Word: higginson
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...International Match securities obtain redress from the bankers of these companies? Last week an answer to this much-asked question drew closer. In Manhattan one Florence Bramson, owner of five International Match $1,000 debenture bonds (worth $17.50 each last week), brought suit against Guaranty Co. and Lee, Higginson & Co., charging not fraud but misrepresentation of facts. Another suit against Lee, Higginson & Co. was filed last week by Alice F. and Edith S. Tilton of Milton, Mass., owners of Kreuger & Toll securities. They too charged misrepresentation, sought their money back...
...following Miss Bramson's. suit, Lee, Higginson & Co. announced that it planned to liquidate. During its 84 years the house profited from backing the China tea trade, was prominent in the development of U. S. railways, helped reorganize General Motors in 1910 and organized Nash Motors. Its salesmen sold over a billion dollars worth of securities, its distribution system was nationwide. Last week while many critics of the old house were to be heard its integrity remained unquestioned...
...Trust. In 1927 the old Boston firm of Lee, Higginson & Co. formed Lee, Higginson Trust Co. Last week this trust company prepared to go out of business, announced it will pay all depositors in full, transfer trust accounts. Between Dec. 31, 1930 and March 31 of this year its deposits shrank from $15,000,000 to $7,600,000. Chairman is George Cabot Lee, grandson of the original John Clarke Lee of Lee & Higginson. Its president is Francis C. Gray. On its board are Frank Gilman Allen, onetime (1929-31) Governor of Massachusetts, Thomas Nelson Perkins of Boston & Maine...
...safekeeping. A few weeks ago these bonds turned up in Stock holm where they had been used by Ivar Kreuger for a personal loan. 2) Many of International Match's so-called concessions were false. On the stand last week Fred Allen, large senior New York partner of Lee, Higginson & Co., looking 25 Ib. lighter in the past two months, testified that so far only the Turkish concession (made in 1930) and the Guatemalan have been found to be real...
Most fanciful of all were concessions listed as "X," "Y" and "Z." Lee, Higginson were content with Kreuger's story that these assets must remain anonymous for high diplomatic reasons. In 1931, when President Joseph R. Swan of Guaranty Co. asked for detailed information, Herr Kreuger reported about $70.000.000 invested in "X." "Y" and "Z" but still insisted on anonymity. Last week it was revealed that X stood for Italy, Y for Spain, Z for Diamond Match Co. But the "concessions" did not exist, the $70,000,000 "investment" was pure falsehood...