Word: stockings
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Dates: during 1920-1929
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...General Electric, it seemed at least possible that Sir Hugo might find himself indeed entangled in the tentacles of the U. S. Money Octopus. Rumored negotiations between British G. E. and Associated Electrical Industries were last month denied, but Sir Hugo's unsuccessful attempt to keep British G. E. stock from U. S. holders was said to have resulted in a resumption of merger conferences...
Last week the U. S. press had the distinction of having the Federal Trade Commission inquire into its affairs in a big way. The Commission summoned Archibald Robertson Graustein, president of International Power & Paper Co., which lately, through its subsidiary. International Paper Co., acquired stock in the Boston Herald and Traveler (TIME, April 22), to tell about his company's interest in and potential control of newspapers...
...there was. In order to sell its output, International decided to invest in newspapers, to "buy a market." A case in point: in 1927 International had supplied one-third of the newsprint for the Herald and Traveler, in 1928 one-sixth. The outlook for 1929 was dubious. By purchasing stock in the two newspapers. International got their whole newsprint order. Mr. Graustein next argued that vertical combinations between newspapers and newsprintmakers were natural and wise. He cited the Chicago Tribune and the New York Times in the U. S., the Rothermere and the Berry papers in England, all of which...
...would not be willing to make any investment under any circumstances in any newspaper if it did not feel that the investment in itself was wise and profitable." All told, International holds over $10,000.000 of newspaper securities: Boston Herald and Traveler: 10,248 shares (50%) of the common stock bought for $5,380,200. According to a trust agreement this stock is not voted by International. Brooklyn Daily Eagle: $1,954,000 in notes and 400 shares (40%) of a holding company which controls the Eagle. Albany Knickerbocker Press and Evening News: $450,000 of preferred stock...
Spartanburg (S. C.) Herald-Journal, Columbia (S. C.) Record and Augusta (Ga.) Chronicle: $855,000 of notes of the owners, secured by all the stock of these papers. In spite of the earnest Graustein statements about the Graustein press, almost all the rest of the press flayed the Graustein policy. Conservative editors saw it innocent enough but potentially dangerous to press freedom. The yellower sheets saw nothing but machinations of the Power Trust-and undoubtedly hoped to capture circulation from the 13 Graustein papers by painting them black. Said the Hearst press: "The Federal Trade Commission has uncovered the power...