Word: collier
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Dates: during 1950-1959
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Other officers picked in yesterday's elections include Robert C. Johnston '59, Pegasus; Peter O. Sellar '58, treasurer; and Charles D. Atkinson III '58, business manager. Eric Martin '58 was chosen as art editor, Daniel M. Collier '59 is the new circulation manager, while Peter Scher '58 will fill the office of Bacchus...
...Manhattan journalists, jittery over the folding of Collier's and Woman's Home Companion (see below), the news at first seemed a possible cause for concern. McCall Corp., publishers of McCall's and Redbook, announced a 50% cut in its quarterly dividends from 30? to 15?. Though McCall's revenue was up $6,000,000 in the first nine months (to $46,116,539), earnings were down 16% to $758,276. McCall said it was saving cash "to finance future growth." What the company did not say was that the dividend cut was the work...
...their final issues reached the newsstands last week, Collier's and the Woman's Home Companion folded with a bang that echoed clear to Washington. The Securities and Exchange Commission announced that it was investigating the financial operations of the Crowell-Collier Publishing Co., ordered one of its rare public inquiries to determine whether the company had made "false and misleading reports" in connection with $4,600,000 worth of debentures it had issued in 1955 and 1956. The investigation also covers the activities of the Manhattan brokerage house of Elliott & Co., which handled the securities sale...
Though Crowell-Collier claimed the sale was a private transaction, SEC charged that it was in effect a public sale, and that the company had thus violated the law by failing to register the securities offering or make full disclosure of company records. However, Wall Streeters suspected that the SEC was less interested in this aspect of the case than in the sudden spurt in Crowell-Collier stock early this year on optimistic estimates of company earnings prospects. By last August more than $500,000 worth of debentures had been quietly converted into shares of common stock, said SEC; shares...
Meanwhile, a committee representing 650 fired staffers still lacked assurance that the company would give them severance pay, though President-Editor Paul Smith conceded that Crowell-Collier had a "moral obligation" to make some kind of settlement. Readers of the magazine also were frustrated when they discovered that both magazines had suspended in the middle of serialized novels. At the end of the second installment of Collier's "Doom Cliff" by Luke Short, the hero had been left "drowning in an ocean of pain." But in Aspen, Colo., Author Short (real name: Fred Glidden) told telephoners what they might...