Word: bankrupts
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PENNY STOCK SWINDLE has resulted in conviction of high-pressure Jersey City Broker Walter Tellier (TIME, May 7). Federal Court jury in Brooklyn found that Tellier and two officers of bankrupt Alaska Telephone Corp. swindled 1,400 investors out of $900,000 by boilershop selling of Alaska debentures. Tellier can get up to five years in penitentiary and $180,000 in fines...
...within a few months his-brother was struck down by an incurable nervous disease, his mother died, his father went bankrupt, and Christian had to go south to recover from a lung ailment...
Service Pays. Six months ago the Polish storekeeper, plagued by discriminatory taxes and unable to replenish his stocks, was a member of a dying class. Today several thousand private shops are flourishing. Private individuals have taken over bankrupt state catering establishments, opened restaurants and cafes, and by substituting service for the state attitude that the customer is always wrong, are making them pay. In Warsaw private enterprise is building a new market, a new shopping center, and the city's first private department store since...
More than 40 Texas insurance companies have gone bankrupt in the past three years. Last week the state's slow-moving Insurance Commission revealed probably the biggest bust of them all. Said the commission: ICT Insurance Co. is "hopelessly insolvent," to the tune of $4,460,243. Left holding the bag were some 14,000 stockholders and 100,000 policy holders. Most of them were labor-union members, because more than 50% of ICT Insurance Co.'s stock was owned by about 380 Texas A.F.L.-C.I.O. locals...
Weeds & Wages. Jessop's business of high-grade steels for high-speed tools had gone to pieces in World War II, when it concentrated on defense items, e.g., armor plate, failed to recover its peacetime customers. By 1948 Jessop was almost bankrupt. Then in came a new boss. Frank B. Rackley, 33, whose blacksmith father had encouraged him to read and believe Horatio Alger. While working as a $13-a-week office boy in Pittsburgh, Rackley studied metallurgy at night school, was named Western manager for U.S. Steel's stainless and alloy division when still...