Word: strongboxes
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Dates: during 1930-1939
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Three years ago Phoenix became interested in Loft, Inc., a $10,000,000 Manhattan candy-&-restaurant chain. It lent Loft some $600,000. It also dug into its strongbox for collateral on which Loft borrowed another $400,000 in bank loans, further backed up by Phoenix' endorsement. For such help in a crisis Phoenix got options on 300,000 shares of Loft at $1.50, on 200,000 shares additional at $2. But since Loft had lost money every year since 1934 this did not look like too promising an investment. Last year Loft stock got down...
Nearest thing to a spokesman in Berlin for the gold billions in the new U. S. strongbox at Fort Knox, Ky. was distinguished-looking President Thomas John Watson of International Business Machines Corp., leader of the U. S. delegation and promptly-elected President of the International Chamber of Commerce. The June issue of Think, International Business Machines' house organ, modestly omits to mention that President Watson was presented to King George VI at a levee during the Coronation period, otherwise is a banner Coronation issue, crammed with 82 pictures of Coronation events and socialites. Facing a full-page picture...
...bankers of Belvidere, Ill. are worried. For the past fortnight savings accounts in Belvidere have been shrinking at an alarming rate. More than $310,000 has been withdrawn and found its way into a small strongbox over which one-time Sheriff Albert Johnson and onetime Patrolman Charlie Smith stand guard...
Master of the strongbox is Albert William Benham. For 20 years Citizen Benham worked for National Sewing Machine Co., lived in a modest home. He is a fat, jolly, robust man now going on 46. Recently he mortgaged his home and that of a friend for $4,000. Nobody paid much attention. A lot of people are mortgaging things these days. Then suddenly Citizen Benham zoomed to fame. From a few friends Mr. Benham solicited funds to be invested. Soon he was inviting all Belvidere and nearby cities to give him money. His terms: profits of from...