Word: kreuger
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Four big banks (National City, Bankers Trust, Union Trust of Pittsburgh, Continental Illinois of Chicago) insisted the certificates were theirs, given to them as collateral by Ivar Kreuger when he could not pay a $3,800,000 loan. They would have sold the certificates long ago had not Irving Trust, now trustee for bankrupt International Match, insisted that the shares were the company's, not the banks'. The basis for this contention was that the banks knew of Ivar Kreuger's financial troubles when they accepted the stock as collateral, hence were treated as preferred creditors without reason. Court battles...
...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 R. R., President Louis Edmund Zacher of Travellers Insurance Co. When Lee, Higginson Trust Co. was formed, Ivar Kreuger was slated to become a director, never did. Last week Kreuger & Toll debenture certificates sold at a new low of 3?, mighty plans for Swedish Match were promulgated in Stockholm...
Papal encyclicals have been frequent during Depressions. The present Pope has not hesitated to denounce the evils of Capitalism. Though Papal utterances seldom descend to the denunciation of individuals, the collapse of Ivar Kreuger's crooked match empire (TIME, March 21 et seq.) was so fresh in the minds of the "Patriarchs, Primates, Archbishops, Bishops and other Ordinaries'' to whom His Holiness addressed himself, that few doubted that Suicide Kreuger* was in the Pope's mind when he wrote: "If what the Holy Ghost affirms through the mouth of St. Paul is ever true, much more...
...Kreuger developments last week: 1) A Swedish committee found that Kreuger's personal debts were $93,500,000 in addition to indirect liabilities of $74,800,000. 2) Bankruptcy was recommended for Kreuger & Toll...
Postal Shift. Because of the outcry that was raised at revelation of how Kreuger & Toll, acting with full legal rights, had shifted the collateral behind its bonds, the New York Stock Exchange lately passed a rule that it must be notified immediately of such changes. More than two years ago Postal Telegraph & Cable made such a shift. It removed and retired Commercial Cable Co.'s first mortgage bonds and debenture stock, replacing them with Commercial Cable unsecured notes. The amount involved was about $20,000.000. Leading statistical services have been aware of the change, as have sharp-eyed investors...