Word: sharing
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Dates: during 1920-1929
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Most of the bonds went to Andrew Carnegie, who intended to make Mr. Morgan pay well for his dream. The stock was full of water and sold as low as $3 per share in 1904. But back, back, back into the company went the earnings. In fact, Steel's accountants even provided for sinking funds before figuring their earnings. Thus inevitably was the Morgan faith in the U. S. justified and long since has U. S. common sold steadily above par and above its preferred. The only question now is "when will...
Total stock to be issued will probably not greatly exceed $1,000,000,000 in par value. But the offering price of the new stock may well be $150 per share, the same U. S. common which once was water and which the late great Judge Elbert H. Gary had already expanded by a 40% stock dividend shortly before he died in 1927. The new capitalization also removes the last traces of Carnegie; for although he had provided that some of the bonds should never be retired, most of the holders of the special Carnegie bonds have agreed to cash...
...share day is to Manhattan's Stock Exchange, so is a 600-lot day to Manhattan's Cocoa Exchange-drab, brick, Water St. trading centre that fixes the price of the world's cocoa. No small amount is 600 lots, however, as one lot equals 30,000 pounds and 600 lots have a value of close to two million dollars. Last week, Cocoa Exchange transactions reached a day's high of 627 lots, breaking a record of three years' standing. A seat on the Cocoa Exchange was sold for $6,000, a rapid advance over...
...investor with $5,000 cash can buy outright about 55 shares of the ''average" stock, since the price of all the issues on the Exchange board averages about $90. Yet this same investor could not purchase even a single share of Manhattan's First National Bank, which last week rose 1,200 points in two days and reached a quotation of $7,300 a share. As George F. Baker, board chairman of First National, is said to hold 20,000 shares (there are only 100,000 outstanding) the 1,200-point rise gave him a paper profit...
...farther south. To ask the hundreds of athletes from distant colleges to make the journey to Boston would be an imposition on coaches and teams. Harvard and Boston have become famous for their athletic hospitality; they must be careful that hospitality does not become greed for the lion's share of the good things...