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
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