5 Great Depression Success Stories

Hulton Archive/Getty Images
Hulton Archive/Getty Images

The news about the economy continues to be glum, which makes you wonder if any industry or business could possibly be doing well in such a crummy financial climate. While it might not be easy, it's certainly possible to succeed in a slumping economy. Just take a look at these entities that faced serious challenges during a much bigger fiasco, the Great Depression, and lived to tell about it.

1. Floyd Bostwick Odlum

Many investors lost everything during the market crash of 1929 because they has mistakenly assumed Wall Street's good times were never going to end. Odlum, a former corporate attorney who had cannily turned $39,000 into a multimillion-dollar fortune by investing in utility companies, didn't like the way he thought the markets were moving, though. He cut bait on stocks in an effort to generate cash before the market crash he thought was coming.

When the crash came, Odlum had millions in cash on hand, an enviable position in a cash-starved market. He began swooping in to buy up failing companies at drastically reduced prices and then consolidating or spinning their assets for more cash. It sounds like a pretty simple model, but it was so effective it made Odlum one of the ten wealthiest men in the country and earned him the title of "possibly the only man in the United States who made a great fortune during the Depression."

2. Movies

The beginning of the Great Depression in late 1929 came at a particularly inopportune time for the film industry, which had recently evolved with the 1927 release of The Jazz Singer, a milestone talkie. Just as the industry seemed to be gaining momentum, unemployment shot up and the sort of disposable income one uses for little luxuries like going to the movies steeply declined. Early in the economic crisis, many moviehouses had to close their doors due to the decreased traffic, and most of the once-profitable studios started turning losses in the 1930s.

Faced with this glum market, the film industry got creative. To give customers maximum bang for their scant bucks, theaters cut ticket prices by 50% or more and started giving patrons two features for the price of one ticket. These double features propped up demand for cheaply made B movies, and smaller studios stayed afloat by banging out these quick products.

Theater owners resorted to even more desperate hucksterism, though. During the Depression it was fairly common for theaters to use giveaways to fill their seats. Promotions like "Dish Night" in which any woman who attended got a free dinner plate, cash door prizes, and silverware giveaways where each trip to see a flick got you closer to having a complete set of flatware helped buoy up attendance. Although box-office takes swooned to $480 million in 1933, they slowly climbed back up to $810 million by 1941, in part due to these disaster-management tricks.

3. Procter and Gamble

The Great Depression was trying for most consumer product companies, but Procter and Gamble came out of the whole ordeal smelling better than it had in 1929. How did the soap giant beat the Depression? Things were tough at first when mainstay grocery customers started cutting their orders and inventories piled up. P&G apparently realized that even in a depression people would need soap, though, so they might as well buy it from Procter and Gamble.

Thus, instead of throttling down its advertising efforts to cut costs, the company actively pursued new marketing avenues, including commercial radio broadcasts. One of these tactics involved sponsoring daily radio serials aimed at homemakers, the company's core market. In 1933 P&G debuted its first serial, Oxydol's Own Ma Perkins, and women around the country quickly fell in love with the tales of the kind widow. The program was so successful that P&G started cranking out similar programs to support its other brands, and by 1939, the company was producing 21 of these so-called "soap operas." In 1940 the company started its own production division for soap operas, and in 1950 it made the first ongoing television soap opera, The First Hundred Years.

P&G's share price is currently trading at about $20 below its 52-week high, so maybe it's time for the consumer goods behemoth to go back to what works. Might we suggest YouTube videos involving the antics of adorable babies?

4. Martin Guitars

Like movies, musical instruments would seem to be a vulnerable industry in a down economy, but venerable acoustic guitar maker Martin made it through the Depression using a number of strategies. The company stuck to its principle of not giving high-volume retailers discounts, which maintained its relationship with smaller dealers and cemented the company's image as a square dealer.

Martin also started offering new, less expensive models that went on to enjoy great popularity. The "dreadnought" body style was one of these triumphs; it included a larger, deeper body that provided more volume and bass resonance. Martin introduced its first archtop guitar in 1931, and the company also revolutionized its designs by using 14-fret necks on its guitars. These technical changes, coupled with Martin's dedication to giving its customers high-quality instruments at reasonable prices, helped keep its sales up throughout the Depression.

