Word: stocking
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Dates: during 1940-1940
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...opening statement of Prosecuting Attorney Fulton, who told the court how Hoppy had wandered through the mazes of Associated, taking a cut of employes' salaries, padding bills against the system, pocketing profits from selling the services of one subsidiary to another, inducing investors to buy non-voting stocks and bonds while he held control with $100,000 of voting stock...
Voice: "I just happened to call into my Chicago press wire and thought I would give you a call at the same time. There is a terrific amount of activity in Payco Gold Mines. The price is now 40½. . . . The stock will definitely touch around $1 on this move. Four years ago I suggested Waite Amulet. This mine is within striking distance of the Payco mine. It moved from 84? to $3.05 in eleven weeks [actual time: 52 weeks]. ... I would like to make a commitment for you on that Payco...
...popular 1929 tipster stock was International Rustless Iron, whose 5,000,000 shares bounced up and down like a rubber ball. The crash put a tarnish on International Rustless; in 1932 its stock kicked around at 15? a share. Among burnt stockholders were tall, rusty-haired Yale athlete Charles Shipman Payson. socialite and horse-lover, and sturdy, up-from-the ranks Clarence Ewing Tuttle, a banker engineer from Hastings, Minn...
Aside from wanting to rescue their large investment, both men were sure the company's patents (on short cuts in making stainless steel) were an asset if used for steel production, not stock manipulation. They went to work, changed the company's name to Rustless Iron & Steel Corp., slashed capitalization. President until 1936 was Payson, who married Sportsman Payne Whitney's daughter, reared four children. Then Tuttle took over, launched a five-year expansion program...
...costs, lower prices, and your selling base is broadened." Whenever this policy failed to produce results, "Tut" turned salesman, left his plain, wood-paneled office, soon brought back a bulging order book. On "Tut's" customer lists are American Rolling Mill (which now owns 48.6% of the common stock, but lets Tuttle run his own show), Superior Steel, Sharon Steel, Pittsburgh Steel, Eastern Rolling Mill, Ford, Chrysler, many others. Sales this year will be a record $12,000,000, up from $6,388,000 last year. Profits will be over $1,250,000, against...