Business & Finance: First Out

Last April Glenn L. Martin Co., famed for its bombing planes, offered for the first time to let the public participate in its ownership by offering to sell 325,000 shares at $11.50 per share. Prime purpose was to raise cash to pay off $2,800,000 in notes due Nov. 1. President Glenn Luther Martin donated 150,000 shares of his personal holdings to the company; the balance was to come from authorized unissued stock. But the stock market slumped. The issue sold poorly, was finally withdrawn.

Unable to meet its notes, the company filed a...

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