Business: Paper Profits

Six years ago had President Alexander ("Sandy") Calder of Union Bag & Paper Corp. asked his stockholders to split their stock four-for-one, they probably would have balked. The price of their shares was down to $5 and such a split would have reduced their stock certificates to shinplasters. But last week his stockholders had only applause for Sandy Calder. They gladly voted to split their stock four-for-one and their new stock was traded at prices upwards of $18, for in five years Recovery and Sandy Calder—but mostly Mr. Calder—had boosted the value of...

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