Word: woolworths
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...went into investment banking for himself. He made his first killing in 1921, buying up depressed Liberty Bonds. Traders first began to notice him when he became a big buyer of Canadian bonds. In the bull market of the '20s, he loaded up heavily with Woolworth and Montgomery Ward when they were low-priced, made millions when they spiraled and were split. One of the few to unload before the 1929 crash, he doubled his fortune by going short...
...Woolworth's fell back on a few gas lamps which had never been removed-but now gas pressure was low, because many Londoners turned up the gas for heat. Dickins & Jones's big store was almost empty. It had one dissatisfied customer, who tried hard in the dark to distinguish between silk and linen materials. She muttered: "Drat this! I thought we'd finished with blackouts." In Fortnum & Mason's flower department a girl clerk said crossly: "I wish people wouldn't be so goodhearted about it all ... then maybe something could be done...
...then he got interested in Alleghany. Young needed more cash than he wanted to risk himself, so he wrote a letter to an associate, Allan P. Kirby, the shy heir to a multimillion-dollar fortune made by his father in the F. W. Woolworth Co. Young told Kirby that he had a good proposition lined up, and Kirby came through with $3,000,000. The obliging Mr. Kirby, now president of Alleghany Corp., has been the financial angel in many of Young's deals ever since. It is actually Kirby's holdings, some 550,000 shares of Alleghany...
Died. Charles Sumner Woolworth, 90, who helped brother Frank found the fabulous red-front chain of 5-&-10? stores, onetime chairman of the board of the F. W. Woolworth Co. (1919-44); in Scranton...
...public is getting this classic job for two bits because eleven years ago a young Englishman named Allen Lane decided that the people who shopped at Woolworth's would just as soon buy good literature as bad. Penguin Books, London, which he founded, was enormously successful, at first with reprints, then with new books. Recently Lane hired Scholar Rieu to edit a series of classics in new translations. This is his first, and it is good...