Word: celotex
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...Celotex Cycle...
...Chicago last week stockholders of Celotex Co. approved a plan which will constrict the activities of Bror Gustave Dahlberg, the company's enthusiastic founder-president. And in Chicago last week the second receivership suit of the year was filed against Celotex...
Bror Gustave Dahlberg, 48, was born in Norway, soon was taken to St. Paul. About ten years ago he conceived of celotex, made from the fibre of sugarcane, as a substitute for lumber. He organized the company whose phenomenal growth in sales has added unto it many a subsidiary. Behind the expansion was Mr. Dahlberg, shrewd in matters of manufacturing and sales. Also, he is generally credited with being the architect of its financial structure. In the past decade he is said to have made...
Great is his faith in the company. When Celotex was around $50 last January he wired all stockholders, telling them the stock had only partially recovered, not to "unwittingly sacrifice" their holdings. But by June it had slipped to around $40, then broke sharply to $20 when one David Adler sued for receivership. It recovered somewhat when the suit was thrown out of court and charges made that Plaintiff Adler had stock manipulations in mind. But when last week's events transpired Celotex stock was at $10?...
Whether this will turn out to be the same sort of suit as many another brought and dismissed this year remains to be seen. To the men reorganizing Celotex's affairs it was especially annoying, for however groundless a suit may be, it has a psychological effect on creditors, investors. Celotex officials can point, however, to the fact that they are raising more than $500,000 through the sale of stock, that the new finance committee has set up a $1,000,000 revolving credit fund...