Business & Finance: Accidental Banker

George W. ("Penny-a-Pound Profit") Loft, candy maker, horse-racer, onetime member of the House of Representatives, last week became a banker by a fluke.

Three months ago he bought the building at Seventh Avenue and 33rd Street, Manhattan, in which the Brotherhood of Locomotive Engineers Co-operative Trust Co. occupied ground floor space. They vacated, leaving to Mr. Loft fine banking fixtures worth $150,000. When salvaging junkmen offered him only $25,000 for all the equipment, he decided that for such an amount he might well play as a neighborhood banker himself. His bank, created last...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!