Word: cummingses
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Dates: during 1930-1939
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The 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...
There was soon some criticism of Banker Cummings. In his spare time he was Treasurer of the Democratic National Committee. Another full time job he held down (at $15,000) was as trustee of the bankrupt Chicago, Milwaukee, St. Paul & Pacific Railway. He was also a co-receiver for Chicago...
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...
Last week Mr. Cummings cut the umbilical cord between his bank and RFC, announced that Continental Illinois would buy back the last $25,000,000 of its preferred in one batch.
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...