5. Brewers

The Depression was hard enough for most companies, but the nation's brewers had it especially bad. Sure, money was tight, but brewer's core product, beer, wasn't even legal. During national Prohibition from 1920 to 1933, about half of the country's breweries closed their doors for good, but the rest stuck it out hoping for a repeal. How did these brewers make ends meet during the Depression when they couldn't sell suds to the distressed 25% of workers who didn't have jobs?

By diversifying. And then diversifying some more. Brewers started running dairies, selling meat, and venturing out into other agricultural enterprises. Brewers were also allowed to make "near beer" that had only trace amounts of alcohol, but the Depression killed off consumer demand from 300 million gallons in 1921 to just 86 million gallons in 1932. Breweries also started applying their expertise to non-alcoholic tipples like ginger beer; during the Depression there were upwards of 300 breweries making the spicy soft drink. Frank Yuengling, who headed the brewery of the same name outside of Philadelphia, remained confident that Prohibition was just a phase, and he personally diversified widely, including a foray as a bank president and opening a dance hall.

In the end, waiting out the storm by diversifying (and maybe brewing some illicit beer on the side) turned out to be a sound strategy. According to a 2005 survey of the American brewing industry, eight of the 10 largest brewers in the U.S. are pre-Prohibition brands that survived through the Depression.

16 Soothing Facts About Muzak

Keith Brofsky/iStock via Getty Images
Keith Brofsky/iStock via Getty Images

Whether you know it as background music, elevator music, or, as Ted Nugent once called it, an “evil force causing people to collapse into uncontrollable fits of blandness,” Muzak has ruled speakers for the better part of a century. Press play on your favorite easy-listening album and scroll on for some unforgettable facts about the most forgettable genre of music.

1. Muzak is a brand name.

Much like Chapstick, Popsicle, and a certain type of vacuum-sealing plastic food container, Muzak is a registered trademark. It began as the name of the company that first produced the easy-listening instrumental tunes that played in factories, elevators, and department stores. As its popularity grew, people started to use Muzak as a generic term for all background music.

2. Muzak was invented by a U.S. army general.

Major General George Owen Squier
Library of Congress // Public Domain

During World War I, Major General George Owen Squier used electrical power lines to transmit phonograph music over long distances without interference. He patented this invention in 1922 and founded Wired Radio, Inc. to profit from the technology. The company first devised a subscription service that included three channels of music and news and marketed it to Cleveland residents for $1.50 per month. When Squier and his associates realized their product was a little too close to regular (free) radio, they started pitching it to hotel and restaurant owners, who were more willing to pay for a steady broadcast of background music without interruptions from radio hosts or advertisements.

3. The name is a portmanteau of music and Kodak.

In 1934, Squier changed the name of his business from Wired Radio to Muzak, combining the first syllable of music with the last syllable of Kodak, which had already proven to be an extremely catchy, successful name for a company.

4. Muzak has been releasing instrumental covers of pop songs since its inception.

The first-ever original Muzak recording was an instrumental medley of three songs performed by the Sam Lanin Orchestra: “Whispering,” by John and Malvin Shonberger, “Do You Ever Think of Me?” which was covered by Bing Crosby, and “Here in My Arms,” by Lorenz Hart and Richard Rodgers from the 1925 Broadway musical Dearest Enemy.

5. Muzak was briefly owned by Warner Bros.

The sound of Muzak was wafting across the country by the end of the 1930s, which caught the ears of Warner Bros. The company bought Muzak in 1938, fostered it for about a year, and then sold it to three businessmen: Waddill Catchings, Allen Miller, and William Benton (Benton would later publish the Encyclopaedia Britannica and serve as a U.S. senator for Connecticut).

6. Muzak was designed to make factory workers more productive.

Muzak manufactured soundtracks, based on a theory called “stimulus progression,” that consisted of 15-minute segments of background music that gradually ascended in peppiness. The method was meant to tacitly encourage workers to increase their pace, especially during the productivity lulls that often occurred during the late morning and mid-afternoon.

