Word: snellenburgs
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...after-Christmas lull, department stores slashed prices as much as 75% on hundreds of items. Examples: in Seattle, Sears, Roebuck sold $9.95 kitchen tables for $1.98; in Philadelphia, Snellenburg's cut prices on men's, suits from $27.50 to $18.71. In many cases even drastic cuts failed to lure buyers. Sellers hoped that the lull was temporary. Buyers hoped that their turn had finally come...
...have never seen the inside of the books of our firm for over 50 years. If any money ever came to me from Snellenburg's, it was in disobedience to my orders to the bookkeeper and everyone else responsible...
Mayor Wilson, an ex-officio member of the Board, pried into its records and last April made the following claims: Snellenburg's had an agreement with its landlord. Board of City Trusts, whereby, due to Depression-cut income, it could get its $682,000-per-year rent reduced; in 1933. Snellenburg's eight partners (including six named Snellenburg) withdrew $425,000 "of the profits . . . so they would get the $100,000 [rent] reduction." That agreement provided for repayment should Snellenburg's subsequently show a profit, but was subsequently granted again as an out-&-out abatement...
...Snellenburg's answered Mayor Davis' blast by filing against the mayor not one but nine defamation suits-one for each partner and one for the corporation...
Meanwhile the Pennsylvania Legislature's investigating committee under State Senator Harry Shapiro started taking pot shots at the Board. First stir was caused by Board Member Albert Monroe Green field, Philadelphia realtor, who testified: "In view of the facts we have learned since, Snellenburg's was financially able to meet all obligations and didn't deserve the aid the Board tried to give them, and do not now deserve...