Word: co
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Dates: during 1950-1959
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...bulging (6 ft. 2 in., 256 lbs.), blue-eyed son of an immigrant Lithuanian shopkeeper, Chesler grew up in Peterborough, Ont., quit university to go to work on Toronto's Bay Street. As a customer's man for the brokerage firm of Draper Dobie & Co. Ltd., he showed a talent for picking the right stocks, later grew rich underwriting dozens of Canada's new mining projects, chiefly those of Ventures Limited, the mining colossus...
...wear hair pieces (also known as rugs, mats, doilies, divots), and that 15 million could use them. Sales were short until makers started advertising hair pieces in major magazines and newspapers five years ago. Since then, annual sales of such bigwigs as Hollywood's Max Factor & Co., Manhattan's House of Louis Feder Inc., and Joseph-Fleischer & Co. (Fleischer will make the Sears toupees from imported hair) have climbed close to $1,000,000 each. Total U.S. sales are estimated at $15 million a year. Says Louis Feder, a wigger himself: "We have put across the idea that...
Industrial Wire & Cable Ltd., and Providence's Grant Money Meters Co. (toll-road coin boxes). Universal estimates that earnings for the fiscal year ending in March will rise 56% to about $3,900,000, or $2 per share. That means Universal stock sells at a steep 48^ times earnings; Chesler's $1,000,000 ante in Universal has zoomed to a market value near $25 million...
...spotted Universal Products Co. early in 1956 when it was a corporate shell with a treasury of $10 million. Chesler took control by putting up $1,000,000, plus $2,500,000 from millionaire cronies such as Baltimore Colts' Owner Carroll Rosenbloom. ("Who wouldn't pay $1,000,000 to get control of $10 million?" asks Chesler.) With Universal's cash, Chesler bought Baltimore's American Totalisator, which owns and leases 80% of the racetrack "Tote" systems that automatically figure and post bets, odds and winnings. By swapping stock, Universal later acquired General Register Corp. (ticket...
Chesler constructed General Development on another corporate shell: Detroit's Chemical Research Co. He bought in cheaply, helped steer the company into Florida real estate, in mid-1957 picked up another 520,000 shares at $7.15 each, and went to work to expand the company. General's earnings rose from $2.1 million in 1957 to $6.6 million in 1958, or $2.80 a share. Yet this is not cash on hand. When General sells an $895 lot for $10 down and $10 a month, it counts the full profit on the sale as current profit, even though it will...