7. Muzak helped calm anxious elevator passengers.

Since more advanced electric elevators diminished the need for elevator operators in the mid-20th century, passengers were often left alone with an unsettling silence that made them all too aware that they were hurtling upward or downward in a steel box. Soft, calming Muzak played through speakers offered the perfect distraction.

8. There’s a reason Muzak's tempo is slower in supermarkets.

Just like factory workers might move faster while listening to fast-paced tracks, you might slow down while shopping to slower-tempo Muzak—which is exactly what supermarket owners want you to do. The more time you spend in a store, the more likely you are to toss a few extra snacks in your cart. (It's unclear whether the slower music might inhibit the productivity of supermarket workers.)

9. More than one U.S. president endorsed Muzak.

Muzak was installed in the White House during Dwight D. Eisenhower’s administration, but he was arguably only the second biggest presidential fan of the genre. Lyndon B. Johnson actually owned Muzak franchises in Austin while serving as a U.S. Senator from Texas.

10. Andy Warhol was also a fan of Muzak.

Andy Warhol
Graham Wood/Evening Standard/Hulton Archive/Getty Images

Pop culture aficionado Andy Warhol supposedly said, “I like anything on Muzak—it’s so listenable. They should have it on MTV.”

11. Ted Nugent offered to buy Muzak for $10 million to “shelve it for good.”

In 1986, the Whackmaster put in a bid to purchase Muzak from parent company Westinghouse just to shut it down. According to the Ottawa Citizen, he called it an “evil force” that was “responsible for ruining some of the best minds of our generation.” Westinghouse rejected the bid.

12. Muzak didn’t formally introduce vocals until 1987.

As part of a rebranding campaign to modernize Muzak, the company started adding voice-accompanied tunes in 1987. Before that, Muzak broadcasts had only featured voices twice. The first was an announcement that Iran had freed American hostages in 1981, and the second was as part of a worldwide radio broadcast of “We Are the World” in 1985.

13. 7-Elevens blared Muzak in parking lots to chase off loiterers.

7-Eleven storefront at night
Mike841125, Wikimedia Commons // Public Domain

In 1991, 7-Eleven parking lots in Southern California became well-trafficked watering holes for youth who evidently had no place else to go. To deter them from loitering with skateboards, beer, and lots of teen angst, the stores blared Muzak—and it worked. “It will keep us away,” one young loafer told the Los Angeles Times. “But they’re torturing themselves more than us because they have to sit inside and listen to it.”

14. Seattle is the capital of Muzak.

Though it's well known as the birthplace of grunge, Seattle also had a thriving elevator music scene. Muzak based its corporate headquarters there in the 1980s, and three other leading background (and foreground) music corporations opened in the city over the years: Yesco Foreground Music, Audio Environments Inc., and Environmental Music Service Inc.

15. Kurt Cobain wanted Muzak to cover Nirvana songs.

When an interviewer told the Seattle-based rock star that Muzak didn’t recreate Nirvana tracks because it found them too aggressive for its purposes, an amused Cobain said, “Oh, well, we have some pretty songs, too. God, that’s really a bummer. That upsets me.”

16. It’s no longer called Muzak.

In 2013, an Ontario-based sensory marketing company called Mood Media acquired Muzak. The company, which provides music, smells, signs, lights, and interactive displays to businesses to achieve a certain mood, consolidated all of its services under the Mood brand, effectively killing the Muzak name (at least officially).

The History Behind 7 New York City Street Names

deberarr/istock via getty images
deberarr/istock via getty images

Modern life means constantly rushing to get places, especially in New York. Whether it’s the daily grind to get to work or the rush to hit happy hour, residents are probably concentrating more on getting somewhere than carefully considering the details of their surroundings.

But next time you're in New York—or if you're a resident already—try looking up from your phone to take a peek at the street names above you. Along with your more common numbered designations and things like "Park Avenue," you’ll notice the city has some pretty strange denominations. Here are seven of the more eye-catching, and the brief history behind their names.

