Word: 1920s
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...normally aloof President Vittorio Valletta, 82, was cagier than ever, refused to discuss particulars. But if a great many details can be worked out, Fiat will build and help to staff the first fully Western-designed auto company on Soviet soil. (When Russia began producing autos in the 1920s, it bought some machinery and hired engineers from Henry Ford.) Officials of Fiat, which sells more cars in Europe than any other manufacturer, believe the agreement gives them a substantial lead over competitors in the only major untapped auto market left on the Continent...
Died. Ernest Loring ("Red") Nichols, 60, cornet-playing jazzman and master of Dixieland, whose Five Pennies was one of the most popular white combos of the late 1920s, at times including such future stars as Benny Goodman, Jimmy and Tommy Dorsey, Glenn Miller and Gene Krupa, but was eclipsed in the 1930s by the big dance bands of Red's former pupils until 1944, when he managed a small comeback with Five new Pennies on the nightclub circuit; of a heart attack; in Las Vegas...
Lewis J. Selznick set the pace for his sons to follow. He lived in a 17-room Park Avenue apartment that in the early 1920s was a sort of Brown Derby East for the movie set. When his freewheeling days ended in bankruptcy in 1923, so did Son David's $300-a-week allowance and hopes for Yale. With his elder brother Myron, David staked himself for a trip to Hollywood by turning out two quickies that netted $16,000. Once there, David sold himself as a $100-a-week script reader at Metro-Goldwyn-Mayer, within months...
...even the remotest news event or speech. Washington kept on trying to calm that uncertainty. After lying low for a while, William McChesney Martin Jr., who helped to precipitate the sharp market drop with his speech citing similarities between the current economic situation and that of the 1920s, joined the calming team. President Johnson had him conspicuously on hand when he signed the excise-tax-cut bill, passed him one of the pens. Next day, Johnson trotted out Martin (along with several Cabinet officers) to give a reassuring reading of the economy at a White House dinner...
That showed that Bill Martin has a sense of humor, but the amusement of stockholders was somewhat muted by the fact that since he made his 1920s speech at Columbia University on June 1, they have seen their stock values pared, on paper, by $34 billion...