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About Medford mail tribune. (Medford, Or.) 1909-1989 | View Entire Issue (Feb. 6, 1958)
TEN MEDFORD (OREGON) MAIL TRIBUNE Thursday, February 6. 19S8 High-Salaried Company Men Shaking as Proxy Time Nears iew York (u This is fingernail biting time in the plush executive suites of many corporations. The nervousness stems from the fact that this is the time of year' that the proxy firm's management begin un- limbenng their big guns. eye at their stockholder ranks for signs of revolt. Wars for control of com panies are called proxy fights because both sides seek to have stockholders sign a legal a 51Z3ruuu-a-year Job when his management was ousted from control of New York Central by the forces of the late Robert R. Young. This year, George Apert. document called a proxy ! who makes more than SoO.OOO ! giving them right to vote a year as president of the .' the stockholder's stock. j New Haven Railroad, finds I Who's Who in Industry j his job in jeopardy. A bank- Most companies hold their ! Companies engaged in ; mg and investment group annual stockholders meetings j proxy fights in recent years j headed by A. C. Allyn & Co. in the spring. It is at these j read like a Who's Who in in-1 of Chicago wants to oust him. affairs that irate stockholders ' dustry New York Central : The Central proxy fight is Railroad. New Haven Kaii-1 considered the biggest and road, Montgomery Ward & i most expensive ever fought. Co.. Fairbanks, Morse & Co., j One of the biggest of the R. Hoe & Co., and Decca Rec-; early corporate wars took ords. In 1954. William White, usually lower the boom on -managements that haven't "done right" by stockholders. As annual meeting time ap proaches, high-salaried presi dents and board chairmen of companies that haven't fared too well begin casting a wary now president of the Dela ware & Hudson Railroad, lost Construction Rise Of 50 Per Cent Seen in 10 Years New York, N.Y. A con struction boom of "dazzling" proportions which will see building expenditures in the next ten years climb 50 per cent over the past record dec ade, is forecast in the current issue of Architecutral Forum. The magazine predicted that construction outlays between now and 1967 will amount to a staggering 600 billion com pared with $409.6 billion from 1948 through 1957. The S600 billion figure rep resents more than he present value of all existing private structures. Forum's vision of the fu ture, which it terms "fabifc lous," is based on two studies just completed by the maga zine's economic consultant, Miles Colean. One of the sur veys covers the probable level of construction activity for the current year. The other is the Forum estimate of building volume for the dec ade ahead. Taken together, the two studies represent the latest and most comprehensive data available on the building outlook. Here are some of the fac tors that will help make the next ten years this nation's greatest building era, accord ing to Forum: S200 billion to be spent on residental build ing alone; S8a billion on in dustrial and commerical con struction: SI 6 billion on re ligious and private institution al buildings; and $75 billion on utilities. Outlays for schools and educational facili ties will amount to about $45 billion, while highway spend ing will total at least $75 bil lion, and outlays for sewer and water systems, nearly $20 billion. The magazine says that the outlook for building is so "dazzling" that the only "troubling question" is wheth er the economy can supply the men and materials that will be needed to make the goals attainable. "If the economy can achieve these building objectives, it will have an unprecedent prop for prosperity not only for the next ten years but for all the decades beyond," the maga zine said. As for the immediate fu ture, Forum sees new con struction this year climbing nearly 4 per cent above last year's total of S47.3 billion to a new record of $49 billion 0LCC Refuses Beer Permits Near U0 Portland UP The Oregon Liquor Control Commission Wednesday refused to grant package beer licenses to three grocery stores in the area surrounding the University of Oregon campus in Eugene. OLCC Chairman Hugh R. Kirkpatrick said the refusals were made partly because the area is predominantly populated with students un der 21 years of age, but main ly because there were already enough licensed premises within a reasonable distance for adults who want to buy beer. The action in effect upholds the so-called "dry zone" around the Oregon campus. This zone was established in formally years ago under an agreement among the OLCC, the University and the Eu gene city council. Attorney. General Robert Y. Thornton last month said in an opinion that the dry zone was without legal status. place on March 7, 1929, when the late John D. Rockefeller Jr. ousted Col. Robert W. Stewart from the chairman ship of Standard Oil Co. (In diana). Proxy fights are strikingly similar to political elections in that the outcome is decided at the polls. Allen Will Harris, noted management consultant and a proxy fight authority, noted that these skirmishes often are thought of as tugs-of-war between two powerful forces. "But, in the last analysis, stockholders owning 100 shares or less are the decid ing factors. Their support is necessary for victory, which ! is why a great deal of time ; and money is spent wooing them." Nine Million Stockholders The number of Americans I owning stock in companies i has jumped dramatically inj the postwar period and now j exceeds nine million. That j means one out of every 18 : Americans owns stock. "The vast majority of them -are small stockholders ! housewives, taxi cab drivers, white collar workers who own j but a few shares apiece," Har- j ris said. I Harris pointed out that proxy lights usually start when a person or group of persons becomes disatisfied with management and tries to replace it. The outcome of these encounters often de pends on the attitude of the average stockholder toward a company's recent earnings and dividend record. He estimated that proxy wars can cost as much as $30 or more per stockholder. In the aggregate, the cost can run into seven figures. The California woodpecker carefully stores acorns in holes that it drills in trees j and telephone poles, the Na tional Geographic Magazine says. One pole was studded with 1,500 acorn. A large sycamore held 20,000. BIG SLABS Clean Green Fir Biggest Load in Town! $m VI 00 Quick Delivery 14 Phelps Fuel Go. Ph. 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