Word: mclellan
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...frugal hustler, he expanded until McLellan Stores was operating some 275 5?-to-$1 units throughout the land. Sales ranged as high as $24,000,000 a year, profits as high as $1,200,000. Then early in 1933 McLellan Stores went to the wall because the banks would not renew its loans. By last spring, when it was time to put McLellan Stores on the auction block, it was evident that the chainstore was still a moneymaker...
This piece of rhetoric was not a quotation from an inquiry into the burning of the Mono Castle or any other maritime disaster but a high-flown attack on William Walker McLellan, an aging Scot from Glasgow. About a year after the Titanic sank, Mr. McLellan bought a small chain of stores in North Carolina...
...great lamentation arose from the common stockholders. Before a dignified Federal referee the chairman of the protective committee, Peter M. Leavitt, drew an ugly comparison between the way the Titanic's captain conducted himself in an emergency and the way Mr. McLellan behaved in the foundering of his company. In Mr. Leavitt's welter of metaphors drawn from King Solomon, medicine and the sea it was never quite clear just how Mr. McLellan did behave, but one thing was certain: Founder McLellan was supporting the principal bidder for the property. Indirectly the bidder was George Keenan Morrow...
...Morrows as well as their ally Mr. McLellan suffered from Mr. Leavitt's verbal barrage, but heavier with the Federal referee weighed the fact that the chain-store's sales and profits were on the rise. Upshot was a postponement of the sale until next January when full-year reports would be in. Meantime McLellan stock began to rise from the low of $1 per share. By last fortnight it was selling at $12.50 and for several days was the most active issue on the New York Stock Exchange. These fireworks caught the eagle eye of the Securities...
...individual was George Keenan Morrow. And the "accumulation" was working control of McLellan Stores. In a rare interview in 1929 George Morrow, who was born in Canada but has spent the last 20 years in Manhattan, remarked that "like Tunney, we have never been beaten." At the time the statement was correct...