Word: sweringens
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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...
Immediately above Chesapeake Corp. in the fantastic Van Sweringen pyramid was Alleghany Corp. Robert Young bought control of Alleghany (TIME, May 3, 1937) and proposed merging it with Chesapeake. His idea was that the owners of 667,539 shares of Alleghany preferred-including several potent friends of Guaranty Trust-should surrender their stock and their right to accumulated dividends of $33 per share in exchange for a new type of preferred and common-stock warrants. This plan was thwarted by Guaranty, which held Alleghany's 71% interest in Chesapeake as collateral for Alleghany bonds in technical default...