Word: marconis
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...dare to publish the facts I have got of the colossal mismanagement of this company," shouted one Charles L. Norden. He referred, of course, to the old scandals of British politicians jobbing Marconi Wireless stock for their own as well as Government profit. The company, with 60 subsidiaries, has lost money, forcing stockholders to endure three refinancings; and now they were asked to approve a fourth-to reduce the values of their shares from ?4,000,000 to ?2,374,954. Grief over stockholders' losses and suspicion of financial monkey-business caused shareholder Norden's outburst...
...Chairman Marconi was furious. He has given his inventions, time, money to the company. He shouted: "Sit down! I am not calling on you to speak. I am running this meeting and I will maintain order...
...elderly shareholder rose to demand: "Will Senator* Marconi cease to speculate in the shares of the company?" Chairman Marconi: "I have not speculated in the company's shares." Old man: "You're a damned liar." The shareholders: "Throw him out!" But Chairman Marconi induced his shareholders to permit the old man to remain...
Then, vociferously rid of spleen, stockholders accepted Senator Marconi's resignation as chairman, elected him president, re-elected their scolded directors, approved the refinancing program-and went home to hearty dinners...
...Marconi Wireless Telegraph Co. losses signify, chiefly, that Chairman Marconi has been consistently honest in utilizing the technical improvements of Inventor Marconi. By inventing new ways of wireless communication-the latest is the beam system†-he has made obsolete millions of dollars worth of equipment which was new only five or ten years ago. His company, like General Electric and Radio Corp. of America, is paying for the advancement of applied science...