Word: stocking
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Dates: during 1940-1940
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Last month two events quickened its pace. One was National Defense. As U. S. heavy industry began stirring from its ten-year sleep, many a holding company with arrearages on its preferred stock faced the problem of raising new money, building new generating capacity. The other was a new policy announced by SEC. In response to pleas from United Gas Improvement Co., Chairman Jerome Frank agreed that, instead of merely ruling on plans batted up by the bewildered companies, SEC would step to the plate and suggest plans for compliance itself...
This was one man's opinion. Cities Service and the industry nevertheless guessed that SEC's would not be very different. The view drew weight from the condition of Cities Service preferred and preference stock, on which are owed $30,937,338 in back dividends. Except by selling isolated properties, Cities Service might well have trouble raising new money for expansion in case its industrial customers need many more kilowatts for rearmament...
...fairly drastic integration plan of its own. It proposed to boil itself down to two regional systems: one based on Pittsburgh, the other in Wisconsin and the prairie States. Six properties located on the West Coast, in the Rockies, Oklahoma and Kentucky would be sold by trading their common stock to Standard's own bondholders. These bondholders would thus own equities close to the meterboxes, while Standard would rid itself of perhaps $35,000,000 in debt. If allowed to keep Pittsburgh and the Midwest, the Standard system would have a net property investment of around...
...Manhattan, however, Albert Greenfield was still regarded as a first-rate real-estate man. Last week Loft Candy Corp., in which a Greenfield-headed syndicate has acquired 32% of the stock, elected him chairman of the board. With his associate, Candy-Man Jacob Beresin, as president, Real-Estate Man Greenfield was expected to solve the real-estate problem under the Loft chain of 161 candy stores, put the company (now divorced from Pepsi-Cola-rich Loft, Inc.) back on its feet. Sighed Greenfield softly, "I would have preferred to serve Loft's in some capacity not involving a title...
...farm boy, thought up the "Enterprise" in 1937 after being prevented for want of wrappers from competing in the lucrative Old Gold contest. Since then he has piled up more than a hundred varieties of box tops and wrappers, getting as much as 50? for one item in his stock. Broker Eggleston gets his wares at a heavy discount from churches, orphanages, political clubs, usually peddles them retail from 1? to 7?. Included in his bales at the moment are wrappers from Bit-O-Honey and Mars Milky Way candy, Camay, Oxydol and Ivory Soap, box tops from Wheaties...