Word: j
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Dates: during 1930-1939
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...Willie Woodin packed up his guitar and went to Washington to become Secretary of the Treasury of a brand New Deal. On leaving he turned over the presidency of his American Car & Foundry Co. (second largest U. S. railroad car maker) to a little white-haired lawyer, Charles J. Hardy, who had been the company's General Counsel. Charlie Hardy has been head of American Car & Foundry ever since...
...McKesson & Robbins scandal broke last December, jittery stockholders feared that their drug firm might be busted. Approximately one fourth of its $86,556,270 assets was just figures written on the books to keep the company looking prosperous while imposing Impostor F. Donald Coster milked it. Trustee William J. Wardall, appointed by the U. S. District Court to straighten out the mess, last week mailed to stockholders his first full report of the firm's financial condition...
...late 1920s Founder Arthur J. Morris of the Morris Plan banks and four other members of a syndicate bought 14,550 shares of Industrial Finance Corp. stock from the late Pennsylvania Coalman John Markle. The price was $95 a share. It happened that Industrial Finance Corp., parent of Morris Plan banks, was under obligation to repurchase that stock at $105. Eventually the syndicate including Arthur Morris and four other directors of Industrial, sold the shares to the corporation, at a profit...
Conservative banking houses like Morgan Stanley & Co. (divorced underwriting half of J. P. Morgan & Co.) and Kuhn, Loeb & Co. have held themselves coolly aloof from competition for security issues. Their position is that terms reached in direct negotiations with a single underwriter, thoroughly familiar with the financing company, are more likely to be best for borrower and investor than those that come out of a fierce competition among a group of bidding underwriters. Competitive bidding, they hold, "tends to overpricing the issue . . . and to subsequent dissatisfaction and losi of credit and good will of the borrower...
...human shadows who strip rare cattleyas from South American jungles and ship them to stock the hothouses of U. S. orchid growers sometimes gross $25,000 on a shipment. More often they die of malaria or snakebite. To 28-year-old Norman MacDonald & Frank McKay of suburban Nutley, N. J., such odds seemed better than their humdrum jobs (a broker's office, a radio-tube factory). Resolved to hunt orchids themselves, they somehow persuaded U. S. orchid growers to stake them to orders for 6,400 cattleyas from Colombia and Venezuela. When, one Christmas Eve, the venturesome young...