The Match King
Page 34
20 Vadstena, K. Littorin 1931-2, cable from Krister Littorin to Ivar Kreuger, Feb. 23, 1932.
21 Princeton, Box 3, letter from International Match Corporation to Lee Higginson, Feb. 27, 1932; Minutes of Special Meeting of Executive Committee, International Match Corporation, Feb. 27, 1932.
22 Princeton, Price Waterhouse & Co., reported dated August 26, 1932, on German Reich 50 Year 6% External Gold Loan 1930 being Annex “B” to the Main Report, at 13.
23 Princeton, Box 8, letter from A.D. Berning to Ivar Kreuger, Jan. 6, 1932.
24 Princeton, Edward S. Greenbaum Interview Notes, vol. 2, at 25.
25 Vadstena, K. Littorin 1931-2, cable from Krister Littorin to Ivar Kreuger, Feb. 28, 1932.
26 Vadstena, vol. E XXV g: 62, cable from Krister Littorin to Ivar Kreuger, Mar. 2, 1932.
27 Marcosson, at 26-9.
28 Princeton, Box 8, letter from Sherwin C. Badger to Alexis Aminoff, Jan. 19, 1932.
29 Princeton, Box 8, letter from Karl A. Bickel to Ivar Kreuger, Feb. 11, 1932.
30 Marcosson, ch. 2.
31 Marcosson, at 26.
32 “Marcosson Tells of Kreuger’s Aims,” The New York Times, Mar. 13, 1932, at 1.
33 Princeton, Box 14, translation of statement by A.B. Kreuger & Toll, Oct. 2, 1934, at 118.
34 Marcosson, at 27.
35 Marcosson, “An Interview with Ivar Kreuger,” at 86.
36 Vadstena, vol. E XXV g: 62, cable from Krister Littorin to Ivar Kreuger (“passenger ss Iledefrance Lehavreradio”), Mar. 8, 1932; “Kreuger Withdrew $60,000 on Last Visit,” The New York Times, Jul. 1, 1932, at 33.
37 Riksarkivet, vol. 805, Alexis Aminoff Special Accounts.
38 Barry Paris, Garbo (Alfred A. Knopf, 1995), at 84.
39 Soloveychik, at 148.
40 Soloveychik, at 149.
41 Thunholm, at 288.
42 Stoneman, at 236.
43 Soloveychik, at 150.
44 Soloveychik, at 151-3; Stoneman, at 233-4.
45 “Sweden Plans to Save Kreuger Business,” The New York Times, Mar. 13, 1932, at 2.
46 Soloveychik, at 152-3.
Chapter 12
1 Stoneman, at 236-7.
2 Stoneman, at 234-8; Soloveychik, at 153-5; Shaplen, at 218-22; Churchill, at 255-9.
3 Shaplen, at 220-21.
4 R. Blake Stevens, The Browning High Power Automatic Pistol (Collector Grade Publications, 1990).
5 Thunholm, at 227.
6 Soloveychik, at 156.
7 Soloveychik, at 31-2.
8 “Trustee Satisfied Kreuger is Dead,” The New York Times, Jan. 26, 1933, at 6.
9 “Sleeping,” Time, Mar. 21, 1932.
10 Stoneman, at 238.
11 Adams, at 264.
12 Testimony of Donald Durant, at 1208.
13 “Poor Kreuger,” Time, Mar. 21, 1932.
14 Shaplen, at 227.
15 Shaplen, at 228.
16 Stoneman, at 240-42; Churchill, at 267-9.
17 “Market Sags Here on Kreuger Selling,” The New York Times, Mar. 15, 1932, at 15.
Chapter 13
1 “Sweden Plans to Save Kreuger Business,” The New York Times, Mar. 14, 1932, at 2.
2 “King of Sweden to End Holiday Because of Kreuger’s Suicide,” The New York Times, Mar. 15, 1932, at 15; Soloveychik, at 164.
3 “Woman Seeks Cash Kreuger Promised Her; His Final Gift of $65,000 Stock is Worthless,” The New York Times, Apr. 25, 1932, at 6.
