Word: kreuger
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Dates: during 1920-1929
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Investors in the seven countries were invited to buy participating debentures of Kreuger & Toll Co The par value of the issue was only 45.000,000 kronor (about $11,000,000). But the market value of the debentures was six or seven times this amount. The American banking group, headed by Lee, Higginson,* offered American certificates representing debentures of 20 kronor par value at $28.14. In the first day's trading in Manhattan they rose to about $35. Lucky investors who had advance orders confirmed by the bankers realized a huge profit in a few hours...
...wise investors, buying Kreuger & Toll debentures, knew they were lending money to the Swedish match monopoly, controlling the match trade in over 40 countries...
...first step came in 1903, when an Englishman named Fred Lowenadler guided the merger of six factories into the Jonkopings och Vulcans Tandstickfabriks-aktiebolag. Ten years went by before the remaining import companies were led by Ivar Kreuger into the Aktiebolaget Forenade Svenska Tandstickfabriker. These two combines functioned independently until 1917, when they agreed on a cost-saving and letter-saving merger. They became, briefly, the Svenska Tandsticksaktiebolaget. Translated literally, they became the Swedish Match...
...Sweden is far different from that tale in U. S. statistics, made public last week. In Stockholm, only 150 taxpayers had incomes of more than $50,000. The largest individual income reported was that of A. M. Versteegh, factory owner-$402,354. M. L. Wallenberg, international banker, and Ivar Kreuger, Match Trust head, came second and third...