Word: postalized
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...onetime Irish immigrant clerk one of the richest men in the greatest get-rich-quick era in U. S. history. Like many another bonanza king, John William Mackay beat a quick & gaudy path to the capitals of Europe but he did leave an enduring monument to his amazing energy-Postal Telegraph...
...presiding over Western Union's only competitor for a quarter century, he sold out in 1928 to International Telephone & Telegraph which, under the direction of the Brothers Behn, was gobbling up communication companies in all the world's corners. As I. T. & T. has since learned, the Postal System was no bargain...
Under I. T. & T. management Postal persuaded the telephone companies to handle its telegrams on the same basis as Western Union's: charged to the sender's telephone bill. It arranged with several Standard Oil companies to have filling stations accept messages. It developed its radio business, modernized transmission equipment, spruced up its messenger boys. It sought additional revenues in the distribution of bus. theatre and airline tickets...
...this effort increased Postal's share of the total available telegraph business from 17%, to 22%. But the company did not thrive. Deficits were reported for the last four years, and interest charges on $50,000,000 of bonds and debenture stock were met only by liquidating assets and borrowing from I. T. & T. Last week, facing another interest payment July 1, Postal's President George S. Gibbs petitioned the courts for permission to reorganize under Section 77 B of the Bankruptcy Act. So long had Wall Street awaited some formal recognition of Postal's plight that...
...days before the Postal petition was filed it was learned that nearly two months ago the company had retained for expert financial counsel none other than Charles Edwin Mitchell. Just what Mr. Mitchell has been doing in his modest little office had been something of a mystery ever since he returned to Wall Street last winter (TIME, Feb. 4). But the choice of the bankless banker as Postal's adviser appeared wholly logical. I. T. & T. was first financed by Edward B. Smith & Co. in the early 1920's but before the end of that decade the Brothers...