Word: trusts
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Dates: during 1930-1939
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...December 1917, the new combine had built itself up to the point of amalgamating with Jönköping on very favorable terms. The new trust, called the Swedish Match Company Ltd., was capitalized at 45 million kroner, and Kreuger emerged as boss. Faced with renewed competition after the War, Kreuger took advantage of depreciated currencies to buy up match factories and real estate in Poland, Belgium and Germany. He emerged from the War as the match king of the world-to fail and go crooked in the 1929 depression...
...petrol business. He sold shoes to the French army, traded coal and munitions to both sides, delivered American wheat in his ships, and built up a spy service that was available to all comers. Some of his profits went into Majorcan real estate, some into the National Sugar Trust. By the time the Spanish revolution broke in 1936 this grasping old man, now an octogenarian, had so compounded his World War profits that he was able to lend General Franco at least $50,000,000, according to an estimate printed last April in the New York Times...
...Trustee Herbert Hoover of Stanford University testified before a California court that some of the university's $24,000,000 in seasoned bonds and first mortgages should be invested in common stocks. Burden of his testimony was what already worried many another custodian of trust funds: devaluation of the dollar and inflation of bank credit had cut the purchasing power of income from fixed-income investments; currency inflation (if it came) might reduce the real value of such trust funds to a trifle...
Belair. One of the few large U. S. racing establishments that annually show a profit at the end of the year, William Woodward's Belair Stud is conducted with the same efficiency that developed the Hanover National Bank into the huge Central Hanover Bank & Trust. Belair is itself a fairly big business. It represents an investment of perhaps $1,000,000 and spreads over four plants. The horses are born in Kentucky, raised in Maryland, groomed for their racing careers on Long Island (or Newmarket), retired to stud in Kentucky...
Last fall Assistant Attorney General Thurman Arnold accused the American Medical Association of being a trust. Said he, the A. M. A. had "restrained trade" by closing the doors of Washington hospitals to doctors employed by Group Health Association, Inc., a voluntary health-insurance club of Government employes. In December a special Grand Jury indicted the A. M. A. for violating the Sherman Anti-Trust Act. The A. M. A.'s demurrer claimed that the practice of medicine is a profession, not a trade, and hence is not subject to the Sherman...