Word: stocking
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Dates: during 1940-1940
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Founded last fall, with stock owned by broadcasters, was Broadcast Music Inc., a music pool intended to rival ASCAP (TIME, Sept. 25). Last week B.M.I, issued its first catalogue: six songs, (sample: We Would Make Beautiful Music Together) which to many a broadcaster sounded sweeter than any of ASCAP...
After the Crash. By 1935, utility security pyramiding had stopped. U. P. & L.'s future rested on two main assets: 1) all the common stock of the then $80,000,000 Indianapolis Power & Light Co. which netted U. P. & L. well over $500,000 a year; 2) stock control of a group of British properties worth about $25,000,000 so long as the pound didn't fall. First claim on these assets was held by $50,000,000 of U. P. & L. debentures which that year sold in the market as low as 20? on the dollar...
...into U. P. & L. debentures, the next year sold the English assets over Clarke's opposition, won for Atlas a sweet paper profit, bought more bonds. In January 1937 U. P. & L. went into the courts under 77B, Clarke's and Hopson's common stock lost control, ended by being wiped out. Odlum, who went on buying, finally held 64% of the bonds outstanding (cost to Atlas: $18,000,000), was in the driver's seat for the reorganization. Calculating that he could-make the bonds pay 100? on the dollar (plus back interest), he turned...
...Braniff, president of the line, was receiving the certificate in Manhattan's Pennsylvania Hotel. CAA inspectors were probing through the blackened wreckage of the crash. The year ended in far less embarrassing fashion for Braniff. Last week Braniff Airways offered the public 150,000 shares of common stock at $10 a share. A third was sold from the personal holdings of Tom Braniff and he got the proceeds. The rest (about $817,000) will be used for new equipment: 21-passenger Douglas DC35s. The issue was well oversubscribed...
...gelatin through rotary dies. For filling his capsules, Bob Scherer worked out a machine process that was not only faster but more exact than any of the hand-operated processes he had ever seen. For capital he borrowed $3,000 from his father, raised $2,000 on General Motors stock lent him by his mother-in-law, went to work in an East Side store...