Word: stockings
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Dates: during 1930-1939
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...Senator in a prepared statement, "is caught at its old tricks. ... It happens again that the holding company is robbing its own subsidiaries, in order to enrich itself." Rejoined Willkie: "Completely and absolutely false." Back came George Norris with another blast to the effect that the cost of the stock deal would be reflected in electric rates paid by Michigan consumers...
Senator Norris is no longer as young as he once was, and his remarks made less than no sense. Electric rates are not based on per share stock prices; they are based on the total amount of money invested (or supposed to be invested) in the business. Nor could Commonwealth & Southern rob Consumers Power even by buying its stock at 1? a share: Commonwealth & Southern already owns 100% of the common stock of its subsidiary, and regardless of price will still own 100% after the transaction it proposes. For that matter, Commonwealth & Southern would lose nothing by paying...
Meanwhile, all was relatively quiet on a more important financial front established by Cyrus Eaton's letter. In addition to proposing public bids on the stock issue, he had also proposed that he and associates (including big Halsey Stuart & Co.) be allowed to bid on Consumers' $28,500,000 bond issue. Foe of competitive bidding, Wendell Willkie had already arranged to have the issue handled by conservative Morgan Stanley & Co., Inc. and Bonbright & Co., Inc., who step out one door when competitive bidders step in at another, holding that both investor and issuer are best served by honest...
...Otis & Co. is really interested in buying common stocks of utility companies for investment purposes, they can purchase at book value . . . the stock of the Detroit Edison Co. . . . They can likewise buy the stock of Consolidated Edison Co. of New York ... at approximately 60% of book value...
...returned to set up his own candy factory, and before he was 22 employed 200 men. Now he is 61, and since 1927 Martin-Parry Corp. has lost money every year. That year Henry Ford changed over from Model T to Model A, and Martin-Parry, with a big stock of T-style bodies and parts, took an inventory loss of at least $1,000,000. Meanwhile other manufacturers took to making their own truck bodies. In 1930 General Motors bought up the Martin-Parry bodyworks for something like $900,000. By 1932 Martin-Parry sales were only...