Word: buy
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Dates: during 1930-1939
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Less pleased was she by another wellwisher, who offered to buy one of the casualties, a slightly damaged bust of Lucretia Mott, for his rock garden, twine a vine over its missing ear. "Of all the insolence!" sniffed Mrs. Johnson. "Can you imagine my Lucretia in a rock garden...
...first publicly noted in 1933. Then Chicago's biggest bank, the Continental Illinois, which had taken a bad licking in Willys Overland, and on Insull securities, was the first big time U. S. bank to step up and take advantage of Jesse Jones's offer to buy preferred bank stock with RFC funds. To get new capital Continental sold him $50,000,000 worth...
Sparkplug of the deal is a softspoken, balding Detroit lumber wholesaler named Herman I Hymans, who has never before nosed into politics. Originally he wanted to buy only 100,000,000 feet of the hurricane timber, was afraid that if he did the market price would go to pot when the Government began selling. Northeastern Association was the solution. To keep it out of the monopoly class, the Government insisted that it be a cooperative with at least 30 members. Last week, with a Delaware incorporation and Manhattan offices, it began soliciting more members...
...terms of the sale were: 1) that Continental would cut the book value of its common stock from $75,000,000 to $25,000,000 (thus keeping the total capitalization unchanged); 2) that Continental would buy back its preferred from RFC at least $250,000 every six months; 3) that until the preferred was retired RFC should have voting control of the bank; 4) that all directors had to be approved by RFC. The most important result of the deal was that Jesse Jones's good friend Walter Joseph Cummings was made chairman of the board, salary...
Last week Mr. Cummings cut the umbilical cord between his bank and RFC, announced that Continental Illinois would buy back the last $25,000,000 of its preferred in one batch...