4 “Untermyer to Sift Kreuger Concerns,” The New York Times, Apr. 23, 1932, at 23.
5 “Kreuger Was ‘Fine,’ Says Woman Friend,” The New York Times, Apr. 24, 1932, at 9.
6 “Markets in London, Paris and Berlin,” The New York Times, Mar. 17, 1932, at 33.
7 “Find Kreuger Books are ‘Grossly Wrong,’ Some Assets False,” The New York Times, Apr. 6, 1932, at 1.
8 Stoneman, at 244.
9 “Secret X-Y-Z Grants Claimed by Kreuger,” The New York Times, May 5, 1932, at 28.
10 “Ivar Kreuger’s ‘Waste Paper’ Helping to Reveal Secrets,” The New York Times, Jun. 13, 1932, at 7.
11 Flesher & Flesher, at 426-30.
12 “600 Dealers Here Sold Kreuger Issue,” The New York Times, Jun. 21, 1932, at 33.
13 Testimony of Donald Durant, at 1155.
14 “Why the House of Kreuger Fell,” at 40.
15 “Man Who Trapped Kreuger Describes Deals to Senators,” The New York Times, Jan. 12, 1933, at 1.
16 Stock Exchange Practices, at 1255.
17 “Whitney Says Short Sales Saved Market Last Fall,” The New York Times, Apr. 19, 1932, at 1.
18 Stock Exchange Practices, at 1357.
19 Stock Exchange Practices, at 1271.
20 Congressional Record, Jul. 13, 1932, at 15201.
21 Taylor, at 194.
22 Stock Exchange Practices, at 1355.
23 Austin, at 6.
24 Princeton, Box 1, Report of Gordon Auchincloss, Esq., Trustee in Bankruptcy, In the Matter of Aktiebolaget Kreuger & Toll, US District Court, Southern District of New York, Feb. 6, 1933, at 7.
25 Princeton, Box 1, Fifth Intermediate Report and Account of Edward S. Greenbaum, Esq., Trustee in Bankruptcy, In the Matter of Aktiebolaget Kreuger & Toll, US District Court, Southern District of New York, Oct. 24, 1936, at 3.
26 “Why the House of Kreuger Fell,” at 40.
27 Riksarkivet, vol. 434, cable from Lee Higginson to American Kreuger & Toll, Mar. 16, 1932.
28 “Moratorium Urged for Kreuger & Toll,” The New York Times, Mar. 26, 1932, at 21; “Attach Funds Here of Kreuger & Toll,” The New York Times, Mar. 30, 1932, at 25.
29 Princeton, Box 8, letter from Lee Higginson to the holders of securities of Kreuger & Toll Company and International Match Corporation, Mar. 17, 1932, at 1.
30 Princeton, Box 8, letter from Lee Higginson to the holders of securities of Kreuger & Toll Company and International Match Corporation, Mar. 17, 1932, at 2-3.
31 Princeton, Box 8, letter from Lee Higginson to the holders of securities of Kreuger & Toll Company and International Match Corporation, Mar. 17, 1932, at 2.
32 Princeton, Box 14, translation of statement by A.B. Kreuger & Toll, Oct. 2, 1934, at 113; “Kreuger’s Juggling of Millions: An Amazing Story Now Unfolds,” The New York Times, May 22, 1932, at 3.
33 “New Kreuger Deal by Swedish Match,” The New York Times, Apr. 23, 1936, at 33.
34 Princeton, Box 7, Stab v. Kreuger & Toll, In the Matter of Aktiebolaget Kreuger & Toll, No. 54418, Feb. 4, 1933.
35 Lindgren, at 311.
36 http://www.swedishmatch.com/en/Our-company/Company-history/Svenska-Tandsticks-AB/.
37 http://www.swedishmatch.com/en/Our-company/Our-company-in-brief/.
38 Princeton, Box 14, translation of statement by A.B. Kreuger & Toll, Oct. 2, 1934, at 87.
39 “Poor Kreuger,” Time, Mar. 21, 1932.
