Word: ditisheim
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EBBETS FIELD, longtime home of Brooklyn Dodgers Baseball Club, will be turned into $25 million housing development. For an estimated $2,000,000, Dodgers have sold Ebbets Field to Manhattan Real-Estateman Marvin Kratter, associated with Financier Hanns Ditisheim who took over Chicago's Butler Bros, retail-store chain eight months ago (TIME, March 5). Kratter will lease the field to team until 1961, when he starts work on housing project...
...Ditisheim tried to take over the White Motor Co., whose stock was selling at $13 although it had a book value of $55. Buying 100,000 shares (about 3%), Ditisheim proposed a complete reorganization. But when the company refused to go along, Ditisheim was squeezed out. However, White stock moved up in the general market boom, hit $48 a share last year. Gradually selling their holdings, Ditisheim & Co. wound up with a profit in the millions...
...Ditisheim moved into American Woolen Co., whose stock had a market price of $22-$25 and a book value of around $69. With 98,000 shares (10% of the stock outstanding), Ditisheim and the same group of backers again tried to reorganize, but failed when Executive Committee Chairman Albert Wiggin, who backed their bid, died in mid-deal. Selling their stock at an average $40 a share, the Ditisheim group still counted a $2,000,000 profit...
...Ditisheim stepped into United Board & Carton Corp., whose stock had been limping along at around $9 a share (book value: $24). He joined a group that bought 130,000 shares (54%) and actually had control, but once again he sold out his share of the stock (13,000 shares), for a $155,000 profit. This time Ditisheim's reason was to build up cash to move into Butler Bros., which was then selling around $11 a share but had a book value...
...Moneymaker. The son of a back-country Swiss doctor, Ditisheim became a Basel banker specializing in international finance. He made his first killing in 1931 arranging a $100 million debt payment by Russia to Germany. Six years later he helped Nationalist China use its silver hoard to float a $10 million war loan. He has always enjoyed spending money as much as making it. Coming to the U.S. in 1941 "to retire," he first lived in California, then bought a house in Tarrytown, N.Y., played polo, water-skied, flew small planes. After his wife persuaded him to stop flying...