Word: raskob
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Quick to spot a moneymaking opportunity, Du Pont Treasurer John Jacob Raskob persuaded his firm, back in 1917-19, to sink about $50 million into a struggling automobile company named General Motors. That fabulously foresighted investment, now worth close to $2.7 billion, makes giant E. I. du Pont de Nemours & Co. the owner of the largest block of stock (23%) of the biggest industrial giant of them...
Ever since Chicago's Colonel Henry Crown joined a syndicate to buy control of the Empire State Building from the John J. Raskob estate (TIME, Jan. 7, 1952), he has, in his own words, "sort of crawled up" the world's tallest structure. At the start he had a 25% stock interest. Then one evening he had a talk in his suite atop Manhattan's Waldorf-Astoria with Railroader Robert R. Young...
...Fonts denied the Government's charge that their purchase of $25 million worth of G.M. stock in 1917 was part of a plan to make G.M. a captive closed market for Du Pont products. The purchase was made largely because the late John J. Raskob, the treasurer of Du Pont, had recommended that Du Pont waste no time getting into the young auto business. Raskob's recommendation had also stated: "Our interest in [G.M.] will undoubtedly secure for us the entire Fabrikoid [artificial leather], pyralin [celluloid], paint and varnish business . . ." But Pierre du Pont declared: "There...
Married. Mrs. John J. Raskob, 67, widow of the Manhattan financier and onetime (1928-32) chairman of the Democratic National Committee; and John P. Corcoran, fiftyish, grass-seed executive, who formerly managed Raskob's Maryland farm; she for the second time, he for the first; in Tucson, Ariz...
...total $51 million, Prudential Insurance Co. paid $17 million for title to the land, put up another $15,500,000 for a first mortgage on the building, and Raskob's estate took a $5,000,000 second mortgage for the balance...