Word: firming
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Dates: during 1930-1939
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...John writes sports for the New York Times, and knows all once a week on radio's Information Please; Leo writes aviation for the Times; Larry works in the Manhattan Surrogate's office; Helen Kieran Reilly writes detective stories. And there is James M. Kieran, moody, outspoken, firm in his leftish ways, who until last week was Mayor Fiorello LaGuardia's press secretary at $5,400 per year...
Turnover. The oftener a business can turn over its goods, the better chance it has of profit. One way to check rate of turnover is to divide the gross sales of a firm by the value of its inventory. The first component of TIME'S Index is a similar ratio of turnover. It is obtained by dividing bank debits by bank loans; the result is actually a measure of turnover of borrowed capital...
...long after Fisk Rubber Co. was pulled through the receivership wringer in 1933, the House Select Committee on Investigation of Real Estate Bondholders' Reorganizations roundly spanked the firm's reorganizers (most of whom were bankers who had financed Fisk) for sacrificing the bondholders to suit their own fiscal interests. The old company was sold for $3,030,000 to a new corporation which wrote it up to $13,000,000, but new Fisk Rubber Corp. was clean in one respect: it had no bonded debt. And it prospered...
...estimated $20,000,000 this year, its net income from a 1935 deficit of $275,000 to an anticipated 1939 profit of $1,000,000. Still, minority stockholders were not satisfied. Once they set up a fuss at their annual meeting at the firm's Chicopee Falls, Mass, plant over the $12,000 annual fee directors had voted their chairman. Next year the directors retaliated by holding the stockholders' meeting in Delaware. Last week, however, it looked as if the controversy would soon be ended...
...however, the deal was a shock. He is short, bald, capable Colonel Charles Edward Speaks, 52, Fisk President, who has increased his firm's business about 65% since he took over in 1936. Almost solely responsible for Fisk's good showing, he wanted to keep his plant going independently and profitably. Says he: "Of course, I'm an operating man, and I don't see any reason why the directors should want to sell...