Fallen Comet

Word of the spectacular Chicago business team of Bertram James Grigsby and William Carl Grunow spread into Wall Street in the late days of the Bull Market. Mr. Grigsby was a precise, poker-faced operating man. Mr. Grunow was an explosive, moon-faced salesman. Together they ran, in a belligerently unorthodox manner, Grigsby-Grunow Co., makers of Majestic radios and electric iceboxes. Unlike most makers of radios and electric refrigerators, they made money hand over fist. In the clear blue firmament of 1929, Grigsby-Grunow stock was a comet.

Early in 1931 Depression sniffed at the Grigsby-Grunow door. As a price for their aid the bankers insisted that shouting, swearing Mr. Grunow get out. He did. Last week Depression strolled boldly into the Grigsby-Grunow house. Protesting that it was perfectly solvent, Grigsby-Grunow was petitioned into receivership. Liabilities, petitioners claimed, were $5,200,000 exceeding current assets of $4,150,000 although total assets were $14,000,000.

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