Business: G. M. C. Melon

G.M.C. Melon

Casually, almost with nonchalance, an under executive of the General Motors Corp. passed out to newspaper men assembled on the 22nd floor of the offices at 57th St. & Broadway, Manhattan, last week, a typwritten sheet "known in newspaper patois as a "handout," a "canned" statement (opprobrious terms suggesting little or no news value).

It announced, almost as casually, that the corporation would pay to owners of their 17,400,000 shares (E. I. du Pont de Nemours & Co. own 25%) $65,250,000. In this amount, largest ever disbursed to shareholders at one time by...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!