Word: loretto
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Dates: during 1940-1949
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Once upon a time (in Loretto, Pa.) humble little St. Francis College had a rich neighbor and alumnus who lived across the road in a $3,000,000 mountain castle called Immergrun (German for Evergreen). He was the late Steel Tycoon Charles M. Schwab. Often Mr. Schwab promised his alma mater a $2,000,000 endowment, but he never got around to it. Instead, when he died three years ago, bankrupt Mr. Schwab left the college holding the bag to the tune of $25,000, which he borrowed from it in 1932 and never repaid...
Every so often Steel Tycoon Charles M. Schwab, late, great, bankrupt (TIME, May 26), used to promise a $2,000,000 endowment to his alma mater, St. Francis College in Loretto, Pa. Last week the college revealed that Schwab had left it holding not an endowment but the bag, to the tune of $25,000 he borrowed in 1932 and never repaid...