1945

First off, there is the age-old problem of one's right hand knowing what ones left is doing. Right? Now, we all know that Barney Oldfield is the one on the right, not on the left. Right? I'm not referring to Barney's political leanings, of course, but rather to his position in the photo accompanying this column in the March issue. I can only guess that the caption-writer must have been viewing the photo in the mirror. Anyhow, apologies, Barney; I doubt that any '4ss were fooled.

Recently received from John Osborn, our intrepid treasurer and guardian of the finances, was good news relative to increased interest in class affairs. We are welcoming as new active members Richard H. Simpson, whose address is in Ontario, Canada; GreggC. Mac Donald, who resides in the distant town (?), city (?), or whatever of Issaquah in the state of Washington; and Earl H. GallupJr., who's not too far from John in Albany, N.Y. Also back in the fold are Robert A. Roberts of Minneapolis, William S. Calli of Utica, N.Y., and William R. McKenzie, who's with Goodyear down there in Jamaica. Also responding was Bob Strumm, who is on our growing list of retirees, but who, when cornered by Jim Andrew in a Hyatt Hotel, was unable to plead indigence. Renewed interest such as this provides additional candidates for attendance at our 40th, as well as expanding the contents of our coffers. But now, from low finance to high finance.

Taking a privately-owned company public has been one of the highlights in the world of finance for the past several years. More recently popular is the "about face" going private through a leveraged buy-out of the public stockholders. Edward H. Harte, together with his brother and three associates, has made an offer for the 22.4 million outstanding shares of Harte-Hanks Communications, a transaction estimated to involve approximately $750 million. The company, which is Texas-based and has been on the Big Board for more than a decade, owns newspapers, radio and TV stations, and a consumer direct-marketing division, all in the Sunbelt. Aggressive entry into marketing and cable television is said to have incurred expenses which diluted earnings and depressed stock price levels. But methinks that Ed, who is publisher of The Corpus Christi CallerTimes, knows what he is doing!

Another company with "hidden" underlying assets is Consumers Water Company of Portland, Maine. John W. L. White guided this firm as its president for many years and now serves as chairman of the board. Recently a raiding party set sail from the Far East. Industrial Equity (Pacific) Ltd. of Hong Kong, having acquired 232,000 shares of Consumers, took exception to the company's plan to expand into the modular-home business and plotted an "unfriendly" take-over of the $37- million firm. But you have to get up pretty early in the morning to get ahead of those crafty "Down Mainers." It didn't take John long to outmaneuver the pirates, and the wind went out of their sails.

I'm told the spikes have been put back in the cannon overlooking Portland harbor.

P.O. Box 39 Atkinson, NH 03811