Word: cashing
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Dates: during 1950-1959
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Padded Profits? McGinnis claimed that his economies resulted in a $9,275,000 profit for eleven months of 1955, almost double the 1954 net. But Frederic ("Buck") Dumaine Jr., whom McGinnis ousted as president in 1954, charged that McGinnis had used cash reserves and in come from subsidiaries, e.g., The Connecticut Co., to pad railroad earnings. Said Dumaine: "They must have lost $7,000,000 running the railroad 20 months...
...Cash reserves had certainly dwindled. Current liabilities had mounted, while long-term debt rose from $193,850,000 to $199,580,000. Protested one former director, "It's a stock speculation-venture instead of a railroad business...
...McGinnis used New Haven cash to pay dividends on the preferred stock, of which he held little. But dividends on the preferred stock had to be paid before he could declare dividends on the common stock, of which McGinnis and directors held 128,500 shares. Nevertheless, the common stock skidded from a high of 39 to a low of 28 in 1955, while most railroad shares highballed ahead...
...Newark neighbor's of Brewery Cashier George J. Brueckner wondered how, on take-home pay of $87 weekly, he managed to own two cars, keep a daughter in college, and plunk down $23,000 in cash for a house. The answer: he withheld receipts sent to the brewery to perfect his own "unbeatable" system of betting on the horses, but contrived to balance the company books at the end of each month. Finally, the shortage reached $125,000 and Brueckner could cover up no more. He confessed, and was sentenced to prison for embezzlement...
This book starts with an engagingly simple idea: since British newspapers promote circulation by giving away prizes of automobiles, houses, radios and cash, why not offer readers something they can really get their teeth into? Why not, for instance, offer luscious Myrna Figg to the reader who can write the best love letter? Headed by a Machiavellian newspaperman, a group of literary zanies do just this. They take over an innocent weekly, The Slaughterhouse Informer, devoted to livestock prices, and stuff its dreary, beefy pages with scandalous matter. They feature Myrna Figg on the cover, over the bold caption: THIS...