Word: phoenixed
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Most investment trusts buy securities that they expect to pay dividends and increase in price, and then wait for their hopes to come true. Manhattan's Phoenix Securities Corp., run by a group of hard-headed businessmen (its chairman, bald Wallace Groves, is under indictment in a mail fraud case not connected with Phoenix), favors another technique. It often looks up an anemic corporation, gives it a financial blood transfusion and an infusion of hardheaded management and takes its fee in the form of options on shares that prove valuable if the treatment is a success...
...last semiannual report (to February 28) Phoenix listed investments with a book value of $6,481,682, and unctuously noted the information that their market value was $5,976,867 greater. Last week Phoenix' president gave out some information indicating that it soon might have an even more unctuous note...
Three years ago Phoenix became interested in Loft, Inc., a $10,000,000 Manhattan candy-&-restaurant chain. It lent Loft some $600,000. It also dug into its strongbox for collateral on which Loft borrowed another $400,000 in bank loans, further backed up by Phoenix' endorsement. For such help in a crisis Phoenix got options on 300,000 shares of Loft at $1.50, on 200,000 shares additional at $2. But since Loft had lost money every year since 1934 this did not look like too promising an investment. Last year Loft stock got down...
Communications. Sir Charles Coupar Barrie is a Tory M.P. for Southampton, a director of $150,000,000 Cable and Wireless, Ltd. But he is also on the board of big Phoenix Assurance Co., Ltd., which controls eleven subsidiary insurance companies; of Santa Rosa Milling Co., Ltd., which has Chilean and Peruvian subsidiaries; of London & Northeastern Railway Co., Central Argentine Railway Ltd., the Mercantile Bank of India, Ltd., Crown Flour Mills, Ltd., United Baltic Corp., Ltd., of companies dealing in tobacco in Dublin, telegraph services in Africa...
...true purpose of the National Gallery." No new thing to self-effacing Philanthropist Kress is example setting. For some years now he has been giving and lending noteworthy pieces from his collection to small but deserving museums throughout the nation. San Antonio, Charlotte, N. C., Montgomery, Wichita, Seattle, Memphis, Phoenix, Savannah and Macon have received permanent additions to their collections. New York, San Francisco, Milan and Brescia, Italy are currently exhibiting temporary loans of Kress...