CORPORATIONS: Battle for United Cigar

Charles Green is a New York appliance dealer with a sharp eye for a quick profit. He buys stock in companies that make money, but pay small dividends, or none, then pressures the management into shelling out. Green's latest target is United Cigar-Whelan Stores Corp., one of the biggest U.S. drug-and cigar-store chains (1,300 outlets).

Green, who has owned United stock since 1946 and now holds, with his family, 66,900 shares, started his attack by charging that President Walter G. Baumhogger and his associates "haven't the faintest idea how to run the business profitably." The management defended itself by relating...

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