Word: sweringen
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...losing interest, nor is the investigation likely to peter out. With plenty of money left out of a $150,000 appropriation last March, the committee this week will turn to the affairs of either Pennroad or Chicago, Milwaukee, St. Paul & Pacific, next on its list after the old Van Sweringen network...
During Chairman Wheeler's absence his place has usually been taken by Senator Harry S. Truman of Missouri, whose practice has been to sit ruminating while the committee's lawyers ran the Van Sweringen show. But a time has come in almost each day's testimony when Senator Truman has felt impelled to bring his palms down whack on the green covered committee table and speak his mind-in virtually identical terms: "These hearings have very plainly brought out that holding companies and New York bankers are not the proper people to run the railroads. ..." Last week...
...Shrewd, grey-haired Robert Ralph Young, who called himself and partners "babes in the woods" when they bought control of Alleghany Corp. from George A. Ball (TIME, May 3), insisted again that he could simplify the Van Sweringen pyramid more painlessly than could Congress. First step, said he, would be elimination of Alleghany Corp., not Chesapeake Corp. as he had announced fortnight before. But Babe Young appeared for the first time genuinely starry-eyed when he confessed that he had never heard of the classic 1,800-page report on railroad holding companies made in 1931 by ICCommissioner Walter Marshall...
...Washington last week the Interstate Commerce Commission heard with apparent favor Chesapeake & Ohio Railway's plan to acquire direct control of the Erie and Nickel Plate to tighten two loose strands in the old Van Sweringen network. C. & O.'s past connections with another strand, Chicago & Eastern Illinois, meanwhile came under the pained scrutiny of Montana's Senator Wheeler and his committee investigating railroad finance. The evidence provided the Senator with his best illustration to date of how the late exceptional Brothers "Van" dummied their way through deal after deal to get what they wanted in spite...
After Francis Ward Paine of Paine, Webber admitted that while his firm held title to the stock it acted "practically as a dummy" for the Van Sweringens, Senator Wheeler produced a letter written to O. P. & M. J. Van Sweringen in March 1930, by Joseph R. Swan, then president of Guaranty Co. Mr. Swan's letter, introduced to prove that C. & O. really acquired no option but immediate control of C. & E. I., was an interesting sidelight on the dummy deal. Wrote he: "I very much need some profit for the Guaranty Co. in this quarter, and on that...