John M. Olin, boss of Olin Industries (Winchester rifles, Cellophane, chemicals), likes to hunt and fish. He has shot bear in Alaska, quail in Georgia, ducks in Louisiana, and he keeps a fishing lodge in the Bahamas. Thomas S. Nichols, fast-moving president of Mathieson Chemical Corp. (chemicals, petrochemicals, drugs), also likes the sporting life. Furthermore, the sportsmen's companies had much in common; one made products the other needed. On hunting and fishing trips together, Olin and Nichols wondered if the two companies could not profitably combine efforts.

Last June they set up, under joint ownership, the Matholin Corp. to produce...

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