Word: corde
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...golden '20s, no one seemed to have a more golden touch than a young man named Errett Lobban Cord. By the time he was 39, the ex-Los Angeles used-car salesman had built an empire that ranged through motors (Auburn, Checker Cab, Cord), ships (New York Shipbuilding), aircraft (Stinson, Lycoming engines) and airlines (American Airways). But in 1937, Cord came a cropper. The SEC charged him with manipulating the stock of Checker Cab and Auburn, and he sold most of his empire to a group headed by Banker Victor Emanuel...
...Cord, shorn of power but not of wealth, dropped out of the public eye, quietly began to pyramid his millions in Los Angeles real estate. He is still one of Wall Street's biggest speculators, has a Beverly Hills mansion, three Nevada ranches, a fleet of 20 cars (mostly Cadillacs) and two planes which he usually flies himself. Last week, at 56, Cord was back in the news with an incredible scheme to get control of some of the richest submerged oil wells off Louisiana and California. "Back in the old days," says Cord, "they called some...
Desert Claim. It was so fantastic that nobody would have given the scheme a second thought if Cord's once-magic name hadn't been attached to it. Even at that, it sounded like moonshine. Cord had discovered that land "scrip" certificates authorized by Congress as long as a century ago to deserving U.S. citizens are still available. There are three types of federal land scrip.* All entitle the holders to stake claims on unoccupied public land, most of which now is on mountaintops, deserts, etc. There is no doubt that the scrip is still good for some...
Stretching the String. Like Henry Kaiser himself, Leo Harvey has the knack of getting what he wants from the Government and working a shoestring into a golden cord. His shoestring was the one-man Los Angeles machine shop which he started in 1913. Born in Latvia, Harvey had learned the machinist's trade in Germany before coming to the U.S. at 20. His shop prospered with World War I orders for parts for the Curtiss "Jenny," afterward, did a tidy business machining brass and aluminum parts. World War II's demand for aluminum plane parts spread his company...
...Golden Cord. He began his campaign to make his own aluminum because, he said, the Big Three withheld supplies to independent fabricators. First of all, he would need cheap electric power. It was scarce, but Harvey seemed to have no trouble finding it. He persuaded the Interior Department's Bonneville Power Administration to assign him 111,500 kilowatts from the new Hungry Horse Dam being built near Kalispell, Mont. To use the power, Harvey needed electric rectifiers. From War Surplus Boss Jess Larson, Harvey bought enough for a complete "pot-line" (i.e., enough to make 35 million...