FISCAL: A Loan from the Grocer

Brigadier General Elliott Roosevelt, who is never out of the news—or hot water—very long, was in both last week. Splenetic Columnist Westbrook Pegler, an old Roosevelt-hater, pulled the cork on a long bottled-up story. There was much of Pegler foam & fume; there was also a muddy brew.

In 1939, young Elliott Roosevelt, who had dabbled in other business ventures, dreamed up a new idea: a "Transcontinental Broadcasting System" big enough to compete with NBC and CBS. Through mutual friends, he appealed to John Hartford, president of the Great Atlantic & Pacific Tea Co., for $200,000 to help finance his...

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