Business: Chug-Chug

With a grinding clash of gears, the Tucker Corp. lost a major cog last week. Harry A. Toulmin Jr., machinery manufacturer and patent attorney, resigned as chairman of the board.

In a letter to SEC, Toulmin said that he quit "because of the manner in which Preston Tucker is using the funds obtained from the public through sale of stock." President Tucker, charged Toulmin, had ignored persistent requests that the $15 million "be spent and administered under . . . controls normal to legitimate business." To newsmen, Toulmin described Tucker as "a tall, dark, delightful, but inexperienced boy." He added that the...

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