Word: ivar
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Sweden's empire of matchwood and matchpaper seemed to be going last week where every kind of match goes sooner or later. Foreign auditors were prowling through the graceful, modernistic business palace where Ivar Kreuger had ruled as "The Match King" until he put a pistol to his heart. But it was in Sweden's Parliament that Sweden's woe last week found utterance. "We know now that the Kreuger Company broke down not because of bad luck or bad conditions but because of dishonesty," cried Deputy Arthur Endeberg. "Sweden's business reputation will be ruined...
Stocks rose in Stockholm last week as the Swedish Treasury and private banks pooled $30,000,000 to tide over a leading Swedish bank hard hit by the suicide of overwrought Ivar Kreuger, president of the Swedish Match Trust (Kreuger & Toll). Next day Swedish stocks upped again as the Diet extended for another month the Kreuger & Toll moratorium...
There was a central thought in the great conglomeration of Kreuger companies, although the very size of the enterprise made some conservative bankers keep away from it even before Depression. Making his fortune in matches, Ivar Kreuger decided to concentrate on basic industries with large, scattered consumption. His company had great cash resources and these had to be invested, kept fruitful. For this reason he bought control or made close affiliations with banks throughout the world, feeling that banks were in position to judge their countries' investment opportunities better than a foreign delegation of statisticians. They also could handle...
...Kreuger companies floated about $200,000,000 worth of securities in the past few years. These issues include an issue of participating Kreuger & Toll debentures which are listed on the New York Stock Exchange. For some months the Kreuger securities have been weak and on his last visit Ivar Kreuger spent much time consulting with market manipulators. Last week the Kreuger & Toll shares were especially weak, dropping from $7? to $5 on tremendous volume. On the day preceding his suicide it was the most active stock on the New York Stock Exchange. This was also true on Saturday when...
...drop was accompanied by rumors regarding the whole Kreuger group's solvency. While its earnings have held up (Kreuger & Toll reported $33,000,000 net in 1930) it has been hurt by fluctuations in foreign exchange and the weakening credit position of countries whose bonds it holds. Ivar Kreuger is believed to have borrowed from bankers. Last September Kreuger & Toll had a floating debt of only $50,000,000. The sum was thought to be much higher last week. Much of the selling was from Europe. Kreuger & Toll has 11,000,000 participating debentures outstanding, of which...