Word: sweringens
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Dates: during 1930-1939
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...succeed Northern Pacific's late Charles Donnelly is the job of big (225 Ibs.), reserved, ironhanded Charles Eugene Denney (59), taken from the presidency of the bankrupt Erie. It was the late, smart Railroader John J. Bernet (chief operating officer for the Van Sweringen railroad empire) who first saw that Charlie Denney had something. Son of a master watchmaker, Charlie Denney moved from newsboy to Penn State to Union Switch & Signal Co., through a multitude of railroad jobs to general manager of the Nickel Plate. Then Bernet took him to Erie, left him there as president when he went...
Though very much of a power in Indiana, George A. Ball, glass-jar tycoon of Muncie, was practically unknown when Oris Paxton Van Sweringen and Mantis James Van Sweringen called upon him in 1935. "0. P." and "M. J." were $50,000,000 in the hole and J. P. Morgan & Co. was about to auction their $3,000,000,000 railroad empire. At the auction George A. Ball bid in the empire for a mere $3,121,000. He was not a railroad man; he bought it for the Vans to run. But within a year the amazing brothers both...
Recession intervened, and Manhattan's Guaranty Trust Co., exercising its rights as trustee for Alleghany's bondholders, blocked Robert Young's plans for reorganizing the Van Sweringen holding companies. Although hardly a week passed without spectacular attacks from Financier Young, Guaranty gradually squeezed him out of practically all say in the management of the railroads...
...than a year Manhattan's Guaranty Trust Co. has been smoothly squelching Financier Robert Young in a spectacular battle for control of the rich Chesapeake & Ohio Ry. (TIME, April 25 et seq.). Robert Young controlled the common stock of Alleghany Corp., top holding company of the oldtime Van Sweringen railroad domain. But Guaranty was trustee for three Alleghany bond issues under an indenture which specified that whenever the collateral (including Alleghany's C. & O. holdings) behind them fell below 150% of their face value, the bank could impound it. When the collateral so fell, the bank impounded...
...Sweringen, Richard Whitney, George H. Howard, et al., headed by the matchless act of J. P. Morgan & the Midget...