Word: celotex
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...former friends and associates. Before he resigned as president of E. L. Bruce Co., Inc., and fled to Brazil, Gilbert admitted to writing $1,953,000 in unauthorized company checks in a futile effort to meet margin calls on his stock in Bruce and Chicago's Celotex Corp. Fortnight ago. a federal grand jury charged fraud and ticked off 15 counts that, if proved, could put Gilbert in jail for 74 years. The same day the Internal Revenue Service filed tax liens of $3,464,472 against Eddy and estranged wife Rhoda...
Last year Eddy Gilbert set his sights on a new target: Celotex Corp., a $62 million-a-year Chicago building materials firm...
...last April, he had picked up 14% of Celotex's outstanding stock. Alas. Celotex shares began to slip-from $41.75 in March to $25 on Wall Street's Blue Monday. Since Gilbert presumably bought most of his Celotex stock on margin or had used it as security for loans to buy still more, he stood to see it sold out from under him unless he could raise more collateral. Evidently assuming that he could make restitution when the market rose again, he began writing out checks, and with remarkable ease persuaded other Bruce officers to countersign them...
...Fayant, an early Lord & Thomas partner whose retirement in 1932 has given him time to mull, skimmed through magazines and newspapers. His prize cliché: the phrase claiming world supremacy. In Tide last week, he listed 52. Among them: "World's most widely used sound-conditioning materials" (Celotex); "World's most personal fountain pen" (Ester-brook); "World's greatest show of guaranteed values for home" (Fruit of the Loom); "World's only vacuum cleaner that cleans four ways at once" (Lewyt); "World's most advanced refining developments" (Mobilgas); "World's largest cordage laboratory" (Plymouth...
...above a year ago; retail profits were even higher. Last week Sewell Avery's Montgomery Ward reported $20,558,000 net profit for the six months ending July-nearly three times as much as a year ago. There was other insulation: Bror Dahlberg's Celotex Corp. (wall board, asphalt and gypsum products) piled up profits of $2,436,330 for the nine months ending July 31, 400% over...