Word: detroiter
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Dates: during 1950-1959
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...knight, accompanied by a fair young maiden whose hand he had just won (see cut). The choice of dress was symbolic. Later, Romney rode forth to battle, astride his trusty Rambler to engage what he considered the modern U.S. dragon: the dinosaur-like big car. For a while, Detroit regarded him as a mere windmill tilter. But as Romney began to smite the dinosaur hip and thigh, TIME chronicled his success round by round, carefully reported the rise of the small car in the U.S. Finally, the Big Three have had to pay Romney the sincerest form of flattery...
...states solved the puzzle of fraud in newspaper puzzle contests (TIME, March 9). In 86 minutes and twelve arrests they cracked the international racket that, by securing advance answers to the contests, swindled U.S. newspapers for more than a year. The transcontinental swoop bagged two key figures in Detroit: Walter Rex Johnston, 30, part-time car salesman whom the FBI identified as chief architect and brains of the swindle ring, and a key Johnston lieutenant, Harry H. Balk, 33, theatrical booking agent. Two Canadians who managed the flow of puzzle information were accused of using the mails and long-distance...
Thus equipped, the ringleaders phoned appointed contacts in U.S. cities-Chicago, Detroit, Portland (Ore.), Philadelphia, Harrisburg (Pa.), Minneapolis-fed them the winning answers. Many of the participants were on the fringes of the entertainment business; Dingman was the only one with a newspaper connection. Often, time zones worked for the swindle; e.g., the phony London bank got its answers at least two hours before U.S. newspapers on the West Coast...
Eventually, the Canadians got too greedy. They expanded, hired outside amateurs-a chiropractor's wife and a TV repairman in Portland, a pretty secretary in Detroit, a dress-plant manager near Harrisburg-who would settle for peanuts: $150 to $300 cuts of $3,000 and $4,000 wins. The ringers were the ring's undoing. When in February the suddenly suspicious Portland papers called in the FBI, investigators concentrated on the weak links. After their shamed confessions, the FBI pieced together the whole story...
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...