In a shocking turn of events, the financial world was left reeling in May 1919 as the California Packing Company’s common stock came under scrutiny. At the time of its inception, the company had acquired the business and assets of five Pacific coast food packing and canning companies, all with established reputations for producing essential products in high demand. The company’s earnings for the year ending February 28, 1919, boasted a staggering $9.50 per share on the outstanding common stock, with a three-year average of $5 per share. Little did investors know, however, that this seemingly lucrative venture was shrouded in deceit.
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Key Facts
- State: National
- Category: Fraud & Financial Crimes
- Era: Historical
- Source: Library of Congress — Chronicling America ↗
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