INDUSTRY: A Stockholder Takes Hold

Like many another small investor, John J. Smith, a 38-year-old accountant, thought he had a winning stock. It was Sparks-Withington Co. (Sparton radio and TV sets), right in his own home town of Jackson, Mich. Three years ago Smith bought 500 shares at $5.50 a share, kept adding to his holdings until he had 2,200. Then he sat back and waited to cash in. But the stock went down. Though the company grossed $17 million in fiscal 1949, it netted only $25,709. The dividend: 10¢ a share. Smith got hopping mad, got hold of Theodore Schofield, biggest stockholder (5,600...

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