Word: liggett
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...Operator. By the time he was 27, Bernie Baruch was a big-time operator himself. He earned his first big commission by buying control of Liggett & Myers for Ryan's Tobacco Trust. He bought a seat on the Exchange, made a spectacular killing by selling Amalgamated Copper short. (The stock dropped from 130 to 33⅜). He met a few sickening reverses: he once said, "I've had some losses that would make an ordinary married man go out and shoot himself." But in 1916, just before Woodrow Wilson called him to serve in World...
United Drug, Inc., after staring at subnormal profits statements for years, turned over a new leaf last week. It installed young Justin W. Dart, 34, as vice president and director and made him president of its Liggett Drug Co. subsidiary, largest U.S. chain of retail drugstores. Liggett has been one of United's vital assets but an unsatisfactory earner. Dart's job is to do something about...
...Walgreen earned $3,097,000 from its chain of 325 stores, while the new supercombine known as Drug, Inc., in which United Drug was a member, had $17,000,000 profits. United's outlets were the 568 directly owned stores of the Liggett chain, some 10,000 "Rexall" independents. The grandiose Drug, Inc. merger contained many a great manufacturing name -Vick Chemical, Sterling Products (Bayer's Aspirin, Phillips Milk of Magnesia, Fletcher's Castoria), Life Savers, Bristol-Myers (Sal Hepatica, Rubberset brushes, Ipana). But the vital retail end limped almost from the start. Long-term leases...
United Drug, going it alone, bought back the Liggett chain in the bankruptcy proceedings, but its profit situation remained sour. Last year United's total assets were almost exactly twice those of Walgreen; but Walgreen chalked up $3,300,000 income against $2,500,000 for United...
...merger, but Walgreen would have none of it. The latest corporate stirrings came when Life Saver's Edward John Noble, former Under Secretary of Commerce, began to work on a new idea. The idea: to put Walgreen's Justin Dart, then footloose, at the head of the Liggett chain. Noble & associates enlarged their United stockholdings, lined up their friends, put on some pressure. Quietly, and amid seeming satisfaction all around, young Mr. Dart last week stepped in to see what he could...