Word: chucked
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Dates: during 1930-1939
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...young Harvard Business School graduate named Charles Walton ("Chuck") Deeds who was fiddling around with marine engines in Hamilton, Ohio, found himself with $40 to invest. Long interested in aviation, he decided to buy 200 shares of Pratt & Whitney Aircraft Co. Year before that company had been launched by his father, Col. Edward Andrew Deeds of National Cash Register, and two dissatisfied Wright Aeronautical Corp. executives- Frederick Brant Rentschler and George Jackson Mead. Pratt & Whitney Aircraft had one small shop at Hartford, Conn, and $1,000,000 worth of debts. On paper its stock was not worth even...
...bought practically every one of the 261 Pratt & Whitney engines made in 1927, about half of the 1928 production of 953 units. The little group of organizers, all active in the company, kept their shares away from the public, voted a stock dividend of 79 shares for one. Thus "Chuck" Deeds's 200 shares entitled him to 15,800 more...
Such was the story (with its background) "Chuck" Deeds had inched out of him last week on the witness stand before the Senate Committee investigating airmail contracts. There was no suggestion that he had done anything wrong while being made a millionaire by a lucky combination of aeronautical engineering, business economics and public enthusiasm. But there was a very definite suggestion that something was wrong when great fortunes could be made out of an infant industry-i.e. aviation- which supposedly would have starved to death without Federal subsidies...
Vice Chairman Rentschler, brother of National City Bank's President Gordon Sohn Rentschler, had bought $253 worth of Pratt & Whitney stock, ran up a paper profit of $35,000,000, liquidated most of his holdings for $9,514,000. While "Chuck" Deeds's salary and bonus as secretary-treasurer and vice president had been comparatively modest, Vice Chairman Rentschler collected $1,585,544 in six years-the years during which the U. S. Government paid to United Aircraft's subsidiaries a total of $87,564,988 (half of which it got back from the public...
...Rangers moved on to Chicago to play the Black Hawks. For roughness, that game made the Toronto affair look like a tea party. Thirteen players took turns in the penalty box, mostly for tripping and roughing. Both sides played recklessly brilliant offense, but the goaltending by Chicago's Chuck Gardiner and New York's Andy Aitkenhead was more brilliant. Of innumerable smashing attacks only one got through for a goal-against the Rangers...