Word: optional
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Dates: during 1930-1939
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...ought to be paid $20,000 a year, given lifetime jobs, if Congress was determined to give any men such powers. He filed 28 typed pages of suggested changes in the bill. Sears, Roebuck's President Robert E. Wood felt that instead of permitting the Board at its option to employ advisers in fixing wages & hours for a particular industry, they should be compelled to appoint advisory wage committees...
Last week George Austin got an offer he could ill afford to refuse. To a syndicate of Texas oilmen he leased the Jumbo for 35 years with an option to buy it outright within 20 years for a cool $10,000,000. Under the lease the Austins will get from 10% to 20% of gross production, depending on the grade of the ore, but in no case less than $100,000 per year. Mr, Austin also stipulated that should the option be exercised, the $10,000,000 must be paid in instalments of not less than $1,000,000 annually...
...included that road in the Chicago & North Western system but specifically disapproved its linkage with C. & O. This, it appeared last week, was no deterrent to the Van Sweringens. In January 1930, Chesapeake & Ohio paid $5,000,000 to the Boston brokerage house of Paine, Webber & Co., for an "option" on controlling securities in C. & E. I. Paine, Webber & Co., which did not then own the stock, proceeded on the same day to buy it from Guaranty Co., which had just bought it from Guaranty Trust Co., which had in turn made the actual purchase from the estate...
...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 account wondered whether or not it would be possible for you to arrange that we should receive...
...Senator Wheeler the "option" was a "slick scheme" by which the Vans avoided having to get ICC's approval of C. & E. I.'s purchase until it was too late for ICC to act. On the stand, C. & O.'s old Chairman Herbert Fitzpatrick could only reply that it had been "necessary to operate that way at the time." Snorted the incensed Senator: "If the Interstate Commerce Commission lets the railroads get away with this kind of deal, we ought to have some new commissioners down there...