Word: stocked
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Dates: during 1960-1969
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...Hall-Sears Inc., an obscure electronics outfit with earnings of $10,781 on gross sales of $95,000. Three years later, Hall merged with a small uranium mining company and became president of the new firm, now known as Westec; its share sold for 4¼ on the American Stock Exchange. For the first half of 1966, Westec announced earnings of $5,345,567 on sales of $31,-693,395; the company's stock soared to a high of 67⅛ in April...
After April, Westec stock prices drifted off a bit. From Aug. 8 to Aug. 11 it hovered at around $60 a share...
...Westec stock dropped 16 points in 13 days. Then, as word got around that Hall could not cover the debt, panic set in. So massive were the sell orders that the Securities and Exchange Commission soon stepped in, ordered all trading in Westec stock suspended for ten days, pending an investigation. Westec's board of directors met and voted to 1) fire Hall, and 2) have the company's books audited immediately...
...Ernest Hall deliberately inflated Westec's profit reports in order to build up the value of its stock? If not, just what had he done to deserve firing? As of last week, no one was quite willing to say. Hall himself remained incommunicado in his expensive Houston home, emerged at one point in his bathrobe to shoo newsmen away. Outsiders could only recall the boast of one Westec official last May that, while Westec was not yet "a Litton, a Textron or other industrial giant, it is our intention to earn a position among such a line-up." Some...
...Rolls-Royce has taken a step that will make it the world's second biggest aircraft-engine manufacturer - next only to the U.S.'s Pratt & Whitney. For cash and stock worth $175,400,000, Rolls-Royce bought out Bristol Siddeley Engines Ltd., which already has the engine contract for the Concorde, the British-French supersonic transport presently scheduled for test-flying in 1968. Bristol Siddeley has been losing other business, though, including the engine contract for Britain's TSR-2, a tactical reconnaissance plane which the government decided to cancel last year. Meanwhile, Rolls-Royce has been...