Word: first
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Dates: during 1920-1929
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Whittling out duck decoys first gave Chris Smith the idea for a motorboat that would be short, broad, flat so as to ride on top of the water instead of cutting through it. This revolutionary design, now largely used in speed boats, produced the first boats to make 60 m. p. h. in a contest. In designing his early boats, Chris Smith used no blue prints. Instead, he carved out a small wooden model of the hull. With this in his pocket he went to nearby Walpole Island, picked out a likely looking tree for his boat, and carefully watched...
Triumvirate. Banker of the triumvirate is Harold Leonard Stuart, bachelor president of famed Halsey, Stuart & Co. In 1927 his firm issued a booklet, The Motion Picture Industry as a Basis for Bond Financing, at the same time underwriting their first Fox issue. Trustee Stuart will represent his firm as Fox bankers and his firm's customers as large investors...
...During the recent period of expansion he had needed great sums of cash. These he had obtained by short-term loans upon the stock of acquired companies. With $91,000,000 of these notes falling due, with his collateral down, with conditions bad for refinancing, Cineman Fox for the first time needed assistance. Last week he summoned aid by appointing a trustee-triumvirate consisting of himself, a banker, a manufacturing engineer...
Almost the first act of the trustees was to appoint Charles Evans Hughes counsel. To him will come not only the routine problems of passing on the legality of the triumvirate's financing, but the problem of facing the suit brought against Fox last fortnight by the Government, charging violation of the Clayton anti-trust law by its ownership of Loew...
Then the Market broke and with it broke Blue Ridge and Shenandoah. Blue Ridge common went from a high of 29⅝ to a low of 3½. Shenandoah went from 39⅜ to 6⅞. Furthermore, the first of the year was rapidly approaching-a significant period at which the Market break would be clearly reflected in investment trusts' reports of operations. Many a market student anticipated a severe January slump in investment trust securities...