Word: detroit
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Dates: during 1940-1949
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Lucky Loophole. Otis & Co. had slipped out of the money-losing deal through a loophole provided in the nick of time by a Philadelphia lawyer named James F. Masterson. The day the underwriters were to have paid K-F for the stock, Masterson had filed suit in Detroit to prevent the stock from being sold, charging that the company had rigged the price of its stock and that the underwriters would make an excessive profit on it. Fortunately for Otis & Co., its contract with K-F provided that such a suit would nullify the deal...
Nobody believed him. They knew how hard it was to get steel and construction workers. But the town caught Reese's enthusiasm, sent a delegation to the National Steel Corp.'s Ernest T. Weir. Weir promised to send steel. From his Great Lakes Steel Corp. in Detroit, Weir also sent Quonset-type buildings. The Pennsylvania Railroad helped out by giving priorities to Reese's materials and stopping through trains at Scio just to unload them. When he ran short of cash, five New York chain stores, which had sold millions of pieces of Reese-made china, lent...
...presidential boom for Michigan's Senator Arthur H. Vandenberg was on. The Detroit News published an excited editorial entitled: "Vandenberg: Man of the Hour!" Some 700 Michigan Republicans gathered at the swank Detroit Athletic Club to eat squab, lay plans for raising a $950,000 campaign fund, and to extol the virtues of Van. Cried Governor Kim Sigler: "Any influence I have will be used to convince the convention . . . that he will be a sure winner...
Maine's G.O.P. Senator Owen Brewster, visiting Detroit, caught the fever. He announced that Vandenberg was growing daily as a dark horse, even predicted that Vandenberg would lead popular polls "in a few weeks." He added flatly: "Vandenberg...
Remodeled Price. The 1948 model Cadillac, with a wide new interior and finlike rear fenders, went on display in Detroit. The big new car also has a big new price: up 9.5% over last year...