Word: walling
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Dates: during 1950-1959
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...high-altitude standouts on last week's gyrating American Stock Exchange (see Wall Street) were General Development Corp. and Universal Controls, Inc. Shares of General Development, the mailorder merchandiser of Florida houses and lots (TIME, May 19), zipped from 59⅛ to 69⅝, and its success boomed the stock of a flock of lesser companies planning Florida land developments. Universal Controls, an electronics maker, moved from 84 to 97. Both stocks have more than doubled since Jan. 1. Last week Universal announced a four-for-one stock split, plus a 10% stock dividend and a boost...
...Canadian financier and promoter, Louis Arthur Chesler, 46, chairman and prime mover of both Universal and General. Lou Chesler came to the U.S. three years ago with $4,000,000, has since run up a paper profit of $70 million on his Universal and General holdings alone. Yet few Wall Streeters know him, since he keeps in the background, trains the limelight on his U.S.-born junior partners...
...Associated to National Telefilm Associates, Inc., though he controlled only 400,000 shares; later Chesler backed off and sold for a higher price to United Artists. To end a court fight, United Artists later paid $2,000,000 to N.T.A. The deal hurt Chesler's reputation on Wall Street-but it did not halt his empire building...
...policy of aggressive expansion, his Bonwit Teller already has two suburban branches operating in Manhasset, L.I. and White Plains, N.Y., a third projected (in Millburn, N.J.), plus stores in Chicago, Cleveland and Boston. For the present, Hoving will double up on some advertising and promotional costs, knock out a wall or two to throw the main Bonwit store and Gunther-Jaeckel together...
...line: 'But she walking there was by far the most fair'? It's not manufactured. He was rather like a cup under a sparkling fountain." As he holds out his own cup, Hodgson is constantly "as interested as a blackcap working his way into a stone wall looking for spiders...