What Is It?
It's an educational chemistry set for young Lads which included 56 different chemicals with which to do experiments.
What Happened?
Well among the 56 chemicals offered this included: hydrochloric acid, formaldehyde, ammonium nitrate (used for explosive devices), and potassium permanganate (which is poisonous and flamable). Oh not to mention it gave instructions on how to actually make explosive devices....but at least it recommends that Boys not try this on a larger scale.
Aftermath?
The Gilbert company was done for by the '70s due to a bunch of lawsuits (no kidding) for their variety of dangerous toys.
Links:
http://www.cracked.com/article_19481_the-8-most-wildly-irresponsible-vintage-toys_p2.html
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