Word: forgan
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...Back. The drought was particularly painful because in the last two years many firms had invested heavily in new electronic equipment and personnel to service a flood of bull-market orders. Now, in an effort to cut swollen overhead, some were driven to drastic economies. In Glore, Forgan & Co.'s Chicago branch, all employees last month took a salary cut of from 5% to 10%. In San Francisco, the monthly take-home pay of some customers' men had slipped to a bare $150. Even in Manhattan, where the big brokerage houses can count on a steady, bread...
...John Murchison, and Perlman found himself working for new bosses who insisted that the solution to the problems of the Eastern railroads lay in merger. Reopening negotiations, the two lines called in a trio of prestigious investment banking houses-Morgan, Stanley & Co., the First Boston Corp. and Glore, Forgan & Co.-which spent two months digging into the intricate finances of both lines before approving as equitable the stock exchange ratios agreed upon last week...
...methods Schlesinger used to try and raise the money to pay his bills. As he announced an eight-count indictment against Schlesinger, Manhattan District Attorney Frank Hogan charged that Schlesinger had used his mother's name and the reputation of his employers, the investment banking firm of Glore, Forgan & Co., to swindle three prominent businessmen in an oil scheme. The victims: brothers Richard and John Herzfeld, who were part owners of Milwaukee's Boston Store until it sold out to the Federated Department Stores chain (TIME, Dec. 20, 1948), and Robert P. McCulloch. former Milwaukeean...
...Business. Schlesinger, whose job was to drum up new business for Glore, Forgan, first presented his scheme to Raymond Newman, a financial adviser for the Herzfeld brothers and McCulloch. during a visit to Milwaukee to see his father (his mother renounced all claims to the custody of her son when she divorced his father in 1920, and a trust of upwards of $300,000 was set up and later turned over to the lad). Schlesinger said that his mother had put $500,000 in a "hush-hush" Louisiana oilfield. As recounted in the indictment, he said that "Mrs. Harrison Williams...
...BIGGEST HOLDING of railroad bonds, a $65 million block of Baltimore & Ohio, has been unloaded. Investment bankers Glore, Forgan & Co. took $60 million worth and the remaining $5,000,000 went to the B. & O. itself. On the RFC's complete deal with B. & O., which has cost the agency $210 million in various loans and carrying charges, the agency has now got back $179 million, for a technical loss of $31 million. However, RFC has also collected $69 million in interest on its loans to B. & O. over the years, thus actually winds up with a net profit...