Word: coronetted
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...half-dozen biggest U.S. magazine-publishing companies for rigging the market in his company's shares. The charge was conspiracy to violate the Securities & Exchange Act by artificially raising the price of the stock since May 1938. The publisher was smart David Smart of Esquire-Coronet, Inc.-indicted along with his secretary-treasurer-brother Alfred and ten others. They promptly denied any wrongdoing, but the indictment climaxed one of the most extraordinary publishing sagas of the 1930s...
...cinch it had been. His Esquire, launched in 1933-modeled on Apparel Arts with the addition of sexy cartoons and articles by big literary names such as Ernest Hemingway-was on the newsstands in December 1937 with its fattest issue ever-including 155 pages of ads. His Coronet, launched a year before (1936), was set to invade the profitable field occupied by Reader's Digest, and he was about to launch a newsmagazine to cut himself in on another field. Esquire, his big moneymaker, had become the darling of the barbershops and just hit a peak circulation...
...this was doubly unfortunate because in July 1937 Publisher Smart and his brother had begun trying to sell the public 75,000 (later increased to 200,000) of the 500,000 shares of Esquire-Coronet, Inc. Offered at $16 a share, the stock fell to $7 in May 1938. According to the indictment last week, the Smarts disposed of the bulk of 153,000 shares between May and September 1938-a sale on which the Smarts realized $1,075,000. During that time the stock rose from 7 to 12¼ (last week's pre-indictment...
...fiscal year ending March 31, 1938. Esquire-Coronet. Inc. had an $807,000 profit. In the following twelve months (during which much of the stock distribution took place) profits were listed at $306,000. Part of the reduction was due to the failure of Ken to catch on. That cost $197,000. But profits would have been only $101,000 if $205,000 of circulation-promotion expense had not been capitalized as an asset instead of charging it off as expense. This did not include all rebates made on the year's issues. If these, subsequently paid, had been...
These paintings are by no means great; but it would not be stretching a point to call them good art, and they are certainly as good art as the work of more publicized painters, whose attempts have been periodically placed on the pages of such magazines as "Life," "Coronet," and "Esquire." Miss Mackay's use of color is perhaps a but obvious; here paintings are neither exciting nor awe-inspring, yet they contain within them signs of sincerity, keen observation, and the ability to assimilate styles of better artists without the sullying of her own individuality...