Word: stockly
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Dates: during 1950-1959
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...other industries earnings were just as good. For some companies, such as Zenith Radio Corp., whose stock has spiraled from 67½ a year ago to 324½ last week, first-quarter earnings were so high ($3.37 per share) that Chairman Hugh Robertson facetiously told stockholders that he had qualms about announcing them. Explained Robertson: "We were fearful of putting out our first-quarter figures because they were so good. We don't think the stock is overinflated, but we don't want to add fuel to the fire...
Evans cast his collector's eye on Crane in the fall of 1957, when the company's sales were slipping from a record $394 million in 1956 to $378 million. He began buying up stock, asked to get on the Crane board, but was turned down. As Crane sales dropped to $336 million in 1958, Evans decided that the time was ripe to move, called in Proxy-Battler Alfons Landa, boss of Penn-Texas Corp., to help...
...Stock Control. Hoping to avoid a proxy fight, Evans and Landa persuaded Gurdon Wattles, chairman of Electric Auto-Lite Co. and a Crane director, to back them with 322,900 shares of Crane stock owned by Auto-Lite. They also went to Mrs. Emily Crane Chadbourne, 89, only living daughter of Crane's founder, explained that Evans' chief argument with Crane President Neele E. Stearns was over Stearns's slowness in expanding the firm's inadequate network of independent wholesalers. Proof of Evans' complaint was Crane's first-quarter earnings (23? per share...
Meantime, Evans himself had continued buying Crane stock until he had amassed 155,000 shares. This, together with the Wattles and Chadbourne shares, gave him 25% of Crane's stock, enough to do what he wanted. Evans and Landa placed four new directors on the board, and Stearns resigned when he saw his power drained away by the insurgents...
...fact is that that best of fathers and husbands, John Wood, has been stealing the firm's money to speculate on the Chicago stock exchange. What interests Author Suckow is how the old Iowans she knew so well square the dreadful event with conscience, with character based on Biblical supports, with the responses of common humanity. Some, including old friends, are uncompromisingly unforgiving. Others, knowing that John Wood broke the code in the hope of easing life for his sick wife, want to be charitable. But for young Philip, life seems smashed, and his agony is the greater because...