40 Princeton, Box 8, letter from Edmund J. Port, Worthing Whitehouse Company to Kreuger & Toll, Apr. 20, 1932.
41 Princeton, Box 8, German 6% External Loan, cable from Reichsschuldenverwaltung, Berlin to Aktiebolaget Kreuger & Toll, Jan. 19, 1932.
42 Wikander, at 215.
43 “Ivar Kreuger’s Monument,” The New York Times, Mar. 20, 1932, at 10X.
44 “Kreuger’s Home is Sold,” The New York Times, Aug. 21, 1932, at 4F.
45 “Fantastically High Prices Paid for Kreuger Effects at Sale,” The New York Times, Sep. 10, at 17.
46 “Move to Protect Kreuger Holdings,” The New York Times, May 7, 1932, at 23.
47 Stoneman, at 247.
48 Stoneman, at 247.
49 “Trustee of International Match Reports Income Exceeds Expenses by $1,315,000,” The New York Times, Apr. 2, 1934, at 25.
50 “International Match Gets Refund of Taxes Paid on Fictitious Earnings Under Kreuger,” The New York Times, May 5, 1939, at 35.
51 “15,000 Checks to Go Out for International Match,” The New York Times, Oct
. 20, 1936, at 37.
52 “Kreuger’s Trail,” Time, Sep. 5, 1932.
53 Stoneman, at 137.
54 Princeton, Box 1, Fifth Intermediate Report and Account of Edward S. Greenbaum, Esq., Trustee in Bankruptcy, In the Matter of Aktiebolaget Kreuger & Toll, US District Court, Southern District of New York, Oct. 24, 1936, at 25-7.
55 “Kreuger’s ‘Empire’ Reviewed by Bank,” The New York Times, Oct. 24, 1945, at 29.
56 “Bankers at Work,” Time, May 23, 1932.
57 “High Finance: The House of Matches,” Time, Nov. 5, 1945, at 89.
58 “Match Creditors Realize 51.5%,” The New York Times, Nov. 16, 1937, at 37.
59 “Kreuger Creditors to Get 23% Dividend,” The New York Times, Mar. 2, 1937, at 36.
60 Princeton, Box 1, Fifth Intermediate Report and Account of Edward S. Greenbaum, Esq., Trustee in Bankruptcy, In the Matter of Aktiebolaget Kreuger & Toll, US District Court, Southern District of New York, Oct. 24, 1936, at 55, Exhibit 1.
61 Princeton, Box 1, Fifth Intermediate Report and Account of Edward S. Greenbaum, Esq., Trustee in Bankruptcy, In the Matter of Aktiebolaget Kreuger & Toll, US District Court, Southern District of New York, Oct. 24, 1936, at 51; “Untermyer to Sift Kreuger Concerns,” The New York Times, Apr. 23, 1932, at 23.
62 “Bankers at Work,” Time, May 23, 1932.
63 “Bankers at Work,” Time, May 23, 1932.
64 “Many Banks Hold Kreuger Securities,” The New York Times, Aug. 13, 1932, at 19.
65 “Kreuger’s Brother Sentenced to 3½ Years at Hard Labor,” The New York Times, Dec. 18, 1932, at 1.
66 “Acquitted in Kreuger Case,” The New York Times, Jan. 28, 1933, at 7.
67 “Says Power Sapped Reason of Kreuger,” The New York Times, Apr. 22, 1932, at 5.
68 “Albert Berning, Accountant, 84,” The New York Times, Oct. 20, 1970.
69 Princeton, Box 2, Anders Jordahl and Mary D. Jordahl v. Irving Trust Company, et al., United States Circuit Court of Appeals for the Third Circuit Dec. 19, 1933, at 2-3
70 Princeton, Box 2, safe deposit box records, undated.
71 Princeton, Box 2, transcript of telephone conversation between Anders Jordahl and Edward Greenbaum, Mar. 15, 1935, at 1.
72 “The Real Estate Field,” The New York Times, Mar. 17, 1915, at 18.
73 “Durant, Financier, Dies on Elevated,” The New York Times, Aug. 12, 1941, at 20.
