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NEW YORK 1921 L.R. Steel Company Inc. Stock Certificate BUFFALO
$ 41.71
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Description
The company was incorporated in Delaware in 1919.Dated November 21, 1921.
The company was named for its principal Leonard R. Steel. Its business was located in Buffalo NY.
It was not involved in steel production as the name suggests. It ran a chain of low cost stores that was an early competitor to Woolworth's, owned Steel Cafeterias and purchased a local Buffalo candy company called Mary Lincoln Candy Company. It grew the candy company to 500 stores and 5 candy factories around the country. The Steel company filed for bankruptcy in 1923 with debts of 26 million and its principals were investigated for wrong-doing. The candy company survived into the 1950's.
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