Word: shannon
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Dates: during 1950-1959
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...Christmas." The short sellers' problems began last June, when Chatco's President Harold S. Shannon decided to shift Chatco from its unprofitable steel contract business into the production of air conditioners, truck bodies, etc. To get cash, Chatco sold 100,000 new shares, at $4.50 a share, to four New York and Montreal investors who took control of the company. Robert C. Leonhardt, president of Manhattan's McGrath Securities Corp., an over-the-counter brokerage firm, was elected chairman of the board...
...thousands of shares short, figuring that the suspension would knock down the price of Chatco as it did Great Sweet Grass Oils only three weeks before (TIME, Nov. 5). But the short sellers made one big mistake: they failed to realize that Chatco has only 160,000 shares outstanding. Shannon owned about 36,000 shares, and the Leonhardt interests a big chunk of the rest, leaving few shares around for trading. When the suspension was announced, the stock dropped from 16⅛ to 10, but only for a few hours. The Leonhardt interests began to buy, and it started...
When American musicians fly to Europe, they usually touch down in Ireland as many tourists do, take on a few drams of Paddy's at Shannon and travel on. But when the Boston Symphony set up its five-week tour, it scheduled its first foreign concert in Cork...
Realizing that homing Americans (some 75% of Shannon's westbound traffic) are often pinched for cash, the shop in 1954 started a mail-order business that allows tourists to bring in their purchases duty-free up to six months after their arrival in the U.S. Top-selling items: Irish whisky (50,000 gals, in 1955), French perfumes, German cameras (1,000 a month), Swiss watches, and American cigarettes at $1.40 a carton. Last week, with 90,000 mail-order catalogues floating through Europe and the U.S., Shannon started expanding its counter space for the second time. Said...
...most skilled practitioners in the ambiguous craft of whittling the Irish character into attractive shape is Walter Macken, and his product is as exportable as the golden Irish whisky that sells for a duty-free $1.50 a fifth at Shannon Airport. Macken's wild geese fly west, sometimes to nest in their natural habitat in the U.S. book club (his novel, Rain on the Wind, was a Literary Guild selection). He specializes in the most Irish part of Ireland, i.e., Galway in the west, least touched by the modern (or non-Irish) world...