Word: cleveland
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Dates: during 1940-1949
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...Right Not to Work. The news came from Cleveland's sweltering Public Hall, where the I.T.U. last week held its 89th national convention. Mild-eyed President Woodruff Randolph,*55, laid the new policy on the line: the union would obey the letter of the law, but it would as soon give up the ghost as the closed shop it had won from the bulk of the U.S. press (some exceptions: the open-shop Los Angeles Times, the Philadelphia Bulletin, John H. Perry's Florida chain...
General Motors, with massive new plants going up or already built near Boston, Cleveland, Atlanta, Flint, Mich., and Los Angeles, and Ford, with almost as many equally well distributed, are also major investors...
...Most Clevelanders have never heard of Clevelander Harry William Hosford. Many a Cleveland financial man who can boast about knowing the big boys has never seen him. A few knew him as the country's biggest individual speculator in Government securities. In the winter of 1942-43 alone he bought upwards of $28 million worth of Government bonds...
Shaggy Dog. But last week, word leaked out that Hosford was just about out of the market. He had quit speculating in Government bonds because the high capital-gains tax made it scarcely worth while. TIME'S Cleveland correspondent, who called at Hosford's big stone suburban home, found him in shorts by his swimming pool, sipping a tall drink which he hated to see either full or empty, and talking to a shaggy English sheep dog as if he half expected the dog to answer. To his visitor, Hosford related some of the facts of his fabulous...
Born in 1886 on a New York farm, Hosford became a Western Union messenger at 12, then worked on Great Lakes freighters for seven years. At 22, he became a $100-a-month bond salesman in Cleveland; in 1916 he went into investment banking for himself. He made his first killing in 1921, buying up depressed Liberty Bonds. Traders first began to notice him when he became a big buyer of Canadian bonds. In the bull market of the '20s, he loaded up heavily with Woolworth and Montgomery Ward when they were low-priced, made millions when they spiraled...