Business & Finance: Surety to Market

Last month New York State Insurance Superintendent Louis Pink was offered $10,031,000 for National Surety Corp., successor to the big Manhattan Fidelity-Surety Company which slipped into the hands of Mr. Pink's department (TIME, March 23). This high bid for all of National's 100,000 shares of stock, was made by Commercial Investment Trust, cash-heavy installment financier. Last week, however, the courts ordered Mr. Pink to reject C. I. T.'s bid, accept one from Banc-america-Blair Corp. for 70,000 shares at a slightly higher per-share price.

The court felt that a public offering of National's stock by the banking house would be better for National's...

Want the full story?

Subscribe Now

Subscribe
Subscribe

Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on TIME.com

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!