Word: mesta
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Engaged. Lorenz Iversen, sixtyish, Danish-born president of Pittsburgh's moneymaking Mesta Machine Co. (TIME, March 4), widower, father of five; and one Fleda Foust, fortyish, of Pittsburgh...
...thanks to Daughter Helen Iversen Dixon for identifying her father in one of his rare photographs and for supplying an authentic description of his speech. The man at the centre of the Pittsburgh University Club party, whom TIME erroneously labeled as the president of Mesta Machine Co., was Jerzy Matusinski, then Polish Consul at Pittsburgh, now Consul General in Manhattan. Last week President Iversen reported that his company earned $1,517,250 last year from making steel machines, promised stockholders a full capacity year...
...Mesta makes money as well as machines. Its peak was 1930 when it reported a profit of $2,500,000. More notable, it continued to make profits throughout Depression, touching a low of $327,000 in 1932. Mesta has yet to report for 1934 but in the first half it made $400,000. And in the last half it boosted its dividend, paid a 66% stock dividend and retired $1,000,000 of preferred stock...
...Mesta's head is Lorenz Iversen, one of the ablest steel machinery engineers in the U. S. A Danish farm boy turned machinist, he went to sea for two years before migrating to the U. S. After working in a New Jersey shop, he went to Germany for further technical training, returning to a job in Mesta's drafting room...
...upward climb to Mesta's presidency, Engineer Iversen became a shrewd salesman with all the hitting power of a forging press. Not only can he sell his steelmaking machines to ordinary prospects. At least once he sold a buyer who had already let the contract to a competitor. He still speaks with a strong accent and lives in Pittsburgh's safe and solid East End. Sixtyish and no socialite, he is fanatic on the subject of personal publicity, has never permitted a photographer to enter his home or office. Perhaps the only picture of Lorenz Iversen in existence...