Word: lustron
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...social flies buzzed loudest around Dunham's head when he began taking an interest in the $37.5 million Lustron loan. Dunham suddenly decided that Social Buddy Rex Jacobs was just the man to make a production survey of Lustron. Jacobs reported back that...
Carl G. Strandlund, inventor of the Lustron prefabricated house and one of the most unsuccessful big businessmen in the nation, did little to mend matters. He claimed angrily that RFC Director Walter L. Dunham of Detroit (who said he had a heart condition which would permit his appearing privately, but would kick up if he talked in public) had participated with Young and others in a scheme to seize control of the Lustron Corp. Dunham, said Strandlund, put on pressure to make him sell 60,000 of his shares of Lustron stock "without compensation." Strandlund said he refused, and that...
Houses & Horses. So it went. Chunky Roy Fruehauf, the trailer manufacturer, who was worried about $3,000,000 still owed him on a Lustron contract, testified that Rosenbaum had once told him he had RFC Directors Dunham and Willett "in his hip pocket." Rosenbaum bounced back to the stand and denied he had ever said it. Young tried to explain that he is now in the insurance business, claimed he saved one client $40,000 a year on insurance. How? Young couldn't say-he didn't know much about insurance...
Suddenly, two private companies got interested in Merl Young's talents. One was the Lustron Corp., the fabulously unsuccessful housing company; the other was the F. L. Jacobs Co. of Detroit, an auto-parts concern which also made washing machines. Both were in debt to the LFC at the time. Lustron hired RFC Examiner Young to be a vice president at ?i 8,000 a year. Without bothering to tell Lustron, Young simultaneously took a $10,000-a-year post as an executive of the Jacobs company...
...made a splendid combination. Jacobs Executive Young proceeded to persuade Lustron Vice President Young that Lustron's houses needed Jacobs' washing machines. As a special convincer, Jacobs offered Young a $15 commission for every machine he sold to Lustron. But that scheme never worked out. Lustron sank last year with $37 million of RFC bullion aboard; Jacobs quit the washing-machine business...