Word: mckesson
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...recent years big-time bankers have been accustomed to a certain amount of baiting at stockholders' meetings. Last week about the only traces of it came in occasional queries about loans to Richard Whitney or McKesson & Robbins...
...higher & higher like a Roman candle. In 1928 and 1929 Waddill Catchings got conservative old Goldman, Sachs & Co. to light up such investment-trust skyrockets as Goldman Sachs Trading Corp. and Shenandoah Corp., which soared and sank magnificently. Last week, while fireworks were still popping out of the McKesson & Robbins box (including an SEC investigation of Price, Waterhouse auditing), who should step in, match-in-hand, but impish Waddill Catchings...
...said, Director Wilbur L. Cummings told him he thought McKesson & Robbins was being badly managed, asked him to look into it. Mr. Catchings was told by President Coster that the wholesale drug departments, which did the bulk of the company's business, had got their assets frozen. Coster proposed a stockholders' equity receivership to get rid of the wholesalers, but Mr. Catchings talked him out of that. Instead, Coster persuaded the directors to hire Mr. Catchings at $5,000 a month as chairman of an operations committee, with the understanding that he was to have nothing...
...wholesale business was run by Executive Vice President Charles F. Michaels,* whose San Francisco drug house had been absorbed by McKesson & Robbins in 1928. Mr. Michaels convinced Mr. Catchings that everything was all right in the wholesale divisions, suggested he look into the manufacturing and crude-drug departments, which Coster ran at Bridgeport, Conn. Mr. Catchings spent three months trying "gently" to get some figures out of Coster, finally told him "it was about time" he produced the books...
...they fire Mr. Catchings and take joint control of the company. When Mr. Catchings heard about this he wrote to all the directors, urging them to come to Manhattan before the stockholders' meeting in April 1934, and support his recommendation that "there is no further place in the McKesson & Robbins organization for F. Donald Coster...