Business: Jazz-Age Diamond

In 1921, while William Samuel Paley was still a student at the University of Pennsylvania, Author Francis Scott Fitzgerald wrote a story called "The Diamond as Big as the Ritz," published it in his Tales of the Jazz Age. Buried on his remote estate a man found a massive diamond; he could buy anything he wanted by merely chipping off a sliver. He lived in super-Oriental luxury, owned hundreds of shirts, hundreds of neckties, socks, shoes. His house was fitted with every kind of comfort-giving device: buttons that brought soft music from an...