Business: Kreuger Tangibles

Greedy hands last week itched to grab 3,500 handsome red certificates. Each certificate represented 100 shares of Diamond Match Co. and the crisp paper pile was worth $4,500,000 on the New York Stock Exchange.

Four big banks (National City, Bankers Trust, Union Trust of Pittsburgh, Continental Illinois of Chicago) insisted the certificates were theirs, given to them as collateral by Ivar Kreuger when he could not pay a $3,800,000 loan. They would have sold the certificates long ago had not Irving Trust, now trustee for bankrupt International Match,...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

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