McKesson & Robbins, Inc.
McKesson & Robbins, Inc.
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Product Details
CompanyMcKesson & Robbins, Inc.
Certificate Type
Common Stock
Date Issued
February 9, 1961
Canceled
Yes
Printer
American Bank Note Company
Signatures
Machine printed
Approximate Size
12" (w) by 8" (h)
Images
Show the exact certificate you will receive
Guaranteed Authentic
Yes
Additional Details
NA
Historical Context
McKesson & Robbins was founded in New York City by Charles Olcott and John Mckesson in 1828 as the Charles M. Olcott Co. to import and sell therapeutic drugs and chemicals wholesale. In 1833, the company became Olcott, McKesson & Co.
In 1853, the company becamse McKesson & Robbins,Inc. after a new partner, Daniel Robbins was added. At this point, the company was distributing pharmaceutical products by covered wagon to 17 states and territories from Vermont to California.
Two years later, McKesson & Robbins became one of the first wholesale firms to manufacture drugs. The company’s fluid extracts, tinctures, pills and tablets won medals for its pioneering work.
In the early twentieth-century, McKesson & Robbins persuaded several wholesalers to be its subsidiaries, forming a national drug wholesaling company and becoming the leading distributor of pharmaceutical drug products. This helped the company achieve unprecedented sales and sustain steady growth despite the Great Depression.
The McKesson & Robbins, Inc. scandal of 1938 was one of the major financial scandals of the 20th century. McKesson & Robbins had been taken over in 1925 by Phillip Musica, who had previously used Adelphia Pharmaceutical Manufacturing Company as a front for bootlegging operations.
Musica, a twice-convicted felon, used assumed names to conceal his true identity in taking control of the two companies - Frank D. Costa at Adelphia Pharmaceutical and F. Donald Coster at McKesson & Robbins. Although he was successful in expanding the company’s legitimate business operations, Musica recruited three of his brothers, also working under assumed names, one outside the company and two inside it, to generate bogus sales documentation and to pay commissions to a shell distribution company under their control.
Eventually, McKesson & Robbins treasurer Julian Thompson discovered the distribution company was bogus. It was eventually determined that about $20 million of the $87 million in assets on the company’s balance sheet were phony.
In December 1938, the Securities and Exchange Commission (SEC) opened an investigation and Musica was arrested. Only after he was booked, fingerprinted and released on bond did the authorities realize that “Coster” was in reality Musica. His bond was revoked and he committed suicide before he could be rearrested.
The McKesson & Robbins scandal led to major corporate governance and auditing reforms. The SEC required that public companies have audit committees of “outside” directors and that the appointment of auditors be approved by the shareholders. The American Institute of Accountants adopted audit standards requiring that auditors verify accounts receivable and inventory.
In 1967, Foremost Dairies, a company founded by James Cash Penney that had been headquartered in San Francisco since 1954, acquired McKesson & Robbins in a hostile takeoverto form Foremost-McKesson Inc. The Foremost dairy operations were sold in 1982 and the name changed to the McKesson Corporation but headquarters remained in San Francisco.
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Additional Information
Certificates carry no value on any of today's financial indexes and no transfer of ownership is implied. All items offered are collectible in nature only. So, you can frame them, but you can't cash them in!
All of our pieces are original - we do not sell reproductions. If you ever find out that one of our pieces is not authentic, you may return it for a full refund of the purchase price and any associated shipping charges.
FAQ
Are the certificates offered on your site genuine or reproductions?
All of the certificates you see on our site are genuine pieces, we do not sell any reproductions.Are the certificates you sell negotiable on any of today's stock markets or indexes?
No. All of the pieces we sell are either canceled or obsolete and have collectible value only.
Are the images presented in your product listings of the exact piece I will receive?
It depends. We try to present images of the exact piece you will receive whenever possible. However, when we are offering quantities of a piece, this is impossible. Within every product page we detail whether or not you will be receiving the exact certificate listed, or if the image is a representative example of the one you will receive.
How will you ship my order and how much do you charge?
We ship all orders via the United States Postal Service. Most domestic orders are shipped via Ground Advantage. USPS International, Priority and Express Mail, UPS and DHL services are also available, and costs are calculated during checkout. Current charges may be reviewed here.
Can I return my purchase?
Absolutely. You may return any merchandise, for any reason, within 30 days of the purchase date for a full refund of the purchase price.
We guarantee all of our pieces to be authentic. If you ever determine that a piece is not authentic, it may be returned for a full refund of the purchase price as well as any associated shipping charges.
Shipping
If your order exceeds $35, and the shipping address is within the United States, shipping via USPS Ground Advantage is FREE!
We make every effort to ship out all orders within 24 hours of receipt.
We ship the majority of orders via the USPS, with domestic orders using the Ground Advantage service.
Shipping is calculated during checkout. Upgraded services such as Priority and Express Mail, as well as UPS and DHL options, are also available.
As soon as your order is shipped you will receive your tracking information via email.
OVERSEAS ORDERS PLEASE NOTE THAT WE DECLARE FULL ORDER VALUE ON ALL SHIPMENTS. CUSTOMER IS RESPONSIBLE FOR ALL VAT/CUSTOMS CHARGES.
Returns
Our goal is to make sure every item you receive is exactly what you had in mind. If you not happy with your purchase, we’ll help you get it sorted in a timely and professional manner.
You can return anything we offer for an exchange, refund or store credit within 30 days of delivery. Return shipping costs may apply, and the item must be in its original condition and packaging.
Any shipping charges collected on the original order are not eligible for a refund.