Word: rosenwald
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...fair profit, a fine organization and the faith of the customer," was in a bad, bad way. The post-War depression and readjustment had nibbled away at inventories and surplus so that earlier that year dividends on common stock had to be suspended. It seemed to President Julius Rosenwald and his associates that, to balance on the year, they would have to write off inventories hugely, pass dividends and even levy on holders of common stock some fraction of their stocks. Now these gentlemen knew that much of the common stock was owned by employes of the company who, more...
Quietly through his pince-nez Mr. Rosenwald looked at his associates. They saw a gentle, dignified man, oval of face, high of brow, thoughtful of eye, pleasant of lips-lips which by a phrase had often given millions in thoughtful charity. They were to hear those lips make as fair a proposition as ever was laid before business...
...Rosenwald said he would give to Sears, Roebuck & Co. 50,000 shares of its common stock, of which the par value was $5,000,000, the market value $3,000,000. The only condition was that the company would sell those shares only to him at par, where, when, and if he wanted them. Further, he would buy the company's real estate holdings, appraised neutrally and highly at $16,000,000, paying at once in cash and Liberty bonds $4,000,000 and paying off the remaining $12,000,000 over a term of years by a trust...
...officials, including Mr. Rosenwald, grabbed the proposition. The day after the deal was announced the stock jumped 8 points...
...will be floated by Halsey, Stuart & Co. and Kissel, Kinnicutt & Co. Subscribers to the $6,000,000, headed by Mr. Strong, include Reuben H. Donnelley, J. V. Farwell II, Thomas D. Jones, Frank O. Lowden, Joseph E. Otis, James A. Patten, George F. Porter, Julius Rosenwald, Harold Swift, Lucius Teter. Mr. Strong, long active in the business, now controls. So highly is he regarded that when a Chicagoan heard casually at a dinner party that Mr. Strong might not get the paper, he said: "I'll put in half a million to see Strong...