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12/18/42
should be particular authority, and above all else we felt that the respects In which the provisions of law might be modified or suspended or amended should be set out in the committee amendment, and that is done,
”I myself feel that It Is highly necessary that the pro¬ posed legislation be passed. I should hate to take the respond t1/j. L• ity for what might result from withholding of this authority from the Navy at this time. "
Accordingly the bill was read the third time and passed.
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Si, 250,000 YANKEE NET SALE NOW UP TO FCC
The final step in the sale of the New England Yankee and Colonial Networks to the (General Tire and Rubber Company of Akron, will be the formal approval by the Federal Communications Commie-Sion, It was said at the Commission that the application for transfer of the network would be acted on at an early date but that though there might be some discussion of the matter, it was believed the transaction would receive the Commission’s O.K,
It is the largest sale of its kind ever to come before the FCC, The purchase price paid to John Sliepard III, President of the Yankee Network, was |l, 250,000 plus net quick assets. Of the consideration $950,000 is to be paid ’’down on the barrel” and the balance spread over 5 years at 2% interest. The quick assets are expected to yield somewhere around $100,000. Mr. Shepard has been retained to operate the network.
The purchase, William O’Neil, President of the General Tire and Rubber Company, said, was the first step in the company’s post-war expansion. Through the network, he said, the company will tell the people of New England of the advances made in synthetic rubber and continue its news and entertainment features.
’’The post-war America is going to be an entirely new America”, he stated, ’’with increased manufacturing capacity and facilities and entirely changed methods of merchandizing and adver¬ tising, ”
Mr. Shepard said that the ’’one and only reason for the proposed sale of the Yankee network and the Colonial Network was future inheritance tax problems”.
His father, John Shepard, Jr. , who is now the owner of the networks and of the Shepard stores in Providence, will be 86 years old on January 2nd, Mr. Shepard said, and a decision had been reached that it was desirable at this time for the estate to have a substantial amount of cash, partly to meet inheritance taxes in the future.
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