74 “Three are Arrested in Kreuger Inquiry,” The New York Times, Apr. 16, 1932, at 2.
75 Princeton, Box 14, translation of statement by A.B. Kreuger & Toll, Oct. 2, 1934, at 39.
76 Princeton, Box 14, translation of statement by A.B. Kreuger & Toll, Oct. 2, 1934, at 4-6, 18-24, 35, 41, 104-10; “Kreuger’s Board Sued in Sweden,” The New York Times, Oct. 16, 1932, at 26.
77 Rydbeck, at 322.
78 “Kreuger’s Board Sued in Sweden,” The New York Times, Oct. 16, 1932, at 26.
79 Whyte, at 466.
80 Allen, at 89.
81 “Alfonso Denies Deal,” The New York Times, Apr. 20, 1932, at 5.
82 “Stockholm Suspects Kreuger Blackmail,” The New York Times, Apr. 18, 1932, at 8.
83 “Kreuger Gift Ousts Premier of Sweden,” The New York Times, Aug. 7, 1932, at 3.
84 “600 Dealers Here Sold Kreuger Issue,” The New York Times, Jun. 21, 1932, at 33.
85 Riksarkivet, vol. 806, Alexis Aminoff Office Accounts.
86 Riksarkivet, vol. 805, Alexis Aminoff Special Accounts.
87 Riksarkivet, vol. 805, Alexis Aminoff Special Accounts.
88 Flynn, at 37.
89 “How Kreuger Myth Swayed Banks Told,” The New York Times, May 12, 1932, at 5.
90 Stoneman, at 139.
91 “The Diamond Match Co.,” at 170.
92 “Lee Higginson Men Quit Kreuger Group,” The New York Times, May 20, 1932, at 42.
93 Sven-Hugo Borg, “The Only True Story of Greta Garbo’s Private Life,” http://www.greta-garbo.de/private-life-of-greta-garbo-by-sven-hugo-borg/22-greta-garbo-and-the-match-king.htm.
94 Barry Paris, Garbo (Alfred A. Knopf, 1995), at 179.
95 Barry Paris, Garbo (Alfred A. Knopf, 1995), at 283.
96 Barry Paris, Garbo (Alfred A. Knopf, 1995), at 285.
97 Barry Paris, Garbo (Alfred A. Knopf, 1995), at 286.
98 “Paris Denies Hoax in Kreuger Suicide,” The New York Times, Apr. 19, at 5.
99 “People,” Time, Jun. 17, 1935.
100 Thompson and Gates, at 6.
Chapter 14
1 Stoneman, at 45.
2 Soloveychik, at 65.
3 Churchill, at 29.
4 “The Kreuger Saga,” at 564.
5 Stolpe; Ångström.
6 Thunholm, at 231.
7 See “Ivar Kreuger: The Prince of the First Global Finance State,” http://www.qikrux.com/kreuger/.
8 Shaplen, at 229.
9 “Kreuger Truly Dead, Say French Police,” The New York Times, Mar. 19, 1933, at 31.
10 Lazar, at 46.
11 Lazar, at 46.
12 Soloveychik, at 47.
13 “Al Capone Bound for Atlanta Prison,” The New York Times, May 4, 1932, at 1.
14 Lambert.
A note on sources and acknowledgements
1 Galbraith, “How to Become an International Swindler.”
INDEX
A
Accounting Review, The
Alfonso XIII, King of Spain
Algiers
Algonquin Round Table
Allen, Frederic W.
American Institute of Certified Public Accountants
American Kreuger & Toll (company)
American Shipbuilding Company
American Woolen Company
America’s Cup
Aminoff, Alexis
Aquitania (ship)
Archbold, John D.
Armour and Company
Associated Gas and Electric Company
Associated Gas and Electric Securities Corporation
B
B Shares: IK introduces
Barr Cohen (brokers)
Barrault, Jeannette
Baruch, Bernard
Bawl Street Journal
Behn, Sosthenes
Belgium: match manufacture
Berengaria (ship)
Bergström, Paul U.
