Time for Departure

Boston's fast-moving Financier John Fox scented a bargain two years ago in the stock of Western Union, which had been losing money. He picked up 181,200 shares (15% of the total), most of it at about $25, which was enough to make him the company's largest stockholder and to place two of his friends on its board. Western Union's profits and the price of its stock climbed, just as Fox thought they would. But this year Western Union tumbled into the red again, lost $4,000,000 through July.

Last week Fox announced that he would sell his holdings. It was not, said Fox, that he had grown sour on Western Union's prospects; he merely needed more time--and reportedly more money--for his newest buy, the Boston Post (TIME, June 30). But Fox could only unload 100,000 shares at his price, for an estimated profit of $1,000,000. So many other investors hustled to sell that Western Union stock plunged 2 5/8 points in one day.

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