reluctant to move from his big paneled office in the Chrysler Building but when he did he took offices, like Mr. Beaty, a few floors above...
...Jack Lapham moved that Mr. Holmes resign and if he did not that he be ousted. Mr. Holmes was automatically out. Kindly Charles Bismark Ames, a former vice president, was recalled from the American Petroleum Institute to head the board. Last week in answering Mr. Holmes's attack Texaco officials swore that as long as Mr. Holmes was president he had never asked for more directors; that many of his accusations were just not true; that by omitting many material facts he suggested conditions which did not exist. At the same time Texaco announced the election of three...