Word: floranada
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...widows of the two Dodge brothers to dispose of the company to a stock-selling syndicate for $146,000,000-biggest cash sale in Wall Street history. With his fat profits from the deal, "Jimmy" Cromwell sailed into the Florida land boom, planned to build a city called "Floranada," lost his money in the collapse, lost his illusions in a deluge of lawsuits. Depression infected him with Reform. He dipped into economics, politics, finance, began to preach public ownership of utilities. In a booklet called The Voice of Young America he attacked U. S. business methods, talked State Socialism...
...Florida land boom of 1926 he organized the "American-British improvement Corp.," planned to build a city called "Floranada" on 3,600 Florida acres. Collapse of the boom wiped out his own fortune and millions loaned by his family. "I discovered that a diamond-encrusted golden spoon can become an instrument of torture-when it stirs the bitter tea of failure...
That delectably ballyhooed place, a community by the sea near Palm Beach, Fla., called the Floranada Club, has failed for $6,000,000. Last week, bankruptcy proceedings began against the promoters? the American-British Improvement Corp., of which the president is young James H. R. Cromwell, son of Mrs. Edward T. Stotesbury of Philadelphia and son-in-law of Mrs. Horace E. Dodge of Detroit...
King George II (deposed) of Greece figured in the ballyhoo. The Floranada Club had offered to him a house with "cool rooms overlooking tropical gardens," if he would buy a plot of ground in the community. Among the questions asked Promoter Cromwell by the bankruptcy lawyers was: "Had you ever considered that the King might turn the place into a Greek restaurant...
...list of investors in the Floranada Club was indeed polite: Mrs. Stotesbury, Mrs. Dodge, the Countess ef Lauderdale, Mrs. Alexander Biddle, Samuel Matthews Vauclain (president of the Baldwin Locomotive Works), John Sargent Pillsbury (vice president of the Pillsbury Flour Mills...