Berning, Albert D. (A.D.): audits International Match accounts; and sale of International Match’s gold debentures; and International Match’s financial statements; relations with IK; unaware of International Match losses; kept in ignorance of Garanta and Continental; European summer vacation with wife; adjusts IK’s figures for Wisconsin investigators; charges IK separately for consulting work; unease over Garanta’s debt to International Match; accepts IK’s Swedish audit; and inspection of IK’s Swedish operations; IK’s supposed confiding in; meets Wendler in Sweden; and IK’s offer of loan to France; and application for International Match’s listing on New York Stock Exchange; and Metropolitan Life Insurance Company; and Durant’s questioning Kreuger & Toll’s financial statements; nervous breakdown on summer trip to Stockholm (1929); gifts from IK; partnership in Ernst and Ernst; inspects IK’s businesses throughout Europe; and transfer of profits between International Match and Swedish Match; visits Stockholm unannounced; IK sends income statements to; and International Match’s marketable securities; supports IK; and merger between L. M. Ericsson and IT & T; inspects documents in Stockholm; and IK’s collapse; and IK’s final trip to Europe; submits invoices to IK; testifies at investigation into IK’s affairs; later career; and IK’s death
Berning, May
Bervillier, Antoine
Bickel, Karl
Blackstone, F. Gordon
Bökman, Karin: as IK’s personal secretary; witnesses Polish deal; IK keeps secrets from; in Match Palace; in Paris with IK; notices changes in IK’s personality; and IK’s negotiations in Italy; and IK’s not seeing Berning; IK sends money gift to; opens IK’s safe; and IK’s thou
ghts of suicide; and IK’s death; retires
Boliden mine, Sweden
Bolivia
Bond Club, New York
Boselli, Giovanni
Brazil
Bremen (ship)
Briand, Aristide
Britain: abandons gold standard
Brown, John C.
Bruce, Nigel
Brüning, Heinrich
bucket shops
Buffett, Warren
Bulgaria
C
Capone, Alphonse
Churchill, (Sir) Winston
cinema
Coca-Cola International Company
Colwell, Chauncey P.
Companhia Brasileira de Phosphoros
Compañia Arrendataria de Fosforos (CAF)
Congressional Country Club, New York
Continental Investment Corporation: formed; IK transfers money to from International Match; inactive role; Durant ignorant of; IK claims French deposit in; fails to record dividends; Berning requests accounts from Wendler; size; IK transfers French money to; International Match receives income from; assets
convertible debenture derivatives
Coolidge, Calvin
Corsair (ship)
Credit Suisse
Cross & Cross (architects)
Curb Market
D
Danzig
Dawes, Charles G.: plan for German economy
Diamond Match Company
Dillon, Clarence
Dillon Read & Co.
Drexel Burnham Lambert
Durant, Donald: appearance and style; and IK’s arrival in New York ; reputation; background; elected partner in Lee Higginson; playboy youth; and IK’s proposed European match monopoly scheme; entertains IK; and audit of International Match; grants extra powers to IK; and increased investment in International Match after Polish deal; and participating preferred shares in International Match; questions International Match’s financial statements; unaware of details of IK’s dealings; denied sight of Garanta contract; requests annual reports from International Match; requests inspection of IK’s Swedish factories; Berning discusses trip to Sweden with; and IK’s proposed French loan; supports IK’s application for listing on New York Stock Exchange; on Metropolitan Life Insurance Company; questions IK’s company financial statements and organisation; IK rewards; suspicion of Berning; new securities issue for IK; and crash of 1929; and IK’s optimism in great crash; and IK’s German loan; sailing; relations with IK; and IK’s negotiations with Italy; and IK’s put back pledge on American Certificates; IK requests raising extra 50 million dollars for International Match; questions International Match’s marketable securities; and proposed Ericsson-IT & T merger; requests more detailed reports from IK; engagement and marriage; forms syndicate; and IK’s shares in Boliden mines; supports IK; and failed IT & T deal; visits IK with Murnane; travels to Europe on Ile de France; and IK’s suicide; criticized by investigators of IK’s affairs; International Match trustees demand 35.8 million dollars from; later career and death