Word: crashes
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...utility customers who thought their operating wizard could do no wrong. But Insull built his pyramid on the erroneous theory that it did not matter how much anyone paid for his stock so long as he was running the show. In 1929 the pyramid was shaken by the market crash. That it did not topple then was largely due to the resourcefulness and self-assurance of the cocky, onetime clerk from London, onetime private secretary to Thomas Edison, who went out and built a utility empire. He poured most of his own fortune (once estimated at $100,000,000) into...
...investors-the U. S. was ready to elect a New Deal, to whom Samuel Insull and his ill-reputed holding companies were anathema. Even though Insull was eventually acquitted of using the mails to defraud, of embezzlement and of violating the Bankruptcy Act, the emotion generated by the Insull crash made it possible for Franklin Roosevelt to secure from Congress a "death sentence" for utility holding companies...
...Into Billings from Seattle at 2:15 the same morning as the train explosion sailed Northwest Airlines Flight Four, a fast, ten-passenger Lockheed Zephyr transport airplane of the same type as that which crashed in Bridger Canyon six months before. After the Bridger Canyon crash, all such Lockheeds were ordered grounded for correction of an apparently faulty tail surface detail. The man who ordered that grounding was Bureau of Air Commerce Inspector A. L. Niemeyer. Later, all the Lockheed Zephyrs were satisfactorily corrected, were actively in the air again. Last week Inspector Niemeyer himself flew into Billings along with...
...years after Francis Ormond French of Newport, R. I., lost his fortune ($500,000) in a stockmarket crash, he earned publicity and $17 by driving a Manhattan taxicab for three days. In 1934, his elder daughter Ellen married John Jacob Astor III. Two years later Mr. French wrote for Town & Country a so-called expose of top-flight society. Last year he let it be known that Daughter Ellen had offered him $25,000 if he would stop writing such things as a proposed book called On the Cuff. He refused the offer, has yet to publish the book. Last...
Tony Fokker might have gone on to explain that he had his eye on a shipbuilding business to replace a U. S. aircraft career that ended when the Department of Commerce grounded his transport planes after the mysterious Rockne crash (TIME, April 6, 1931). But at that point a telephone extension buzzed. He caught up the receiver. From across 3,500 miles of sea came a familiar voice. "Hello, momma," boomed Fokker happily, and in mingled English and Dutch described to his mother in Holland the scene on New York City's Harlem...