Word: rooderand
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Dates: during 1940-1949
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...Rooderand's profits increased and its stock (at 52 shillings) led all other "Kaffirs" (gold shares), British investors assumed that New Union, the holding company, promised similar windfall profits. They gobbled up some ?750,000 worth of New Union stock, soon bid the 5 shilling shares up to 32 shillings. What the investors did not realize was that the bulk of the New Union income no longer came from its operating property, but from the sale of stocks and options. New Union was living on its capital. Last summer the capital began...
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