Word: commoner
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Dates: during 1930-1939
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...Mass. "A more variegated collection of personalities," they wrote, "would be difficult to assemble: some were sociable, some seclusive, some stubborn, some easily influenced, some cyclothymic [manic-depressive], some schizoid [ingrown] , some intelligent, some dull and so on, ad infinitum; the only trait these people seemed to have in common was addiction to the excessive use of alcohol." Why they drank, the doctors found it impossible to discover...
...inferiority which plagued a number of the patients were caused by "wife's, parents' and friends' exhortations, threats and so forth, and it is, we believe, these influences which . . . are largely responsible for those personality trends which alcoholic patients have been supposed to possess in common...
...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...
Meanwhile Continental Illinois did better than it had agreed in buying back the RFC preferred: in 1936, $5,000,000; in 1937, $10,000,000; in 1938, $10,000,000 more. Continental Illinois common shares, which sold at $60 in 1934, are now selling around $87. An interesting sidelight: Preferred Representative Cummings, who in 1937 owned only 104 shares of his own common, reported a year later that he held 3,019 shares and today reports holdings of 5,019 shares, owns more Continental common than any other director...
Last week from Government banksters in Washington came a cry that Continental Illinois is undercapitalized. Its common, which was increased by stock dividends as the preferred was retired in 1936-38, stands at $50,000,000 (its surplus is $20,000,000). This amounts not to the traditional 10% but to only 4.1% of deposits. However, Continental Illinois has nearly as much cash and governments ($1,111,078,283) as deposits ($1,212,371,248) and was as solvent as could be. Onetime RFC Employe Cummings was in a position to tell Boss Jones to go whistle...