Business & Finance: Whelan Woes

Just as a used car may seem perfect yet contain hidden technical flaws, so may a second-hand company surprise its buyer with fiscal wheel wobbles, creaks in its books. Last summer George Kenan Morrow and Frederick Morrow headed a syndicate which acquired from the Whelan interests Tobacco Products Corp., owner of 80% of United Cigar Stores stock (TIME, Aug. 26). The first hint of United Cigar Store wobbliness came in October when the preferred dividend was passed pending an investigation of the company's finances. Concrete examples of major defects became apparent last fortnight...

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