NL Industries Agrees to Limit Proxy Campaign:...

NL Industries Agrees to Limit Proxy Campaign: NL agreed not to launch a newspaper ad campaign during its proxy struggle against the Lockheed Corp. board. Lockheed had proposed the moratorium on advertising to limit the costs of a proxy campaign. NL, in its response, also proposed that both sides limit their campaign spending to $5 million and suggested a debate between NL President J. Landis Martin and Lockheed Chairman Daniel M. Tellep. Lockheed had no immediate response to NL’s new proposals. NL is a Houston-based chemical company controlled by Texas investor Harold C. Simmons.