Word: wad
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Dates: during 1940-1949
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With a big wad burning a hole in his pocket, Paul F. Clark, president of Boston's John Hancock Mutual Life Insurance Co., dropped in on Los Angeles. He wanted to invest his company's cash in a new housing project which house-hungry Los Angeles badly needed. But last week Clark decided against it; he saw clouds ahead for even Sunkist Angelenos. Said he: "We can't help solve your housing problem because of your real-estate inflation. An insurance company can't invest in blown-up values. Real estate is more inflated in California...
They howled and they screamed. The comedian gave them a look of deep distaste and tongued his three-stick gum wad to the other side of his mouth. In the well-known nutmeg-grater tones, he announced: "For those of you who got caught in the crowd and swept in here-I would like to say that this is the Fred Allen show, and you still have eight minutes before we go on the air to get the heck out of here." They flailed helplessly in their seats...
...just as stubborn. Some $19½ million in RFC cash had already been sunk in Hughes's experimental, 750-passenger flying boat, the Hercules. And a Senate committee was curious enough about this deal to question Hughes last week to find out what RFC had got for its wad. (Hughes had hopes that the Hercules would fly this year...
Back in 1945 Board Chairman Alfred P. Sloan Jr. proudly announced that General Motors' postwar expansion, likely to cost $500 million, would be paid for "out of general corporate resources." G.M. had $596 million in cash and Government securities for the job. Last week G.M.'s wad was so close to being shot that the company announced it would soon try to raise $100 million by floating a million new shares of preferred stock. G.M.'s cash on hand had fallen to $160 million (see chart), and this only three months after G.M. had borrowed $125 million...
...Chinese Government certificate of registration as a correspondent; about 30,000 dollars Chinese, which is the equivalent of a double-size stuffed wallet and worth about $10 U.S. (when carrying more Chinese dollars I must bring an overnight bag or briefcase along); one piece of string to keep currency wad tight; a phone installation bill of $50 U.S. (one coke in Nanking costs $1 U.S.); assorted cables from New York, etc. I leave my wallet at home, since it is inadequate...