Word: firming
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Dates: during 1930-1939
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Back cracked rasp-voiced Charlie Hardy, saying that Senor Cintas was a disgruntled, discharged employe dealing in "misstatements and half statements." Back cracked Oscar Cintas with the charge that the Hardy law firm (Hardy, Stancliffe & Hardy) was making a good thing out of Car & Foundry. (The company paid the firm $12,825 in legal fees for the last fiscal year...
...Utility Holding Company Act. Groesbeck saw the handwriting on the wall, quit beating his head against it. Promptly, Bond & Share registered with SEC. Holding company service subsidiaries had frequently been charged with bleeding operating companies. So Bond & Share forfeited all income (about $800,000 a year) from its management firm (Ebasco Services, Inc.), which began servicing the system's operating units at cost. Next, Groesbeck pulled out of the TVA fight, selling four operating companies to Government competitors, leaving Willkie (of whose Commonwealth & Southern system Bond& Share is a 5% owner) to shift for himself, taking a loss...
When the McKesson & Robbins scandal broke last December, jittery stockholders feared that their drug firm might be busted. Approximately one fourth of its $86,556,270 assets was just figures written on the books to keep the company looking prosperous while imposing Impostor F. Donald Coster milked it. Trustee William J. Wardall, appointed by the U. S. District Court to straighten out the mess, last week mailed to stockholders his first full report of the firm's financial condition...
...Musica-Coster had inflated the firm's assets by $21,025,658. Of this amount $2,869,483 was stolen from the firm. The rest had never existed to be stolen, was an incidental figment of the Coster speculation. Ex phony items: assets on Dec. 31, 1938 were $68,953,095; liabilities, $41,657,064; net worth...
...common in the red to the tune of 78? per preferred share. In addition Trustee Wardall must decide how to fit 605,964 shares of no par preferred (valued on the books at $30,298,200) and 1,282,938 shares of $5 par common stock into the drug firm's $27,296,031 net worth. So someone must take a licking. SEC will be interested in this reorganization-its first big test of the Chandler Act (set up to protect small investors in reorganizations...