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...grin, but keeping his own counsel, close-mouthed Howard Hopson reached far & wide. By 1938, Associated had bought or formed some 500 corporations. The top of the pyramid had been jacked far into the sky as Builder Hopson shoved more operating companies into the base, inserted sub-holding companies near its apex. At one time, some bottom operating companies had to feed through eleven layers to get their tribute to the capstone. Today Associated's assets are booked at more than $1,000,000,000. After attempts at simplification, it still has 18 holding companies, stacked as deep...
...tome on the mathematics of the pyramid about the time Associated called. He was hired at $10,000 a month, but it was not certain whether he would get more than one month's pay. Unless RFC granted a $26,500,000 loan to Associated's sub-subsidiary NY PA NJ Utilities Co. (Nypan), unless SEC allowed Associated's No. 1 subsidiary (Associated Gas & Electric Corp.) to pass $557,000 up to the top of the pyramid as dividends or as interest on a note for $71,800,000 Associated was headed for bankruptcy...
...cases was no. RFC refused its loan. SEC ruled that the No. 1 subsidiary could not pay Associated the necessary sum because it had not been earned. This decision Mr. Whiteford had seen coming because he well knew that SEC was more concerned about Associated's operating and sub-holding companies (with outstanding securities of $539,139,000 in the hands of the public) than it was about Associated at the top of the heap...
...Sub-Debutante Gloria Laura Morgan Vanderbilt, who will be 16 in February, Surrogate's Court allows $25,750 a year for personal expenses...
...Turkey in 1915, Swing covered the Dardanelles attack. Later, crossing the Sea of Marmora on a Turkish freighter, the Nagara, he made a legend for himself. The freighter was overhauled by a British submarine. A Nagara officer frantically signaled Swing to do the talking. "Who are you?" demanded the sub commander, meaning "what ship?" Said the excited American landlubber: "I am Raymond Swing, of the Chicago Daily News." Kipling used it in his story of British subs...