Business: Eastward Giannini?

In the 1920s an unhappy man named A. M. Johnson, head of National Life Insurance Co. of the U. S. A., bought for his company 11,050 shares of Continental Illinois Bank & Trust Co. In 1929 Continental sold as high as $1,020 a share. In 1933 a share of Continental could be bought for precisely $1,000 less; Mr. Johnson's National Life Insurance Co. was, not surprisingly, in receivership. General Robert E. Wood of Sears, Roebuck & Co., which sells about everything else, decided that this was the time to go into the life insurance...

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