1. Asser Levy Place

Tucked between the generically named 23rd and 25th streets, Asser Levy Place stands out like a sore thumb. Located not far from Stuyvesant Town, this unassuming street bears the name for a pretty prominent historical figure.

Said to have been born in what is now Poland and Lithuania, Asser Levy was one of the first Jewish settlers to land in the predominantly Dutch New Amsterdam. The governor at the time, Peter Stuyvesant, was “violently opposed” to the freshly emigrated Jewish community, unhappy at the fact that they were now allowed to trade and reside within the area [PDF]. Levy was not only the first kosher butcher in the land but also the first Jew to gain rights of citizenship in the country. Additionally, Levy donated funds to help New York fight the British Crown, and eventually took up arms against the British himself.

2. Maiden Lane

The history behind Maiden Lane’s designation is just as picturesque as it sounds. Known to Dutch settlers as Maagde Paatje (or “maiden path”), this portion of land once ran alongside a brook where women and girls would wash clothing. There are darker associations with the area too, though: Maiden Lane also saw a brutal slave revolt in 1712.

Today the street is one of many centers of commerce for the city, although the concrete still holds remnants of the city’s more ornate past. Passersby can take a look at the Barthman Clock, a 19th-century timepiece embedded into the intersection of Maiden Lane and Broadway.

3. Mott Street

Located primarily in the heart of Chinatown, Mott Street’s modern associations aren’t the most flattering. Once the site of multiple crime scenes and illegal activities, the street has garnered a somewhat seedy reputation over time.

But before it became affiliated with the seedy underbelly, Mott Street had patriotic associations. Joseph Mott, the street’s namesake, owned a tavern used as headquarters for General George Washington in 1775. His descendants proved dedicated to equally worthy causes, with Dr. Valentine Mott rising to prominence as one of America’s most influential surgeons.

4. Pearl Street

Before the concrete jungle fully took over, the streets of New York were dominated by oysters. Due to their bountiful number, the shells of shucked clams would pile up into what archaeologists call middens—large piles of domestic waste that have survived the centuries. One particularly large heap was located on the modern-day Pearl Street, giving rise to the mollusk-related moniker. Oddly, however, these oysters were not the pearl-producing kind—although they dominated a good portion of the New York market for quite some time.

5. Minetta Lane

Speaking of water-related items, did you know a once-babbling creek was paved over by one of the city’s more famous streets? That’s right: Known to the Dutch as Mintje Kill or “small stream,” Minetta Brook was “[a] brisk little brook full of trout,” according to one 19th century source, that was covered by the city’s expansion around the 1820s. It was also where a community of “half free” African Americans resided in the 17th century—former enslaved people that were allowed to live on the land by paying annual fees.

6. MacDougal Street

MacDougal Street is known for its vibrant nightlife and for hosting the early days of Bob Dylan’s career. But it also holds claim to a not-so-well-known spelling error.

The street was named for one Alexander Mcdougall, a Scotsman who emigrated to what would become the United States as a child in 1740 and settled in New York. Mcdougall made a name for himself in the mercantile trade and shipping business and was an early defender of American independence. He openly voiced his opinions against British rule, and was even imprisoned for passing out revolutionary pamphlets. His colorful life saw him commissioned as a colonel in the First New York Infantry during the Revolutionary War, become a member of the Continental Congress, and rise as the first president of the Bank of New York. However, how or why the second L in his name was dropped in the naming of the street remains a mystery.

7. Margaret Corbin Drive

Located at the city’s far northern tip, Margaret Corbin Drive is named for a young Pennsylvanian woman whose tough life molded her into a tougher lady. Her childhood saw the death of her father by Native Americans and her mother’s capture soon after; years later, the British killed her husband during the Battle of Fort Washington. Margaret, who was standing by his side at the time, quickly took his place in the conflict by handling his cannon—receiving several bullets as a result.

The U.S. government recognized her bravery by providing her disability compensation (as well as rum and whiskey rations) for many years. Although sometimes remembered as a “haughty and disagreeable eccentric,” the affectionately called “Captain Molly” is forever memorialized by the street running along the site where her brave acts took place.

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