Word: stocking
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Dates: during 1940-1940
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...right product and idle capacity. For three reasons Curtiss-Wright has been unable to raise capital in the usual ways: 1) its common stockholders have had no dividends on Curtiss' recent sales boom; 2) ahead of the common's claim to future dividends is Curtiss-Wright "A" stock, which is entitled to $2 a share (no more) before any dividends are declared on the common; 3) bond financing would be dangerous for a company like Curtiss-Wright, whose earnings to meet fixed charges might be suddenly cut by such unpredictables as sudden peace or losses on new models...
...months Guy Vaughan and Curtiss' 14 other directors tried to solve the problem by finding a way to get rid of the "A" stock. This has been selling around $30 but, since it is redeemable at $40, the company could not afford to retire it. First sub-committees of the board were formed to work on the problem. Then, in despair, each director was told to tackle it as a committee...
...Deal. As intricate as Floyd Odlum's shrewd mind was the deal that he worked out. It offered an inducement for each company and for every class of stockholder of each. To Curtiss-Wright it meant getting rid of its troublesome "A" stock-by exchanging each share of "A" for ¼ share of a new 5% $50 cumulative preferred plus 1.8 shares of common, or (if "A" stockholders prefer) for ½ share of new preferred and 1/5 of a share of common. To "A" stockholders it meant an assured dividend and preferred position in liquidation (neither of which they...
...Odlum, Atlas' largest holder (roughly 200,000 shares of common, 200,000 warrants), a boom in Curtiss-Wright stock to these levels would be bonanza. To him also it means that his new $25,000,000 investment company will have only common stock, no preferred dividends to worry about in his speculative business. And it means that his clean capital structure may attract new speculative money, if he ever wants it. Even with its reduced capital Odlum's new Atlas, no longer an investment trust, now a new-fangled investment finance company, will tower over Wall Street...
...prices of Russia or the Gold Coast but is able to compete because it is free (by the U. S.-Cuban treaty of 1903) of the 2? duty on other imports of the metal, has lower shipping costs. Out of orders for the U. S. Government's manganese stock pile (now only 13 days' supply at the 1939 steel production rate) and for the steel industry's private hoard (15 months' supply), Cuban-American after a deficit of $22,059 m 1938, and three deficit quarters in 1939, turned the corner. Result: a 285% increase...