Word: boarded
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Dates: during 1920-1929
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Fifteen rounds having been fought (TIME, Jan. 28 et seq.); the fight to a finish between John Davison Rockefeller Jr. and Col. Robert Wright Stewart, minority stockholder and board-chairman, respectively, of Standard Oil Co. of Indiana, continued last week as follows...
Round 16. Col. Stewart and his board of directors declared a 50% stock dividend a $1.12½ cash dividend (including a so-cent extra dividend), thus calling attention to their ability to put fat profits into the hands of the stockholders. During the brief speculative flurry which followed, Standard Oil of Indiana achieved the stock market (paper) value of a billion-dollar corporation...
Round 17. The Sun Life Insurance Co. of Montreal sent proxies for 44,000 shares to Col Stewart. Dartmouth College sent proxies for 2,360 shares to Mr. Rockefeller Jr. Julius Rosenwald, philanthropist and board-chairman of Sears, Roebuck & Co. came out for Mr. Rockefeller Jr. with the statement: "It was fitting for stockholders in any enterprise to see that the business is managed by officers whom they can trust." But Philanthropist Rosenwald's influence was moral, not financial. He owns no stock in Standard Oil of Indiana...
Members of the New York Stock Exchange last week approved, 782 to 133, their Board of Governors' plan to increase the Exchange membership from 1,100 to 1,375 (TIME, Feb. 4). Since the increase adds 25% to the membership, each present member has a one-fourth interest in a new seat, or, in other words, each present member now owns five-fourths of a membership. The prospective purchaser of an Exchange seat may therefore acquire membership in one of the following three ways...
...seats, the $625,000 figure cannot be accepted as standard. The value of the new seats depends (as the value of the old seats depended) on what the buyer is willing to give and what the seller is willing to take. The only price regulation made by the governing board was that bids must be made in multiples...