Word: brokering
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With that, he went off with the wife of a Pleasanton businessman and took her to Kansas City, where, after her divorce, he married her. He used to come back to Pleasanton in a Cadillac convertible with men whom he fatuously introduced as "my broker" and "my lawyer." During the next four years, he lost money playing the stock market, in liquor-store ventures and in an airplane crop-dusting business. He drank and gambled. His wife left him. He turned to passing bad checks in hospitals, and then to holding up cab drivers. In 1952, he went...
Some of San Francisco's best financial brains are at work on the opera's board of directors. Among them: Utilities Executive Robert Watt Miller, Investment Banker Charles R. Blyth, Banker William W. Crocker, Broker Marco Hellman, Publisher (San Francisco Chronicle) George Cameron, Paper Magnate J. D. Zellerbach. These men have developed a practical method for handling annual deficits : holders of top-price season tickets (931 this year) pledge $50 each, get charged on a pro rata basis when the season's deficit is added up (last year: a nearly nominal $36,000). Cost of each year...
...West Coast last week, three weekly newspapers * changed hands. But they were an exception to a trend. Elsewhere in the U.S., scores of would-be buyers were hunting dailies or weeklies for sale-and hunting in vain. In Florida alone, one broker reported he had 25 buying offers, not one to sell. In Michigan, ex-Senator Blair Moody, who had lined up capital for a daily (TIME, Aug. 17), had not been able to find one to buy. The reason: newspapers in general are making fat profits, anywhere from 6% to 15% after taxes. Few owners want to sell...
What Price? Are the asking prices justified? Nobody knows, because nobody really knows how much any newspaper is worth. Determining one's value is as tricky a problem, as one broker puts it, as "trying to figure out a woman's age from a sample of her handwriting." Even the brokers, who make their living by judging values and chasing newspaper sales, have never been able to work out any rule of thumb to fit all cases...
Seldom had Wall Street been so full of bears as it was last week, after the stock market had been pounded by its second week of sharp price drops. Some of the bears were old familiar fellows, such as Broker John H. Lewis, one of the few prophets who correctly foretold the onset of the 1946 bear market (which lasted until 1949), and who has been growling gloomily ever since. But there were also plenty of ex-bulls behind the trees. Everybody was asking: Has the great, postwar bull market finally come...