Word: stocking
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Dates: during 1940-1940
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...week both boiled. Brokers, their bookkeepers in a quandary, demanded an explanation. At last, straight-lipped, youthful Frederic A. Willis, Tommy gun's vice president and cousin of England's scrappy Prime Minister Winston Churchill, gave his reason for the clandestine payment: "to avoid speculation" in the stock...
...nature of this boom last week than the industry's No. 4 unit, 90-year-old Jones & Laughlin Steel Corp. For four uncertain years J. & L. has been slightly out of step. Its plants are all in the long-suffering Pittsburgh district, headquarters of heavy steel. Its preferred-stock arrearage has grown from $21.25 then to $43.50 a share now. Its new (in 1936) boss, up-from-the-mills Horace Edgar Lewis, has had to be tough. He tried to balance J. & L.'s heavy wares by building a gigantic strip mill in Pittsburgh. This was farther from...
...four failed. Not even the Government's $400,000,000 merchant-marine program could put Cramp's back in business. In mid-1939 one Philadelphia paper screamed: "6,000 Jobs [in Cramp's] If City Acts." But the City Council, suspicious of a stock-selling scheme, refused to give up a $1,312,000 tax claim...
...Joseph Pierce Ripley of Harriman, Ripley & Co. settled with skeptical councilmen for $100,000. The Navy settled a $1,000,000 financing lien for another $100,000. Ripley announced a plan whereby the mortgages ($5,338,000, including interest) will be exchanged for about 100,000 shares of common stock in a new Cramp's Shipbuilding Co. Another 100,000 shares will be publicly sold to raise $1,000,000 in working capital, and the Government is expected to loan $5,000,000 or more for rehabilitation. Last week the new management was named. Besides Ripley, as chairman...
Last month, in Gowanda, N. Y., died a man who had made between $18,000,000 and $25,000,000 out of glue. His name was Richard Wilhelm, and few people outside Gowanda had ever heard of him. Except for a few shares of preferred stock, he owned Peter Cooper Corp. outright, and that company makes more animal glue (a $17,000,000 a year business) than all its competitors combined...