CORPORATIONS: The Plywood Prince

The C. D. Johnson Lumber Corp., one of the biggest and most profitable in the Northwest, had a vexatious problem: too much cash on hand and more profits pouring in from its huge timber stands. If the $6,375,000 in cash and Government bonds in the company till was paid out in dividends to the Johnson family, which controlled the company, most would go for income taxes. The Johnsons talked their problem over with another lumberman, 48-year-old Owen Cheatham, president of the Georgia-Pacific Plywood Co. Cheatham had worries also.

Since war's end, Georgia-Pacific...

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