Word: controlled
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Dates: during 1930-1939
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...think Houdini could have done anything more phenomenal than the Van Sweringens did," scoffed Senator Wheeler. "They regained control of their vast empire without putting up a five-cent piece." Mr. Ball, unexpected inheritor of the Van Sweringen empire, had to confess time & again that he did not even know what kind of business many of the 286 Van Sweringen corporations were engaged in. He had put its management in the hands of Herbert Fitzpatrick, Van Sweringen attorney...
Just before the 1929 stockmarket crash the Vans bought from the Armour and Swift packing interests certain terminal and belt line railroad properties in North Kansas City and St. Joseph, Mo. The price was about $19,000,000. In the next few months the Vans bought control of Missouri Pacific...
What happened was that three Dallas lawyers put up a little of their own money, borrowed $2,400,000 from Southwestern Life, bought General American from Mr. Milton's Equity Corp., thereby gaining control of Southwestern Life with its own money-since General American controlled Southwestern. Mr. Milton was unable to satisfy the Committee that there had been no pressure applied by Equity Corp. to make Southwestern make the $2,400,000 loan. Equity's profit in the deal was $425,000. Of the excursion of Investment Truster Milton and his associates into General American, old Congressman Sabath...
...investment trust's activities, SEC Counsel David Schenker drew from Mr. Rockefeller's son-in-law the story of how he got into Equity Corp. For $41,000 cash and 19,000 shares of an inactive insurance stock, Mr. Milton and Ellery Huntington Jr. eventually acquired control of Equity, which managed companies with assets of $218,000,000. Mr. Milton's cash stake...
First he and his associate bought control of Consolidated Funds Corp., an investment trust which controlled Oceanic Insurance Co., which owned a quarter of Equity Corp. Then Underwriters Equities, a trust controlled by Mr. Milton, sold $900,000 worth of insurance stocks to a company managed by Equity, and the proceeds were used to buy control of Equity. Thus, a $13,000 cash buy into Consolidated Funds plus Equity's own money put Mr. Milton into Equity. Said Lawyer Schenker: ''[It's] a Van Sweringen operation in the investment trust field." After detailing various operations...