Word: optionally
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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...
...current number of the "Nation", Lamb, who is now teaching at Williams, places the responsibility for the trouble on President Conant. He claims that it is an "open secret" that President Conant is out of sympathy with the social sciences in the university and that this biased option is intensified by the members of the Harvard Corporation, namely five corporation lawyers and a fashionable physician who are out to avoid all unfavorable publicity...