Word: controlled
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Dates: during 1930-1939
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Opening his show with a public dissection of the Van Sweringen railroad pyramid, the Senator at first plugged the theme: how little the Cleveland bachelors owned, how much they controlled. His star witness was George Alexander Ball, whose name is a household word to millions of farmers' wives who put up their preserves in his "Ball Perfect Mason" jars. Mr. Ball, a pale, grey-mustached septuagenarian with a frosty fringe around his bald cranium, told how he and Cleveland's George Ashley Tomlinson, to whom the late O. P. Van Sweringen appealed for aid in 1935, formed Midamerica...
...that State. He got it by agreeing to share it with silver-bearded Chairman Henry Latham Doherty of Cities Service Co., just as he got his great holding company, Consolidated Oil Corp., on shares with the Rockefellers in 1932. Oilman Sinclair's triumph was the acquisition of working control of Richfield Oil Co. in a reorganization whose long-drawn negotiations began as soon as Richfield went into receivership...
...West Texas Company called Rio Grande Oil, which had a branch in California. Rio Grande soon slid to the brink of receivership and Oilman Sinclair denied that he had anything to do with the company. Just ten months later, however, Harry Sinclair's new Consolidated Oil Corp. acquired control of Rio Grande with the help of Elisha Walker's Interstate Equities Corp. in a deal which has since aroused the curiosity of the Securities & Exchange Commission. Thus, at about the time Richfield was succumbing to overexpansion and mismanagement, Sinclair got his first sizeable foothold in the California market...
There, directly beneath the Giannini throne, Banker Mount watched the start & finish of the Depression battle for control of Transamerica, which owns among many other things Bank of America. Protagonists in this historic struggle were Amadeo Peter Giannini and Elisha Walker, who entered Transamerica by way of its investment banking affiliate, Bancamerica-Blair, Mr. Walker having been head of the Blair part. Banker Walker and Banker Giannini differed on a fundamental point. It was Mr. Walker's theory that banks should be divorced from holding companies. Mr. Giannini had spent a great deal of effort doing just the opposite...
...years, Banker Giannini now had a comfortable minority of nearly 3,000 of the 12,000 shares outstanding. Promptly Banker Giannini started to round up more, by last month driving the price to $450 bid. Thoroughly alarmed, Banker Mount & friends pooled their holdings of 6,491 shares-held control-agreeing not to sell to Mr. Giannini's Transamerica at any price. Banker Giannini offered $550 per share to the pool for enough stock to give him control, was reported to have offered as high as $1,000 to individual members...