Word: higginsons
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After his conferences with Kreuger, Banker Rentschler telephoned George Murnane, a partner in Lee, Higginson & Co., bankers for Kreuger's International Match Corp. Lee, Higginson had just floated a $50,000,000 International Match debenture issue in the U. S. "for important new investments in Poland . . . and other purposes." Banker Rentschler suggested that Banker Murnane ought to hear Kreu-ger's explanation of the failure of the Ericsson deal. It was Sunday, Feb. 21. Banker Murnane went off to church, then summoned his good friend and partner Donald Durant who was personally very close to Ivar Kreuger. Together they went...
None of the Lee, Higginson partners who testified last week admitted that they had felt any alarm over the coincidence of irregularities in the Ericsson deal and International Match's inability to pay a $4,000,000 loan although its 1931 income had been reported at $20,000,000. Last week they seemed to listen with surprise to the description of International Match's bookkeeping as given by James Naumburg Rosenberg, counsel for the receiver...
...that $154,000,000 was actually invested in the company. Last week the market value of this $154,000,000 was $1,787,000. Practically all of the money received was transferred to Europe and used by Herr Kreuger as he saw fit. Not until last week did Lee, Higginson & Co.'s partners hear that International Match's chief assets are $75,000,000 owed it by little known Continental Investment Co. of Liechtenstein and $15,000,000 by Garanta Co. of Hol land. Apparently both these companies used the money to some extent to buy properties for Swedish Match...
...public subscription as 'secured' debentures," last week a new committee was formed to delve into the Kreuger & Toll-International Match fiasco. Heading the committee was Bainbridge Colby, onetime (1920-21) Secretary of State, onetime lawyer for Mark Twain. Co-counsel was sharp-tongued Samuel Untermyer. Lee Higginson & Co., Kreuger's U. S. bankers, have formed protective committees, asked for stock deposits...
When Lee, Higginson discovered last week that it had been gulled, it suffered the most stinging blow to its moral sensibilities in all its 84 years, first devoted to the China Tea Trade, then under Boston's Symphony-founding Major Henry Lee Higginson to railroads and later to industrials. Its Kreuger affairs were handled mainly in New York. The partner chiefly associated with the Kreuger business is a physically big and distinguished figure, Frederick Winthrop Allen, long head of Yale's rowing committee...