Word: pyramids
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...paid fancy prices for almost every share he bought. And then, with well-publicized high-pressure campaigns, he sold them to the public, retaining voting control. Many buyers were poor, many were Insull utility customers who thought their operating wizard could do no wrong. But Insull built his pyramid on the erroneous theory that it did not matter how much anyone paid for his stock so long as he was running the show. In 1929 the pyramid was shaken by the market crash. That it did not topple then was largely due to the resourcefulness and self-assurance...
...modern holding company pyramid, as in a modern apartment house, when the elevators break down there are always the stairs. Last week it looked as though Financier Robert Young had made use of the backstairs of the oldtime Van Sweringen holding company pyramid...
...Utility Act ordered all utility holding companies to register with SEC under the penalty of being forbidden use of mails or other facilities of interstate commerce. SEC would then have power to control their financial transactions and, under the famed "death sentence" clause, to force simplification of any utility pyramid into a single geographically integrated system with only one intermediary company allowed between the top holding company and actual operating subsidiaries. When most of the utility business refused to register, SEC agreed to hold the Act in abeyance while it brought a test case against Electric Bond & Share. In court...
...July he decided to put into a voting trust his 95% stock control of American Newspapers, Inc., top holding company in the bewildering Hearst corporative pyramid. In September Lawyer Clarence John Shearn was given full and irrevocable power to vote Mr. Hearst's stock for ten years. Mr. Hearst retained only his right to earnings and editorial control over 19 Hearst daily newspapers and twelve magazines...
...trouble in making collections, thinks Mr. Merriam, has nothing to do with the economic justification of installment selling. "Finance companies are liquid, and this is a source of satisfaction to themselves and to their banks,* but it can be little consolation to those who are dependent on a whole pyramid of industries...