Word: last
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Dates: during 1920-1929
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...expansion he had needed great sums of cash. These he had obtained by short-term loans upon the stock of acquired companies. With $91,000,000 of these notes falling due, with his collateral down, with conditions bad for refinancing, Cineman Fox for the first time needed assistance. Last week he summoned aid by appointing a trustee-triumvirate consisting of himself, a banker, a manufacturing engineer...
Almost the first act of the trustees was to appoint Charles Evans Hughes counsel. To him will come not only the routine problems of passing on the legality of the triumvirate's financing, but the problem of facing the suit brought against Fox last fortnight by the Government, charging violation of the Clayton anti-trust law by its ownership of Loew...
...thus indirectly endorsed such quotations as 238 for U. S. Steel, 395 for General Electric, 349 for Detroit Edison. In September Shenandoah had announced an intensive selling campaign by which Shenandoah and Goldman Sachs Trading Corp. shares would be sold to small investors. Yet potent and prosperous appeared, last summer, both Blue Ridge and Shenandoah. Their securities and the securities in their portfolios* were rising harmoniously together. Back of them were the magic names of Harrison Williams, Sidney Weinberg. Waddill Catchings. Nobody realized that these were almost the last two investment trust rabbits to be pulled out of the prosperity...
...Last week, however, Blue Ridge and Shenandoah sponsors gave first aid to their injured. To Blue Ridge was sold a large block of Central States Electric at a price considerably below the market. Seller, number of shares and price were not announced. But Blue Ridge assets showed a November appreciation of $12,000,000 and Central States on the day of the sale closed at 28. One method of giving Blue Ridge a $12,000,000 profit would have been to sell it 1,000,000 shares of Central States at 16 (12 points below the market...
Shenandoah was permitted to purchase. for retirement, 765,200 shares of its own $50 preferred shares at a price considerably below its current $35 quotation. As a result of their favorable refinancing, both corporations closed last week with assets per share not far removed from their original assets-per-share figure...