Familiar is the story of the small merchant who, unable to meet his notes, said to his banker: "Were you ever in the pants business?" The banker replied that he certainly never was. "Well," said the small merchant, shrugging his shoulders. "you are now."
Often was this story repeated last December (TIME, Dec. 16) when William Fox turned over the management of his cinema business to his bankers and creditors, Halsey, Stuart & Co. and American Telephone & Telegraph Co. Last week, however, it appeared that Mr. Fox was not altogether willing to admit...
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