Word: liggett
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Tobacco companies were not entirely "depression-proof" but earnings held up remarkably. Liggett 6 Myers fell only $46,000 short of equaling 1931's $23,121,000 and Reynolds earned $33,674,000 against $36,396,000. Reynolds earnings were actually $4,000,000 higher than reported, that figure representing the excess of advertising appropriations for 1932 against actual expenditures. Breaking in newspapers last fortnight was the new Camel campaign, handled and written by William Esty & Co. (TIME, Dec. 26). Its motif: "It's fun to be fooled. . . . It's more fun to know...
...Liggett is chairman of Drug, Inc., one of the biggest U. S. industrial concerns (1931 earnings: $19,000,000; assets: $175,000,000). Although Drug owns the Liggett drugstores, its chief source of income is from making and selling such products as Fletcher's Castoria, Life Savers, 3-In-One Oil, Danderine, Bayer's Aspirin, Vitalis, Vick's Vapo-Rub, Phillips' Milk of Magnesia, Ingram's Shaving Cream, Gastrogen Tablets, Sal Hepatica, Ipana, Cascarets and scores of other things to purge, beautify, bolster and assuage mortal beings. A lesser fount of Drug income...
This investment, made a dozen years ago, cost Drug $10,000,000. Since then steady Boots dividends have gone to Drug. But Druggist Liggett, onetime patent medicine drummer, has never interfered much with Boots management, although he has encouraged it to sell picture frames, stationery, leather goods and other nonpharmaceutical lines. Boots management has remained an English management headed by John Campbell Boot, Baron Trent of Nottingham...
Last week Druggist Liggett was in London trying to sell Drug, Inc.'s holdings in Boots. For recent years have shown Drug that its real profits are from manufacturing of advertised products and that if babies cry for Fletcher's Castoria they will get it regardless of who owns the corner drugstore. And Drug could make good use of cash to buy in its own bonds at 65? on $1 and to tide over its money-losing Liggett chain of drugstores...
Drug Tycoon Liggett, usually famously convivial, was so shocked that his friends urged him to go away and rest. He talked vaguely of "legal rights" and "enforcement." But although no law supports Chancellor Chamberlain's ruling, not a bank in England would dare break it. While there was some talk of a solution in an arrangement for gradual transfer of the $25,000,000, control of Boots last week was still in the U. S. and Chancellor Chamberlain gave no indication of a new deal for what Britishers had hailed as "the deal of the Century...