Many a U.S. corporation makes fancy future savings nowadays by buying its own preferred stock at fire-sale prices. The New York Stock Exchange this week reported that in August alone 30 Big Board companies were reacquiring their own preferred stockÂusually at prices far below par. And all over the U.S. thousands of smaller concerns were busily picking up their own preferred at discounts of 10 to 75% on the dollar. Examples:
> So far this year Gillette Safety Razor has bought 9,049 shares of its preferred stock (redeemable at $105 a share)....
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