Word: katze
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Benjamin Samuel Katz, who had been a newsboy and messenger boy before he became a photographer, went into Dinhofer Brothers, Manhattan jewelry wholesaler, one day in 1917 to buy a ring for his fiancee, Pearl. He pondered long over the selection, asked many questions, and finally left the store with a new job as well as the ring. Four years later Ben Katz knew enough about the jewelry business to organize his own firm, Katz & Ogush, which specialized in making stylish watchcases. He helped New York frame laws regulating the jewelry industry, and got to be known...
...when Cincinnati's old, famed Gruen Watch Co. found itself unable to pay $1,800,000 owed to banks, the banks asked Go-Getter Ben Katz if he could put the firm back on its feet. Substituting Gruen debentures and preferred stock for the bank loans, he thought he could do it in ten years. Last week he appeared to have done it with seven years to spare...
...Katz changed all that. He hired a hustling young salesman named Teviah Sachs to sell more watches, and Sachs stirred up competition among the dealers...
...Katz put a technical staff to work design ing new models and came out in 1935 with a curved wrist watch (''Curvex"), in which the movement was curved to fit the case...
...first year under the Katz management Gruen made $606,000. Last year (ending March 31, 1938) net profit was $726,000. Having retired all the com pany's debentures with these profits, be sides $150,000 worth of Class A preferred stock, Ben Katz last week decided to pay off Gruen's remaining $839,000 of Class A and B preferred by issuing new common stock. With a 1938 sales record that equals last year's, and with the market in the mood for new financing, he hopes to sell 150,000 shares at a price that...