Word: pynchon
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Surprise? Asked whether or not Pynchon's failure was a surprise, last week Wall Streeters were hard put for an answer. As long ago as last September when tides of rumor were at a height, many things were said about the condition of Pynchon & Co. Widely known was the fact that Chase National Bank, perhaps assisted by another institution, had seen the firm through heavy trouble with loans estimated at from $10,000,000 to $20,000,000. Early last week the old rumor again leapt forth. Heavy selling came into those securities of which Pynchon...
Biggest. With eleven branch offices, with membership on 16 stock and commodity exchanges, with offices in London, Liverpool and Paris, Pynchon & Co. formed an important unit in the U. S. investment structure. It came into existence 36 years ago in Chicago as Raymond, Pynchon & Co., a Board of Trade house and moved to New York the same year. Once thought to be its prize customer was Benjamin F. ("Old Hutch") Hutchinson, greatest of the grain manipulators, who cornered wheat in 1888. Perhaps one reason for the move to Manhattan was that at that time potent Chicago speculators, including John...
...firm became Pynchon & Co. Its senior partner is George Mallory Pynchon, whose great hobby is yachting. He lives near the water in Greenwich, Conn., has never ceased active participation in his firm's business. The day of the suspension he was in his office. So was his aviation-conscious son George...
...recent years Pynchon & Co. entered the field of issuing securities. It has sponsored Utilities Power & Light of which Harley Clarke is president, also General Theatres Equipment. Inc. another Clarke-managed company. The recent decline in the shares of these two companies and of Fox Film Corp. are thought to have brought Pynchon & Co. to the breaking point. Other companies with which its name is associated include Consolidated Aircraft, American States Public Service, American Brown Boveri, Servel. As usual, Pynchon & Co. gave hope to creditors that not one cent would be lost, that even at present prices assets can meet liabilities...
West 6 Co. Three days after the Pynchon failure, there was another announcement from the President's Rostrum. West & Co., a member of the New York Stock Exchange with its main office in Philadelphia, was suspended for insolvency. Although West & Co. was not considered a major firm, it was well-entrenched in Pennsylvania with offices in nine cities. The firm had been interested in several of the same amusement and utility shares whose decline previously embarrassed Pynchon, hence its difficulties were easy to explain...