Word: stockly
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Dates: during 1950-1959
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West Germany's government took another stride toward making good on Economics Minister Ludwig Erhard's belief that a free-enterprising government should not be in big business. On public sale fortnight ago went a sizable block of stock in one of the 300 nationalized companies inherited by the government after World War II: 300,000 shares of the big (1958 sales estimate: $178 million) Preussag mining combine, whose activities range from coal mining to oil refining. The government took the step with some misgivings: a 1958 poll seemed to indicate that 40% of all Germans had little...
...part of the success was due to the government's happy idea of "Volkskapitalisten" (people's capitalists), and spreading the stock among as many people as possible. Purchasers were limited to five shares apiece; only those with incomes of less than $3,810 a year could subscribe. By tempting the purses of middle-class citizens, the government hopes both to keep them from socialism and to tap the $9.3 billion West Germans have locked up in small savings accounts. The next issue will probably be the giant Viag heavy-industry holding company (coal, aluminum, steel, copper, electric power...
...always been hard for a small, growing company to float a stock issue. Wall Street's big underwriters generally ignore it; the fees are hardly worth the effort. But last week a fledgling microwave-equipment company called F X R, Inc. made news with its new issue. It had taken its modest (200,000 shares) offering to an underwriting specialist as small as itself: C. E. Unterberg, Towbin Co., a two-man firm that operates a one-room office and has won itself a red-hot reputation introducing and making markets for midgets. So successful is the firm that...
Second Stage. Unterberg, Towbin has had previous successes. In 1955 it engineered a Diners' Club stock issue that no one else wanted, brought it out at $8 a share. Current value: the equivalent of $86 a share. The two-man team handled Marquardt Aircraft Co. in 1952 at $15 a share; it is now worth $280 (counting stock dividends). While most of Unterberg, Towbin's companies are scientific or technical, it is not a venture capital firm in the sense that it sponsors new inventions. "We get in on the second stage," says Partner Clarence E. ("Dutch") Unterberg...
...firm's first "glamour" underwriting came in 1952, when Venture Capitalist Laurance Rockefeller chose it to help market the stock of his Marquardt Aircraft. Another opportunity came when Unterberg, Towbin became interested in American Research & Development Corp., a venture capital firm that had invested in a number of exciting looking companies but was having trouble getting market recognition. The partners decided to help by making a market for the stocks, acquired an inventory of shares to trade. Because there was a public market in their securities, companies such as Air borne Instruments, Machlett Laboratories and Midwestern Instruments found that...