Cried the New York World-Telegram: "Never in the history of American business have the many students of corporate doings been so confused. . . ." The confusion was over strange doings in the stock of Pittsburgh's small (total assets: $12 million) Follansbee Steel Corp.
The mystery began last month with a letter to most of Follansbee's 2,000 stock holders from a New York firm called 625 Associates, Inc. The associates promised stockholders $50 a share for stock listed at about $30 on the New York Stock Exchange. Although Wall Streeters had never heard of 625 Associates, options began pouring in...
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