Word: kreugered
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Dates: during 1930-1939
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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...
...debenture issue was retired at over par, so 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...
...addition to this remarkable book keeping method which mulcted International Match for Swedish and also gave Ivar Kreuger immense sums of money to use as he wished, two other frauds were shown, I) International Match bought $50,000,000 worth of German bonds which were placed in a Kreuger- controlled bank for 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...
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...
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...