In the late 1920s Founder Arthur J. Morris of the Morris Plan banks and four other members of a syndicate bought 14,550 shares of Industrial Finance Corp. stock from the late Pennsylvania Coalman John Markle. The price was $95 a share. It happened that Industrial Finance Corp., parent of Morris Plan banks, was under obligation to repurchase that stock at $105. Eventually the syndicate including Arthur Morris and four other directors of Industrial, sold the shares to the corporation, at a profit of $145,500.
The deal was ancient financial history in 1936 when stockholders...
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