Word: ghosts
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Dates: during 1930-1939
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When Joseph Carroll, engineer of a Brooklyn laundry, heard the Negro night watchman tell of a "ghost" he had heard one night last week, he walked into the engine-room and straight to a boarded-up hole in the floor, relic of an unsuccessful well-digging. Stopping his ears, holding a knife in his teeth, he touched the knife to a pipe which went downward. Presently he could hear a distant moaning...
...More Plum, When such financially august gentlemen were elected to the Board it was certain that the ghost would be laid. But there soon was evidence that it was a trying party. In Wall Street there is a phrase well known among bankers-"O. P. M." which means "Other Peoples' Money." Usually O. P. M. is used to solve problems, but in the Fox case although a total of $75,000,000 was put up last week, only $30,000,000 was 0. P. M., obtained by selling new bonds to the public. And Fox stock instead of being...
Withdrawal. Last year when Fox Film was hovering near receivership, its old bankers, Halsey, Stuart & Co., put up a marvelous fight. But this year Halsey, Stuart & Co. did not behave as intrepid ghost-layers should. On the eve of Mr. Wiggin's party an announcement was made that Halsey, Stuart & Co. had retired from the entire proceedings. Wall Street became a little more nervous. The ghost, it seemed, must indeed be a big ghost if Halsey, Stuart & Co. backed out, for the firm was one of the first houses to finance motion picture enterprises. Rumored as the chief reason...
Recruits, Banker Wiggin, however, had no idea of meeting the ghost alone. Hardly had Halsey, Stuart & Co. withdrawn than President Clarke called upon Fox's shareholders to elect six new directors. At the head of the list was Banker Wiggin, director of a myriad of mighty companies, also of less prosperous ones such as American Woolen, Armour & Co., International Agricultural Corp. Proposed to stand beside him were General Cornelius Vanderbilt, whose directorships include Chase National Bank, Illinois Central Railroad, and Saratoga Association for the Improvement of the Breed of Horses; Phillip Ream Clarke, president of Central Trust...
Essence. Thus the ghost-laying party was expensive to both the company and its bankers. The company has surrendered one-tenth of its equity in Loew's, also sole voting power for its Loew's stock. The bankers have apparently temporarily invested $45,000,000 in the Fox structure, although they are expected to sell these holdings to the public later. Yet Wall Street last week was inclined to view the whole affair as masterful handling of a tremendous problem. Men shuddered to think of what would have happened to the stock and bond markets had Fox defaulted...