Word: sweringens
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Observed in proper legal form in Baltimore last week were stockholders' meetings in two spinal column holding companies of the erstwhile $3,000,000,000 Van Sweringen rail and real-estate empire, Alleghany Corp. and Chesapeake Corp. Proxies prosaically were cast to elect as directors the new controlling interests in Alleghany Corp. At the same time in Manhattan, Stockbrokers Robert Ralph Young and Frank Frederick Kolbe were sitting down with George A. Ball to complete the transaction by which the 74-year-old Muncie, Ind. fruit-jar manufacturer stepped down as the dominant figure in the Van Sweringen picture...
...Stockbroker Young's swank Park Avenue apartment that evening, Manhattan financial writers got a further taste of how the self-styled "babes" in the Van Sweringen corporate woods do business. After munching sandwiches and drinking coffee in Mr. Young's tapestried dining room, newshawks met short, grey Frank B. Bernard of Muncie's Merchants National Bank, who will represent the Ball Foundation on Alleghany Corp.'s board. Next to be introduced was ruddy-faced, bald-pated Charles Leininger Bradley, chairman of the Erie R. R. and one of the late Oris Paxton Van Sweringen...
...surprise guest at the party was one of the Interstate Commerce Commission's investigators, H. G. Cunningham, currently helping Montana's Senator Burton Kendall Wheeler in collecting pages for the annals of Van Sweringen railroad financing. Like the newshawks, Mr. Cunningham was free to see what was going on in Alleghany Corp. The next day Messrs. Young, Kolbe & Kirby were due in Washington for a session with Senator Wheeler's investigating committee. Said Mr. Young at his party: "We have nothing to hide...
Every alert newshawk knew that George Alexander Ball, the 74-year-old Muncie, Ind. fruit-jar maker, had been listening attentively to offers for the stocks by which he controlled the $3,000,000,000 Van Sweringen rail and real-estate empire (TIME, April 19). They knew, too, how for a mere $3,121,000 old Mr. Ball and his friend George A. Tomlinson, the Great Lakes ship operator, had bought that control from a Morgan banking group at the most spectacular auction in Wall Street history; how Mr. Ball had expected the Vans to make a comeback...
...Second biggest line, with 47 ships, is Interlake Steamship Co., an affiliate of old & famed Pickands-Mather & Co., coal & iron. Notable among independent companies is the Tomlinson Fleet, founded in 1901 by Cleveland's crotchety George Ashley Tomlinson, 71, colleague of George A. Ball in the great Van Sweringen Deal (TIME, Dec. 14 et seq.), whose transportation interests were further enlarged fortnight ago when he became chairman of Missouri Pacific R. R. One of the 13 Tomlinson freighters is named Ball Brothers...