Word: colliers
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...Manhattan journalists, jittery over the folding of Collier's and Woman's Home Companion (see below), the news at first seemed a possible cause for concern. McCall Corp., publishers of McCall's and Redbook, announced a 50% cut in its quarterly dividends from 30? to 15?. Though McCall's revenue was up $6,000,000 in the first nine months (to $46,116,539), earnings were down 16% to $758,276. McCall said it was saving cash "to finance future growth." What the company did not say was that the dividend cut was the work...
...their final issues reached the newsstands last week, Collier's and the Woman's Home Companion folded with a bang that echoed clear to Washington. The Securities and Exchange Commission announced that it was investigating the financial operations of the Crowell-Collier Publishing Co., ordered one of its rare public inquiries to determine whether the company had made "false and misleading reports" in connection with $4,600,000 worth of debentures it had issued in 1955 and 1956. The investigation also covers the activities of the Manhattan brokerage house of Elliott & Co., which handled the securities sale...
Though Crowell-Collier claimed the sale was a private transaction, SEC charged that it was in effect a public sale, and that the company had thus violated the law by failing to register the securities offering or make full disclosure of company records. However, Wall Streeters suspected that the SEC was less interested in this aspect of the case than in the sudden spurt in Crowell-Collier stock early this year on optimistic estimates of company earnings prospects. By last August more than $500,000 worth of debentures had been quietly converted into shares of common stock, said SEC; shares...
...Collier's, which built its reputation as a fighting journal, it was a tame end. Founded by an immigrant Bible salesman named Peter Fenelon Collier in 1888 (original title: Once A Week), Collier's sent Correspondent Richard Harding Davis to cover the Russo-Japanese War at $1,000 a week, uncovered phony medicines and phony politicians, fought for income taxes, woman suffrage and a host of other causes. It published Henry James's The Turn of the Screw, hired Charles Dana Gibson to draw Gibson girls (at $1,000 a drawing) and Frederic Remington to paint cowboy...
...that was definitely left of Crowell-Collier was a record-club division, Los Angeles Radio Station KFWB, a leasehold on the Crowell-Collier Building (worth up to $800,000), and P. F. Collier & Son Corp., the book-publishing subsidiary, which, said Lannan, a director of Manhattan publisher Henry Holt...