Word: shipman
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...HENRY SHIPMAN JR. Cleveland, Ohio...
...freshmen who learned at their preparatory schools to keep aware of current news, read in news journals of explicit confirmation to Banker Cason's statements. It was Hayden, Stone & Co.'s offer to pay all losses of people who invested, upon investment bankers' advice, in the Shipman Coal...
Hayden, Stone & Co. engineers last year studied Shipman Coal Co.'s property at Shamokin, Pa., and estimated that 10,000,000 tons of hard coal could be mined thereon. Thus assured, Hayden, Stone sold $800,000 of bonds for the coal company. Back of the bonds was Hayden, Stone's moral support, but not legal liability...
Those bonds are now practically worthless. The engineers had made a mistake in their coal soundings at Shamokin; receivers administer Shipman Coal affairs...
...Hayden, Stone's prestige the case was a nasty smudge, which a letter to Shipman Coal bondholders last week cleansed. That letter read: "We could not conscientiously advise you to spend your money on this property. If you do not, the receivers doubtless will arrange immediately for the sale of the company's assets, which consist of operating equipment having practically a scrap value only...