Word: midamerica
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...when they referred to themselves as "babes in the woods." The three: Brokers Robert R. Young and Frank B. Kolbe and a Woolworth company heir, Allan P. Kirby. Mr. Ball sold them 1,933,810 shares (43%) of the common stock in Alleghany Corp., the holding company just below Midamerica. This stock had cost Mr. Ball less than $270,000. He sold it for $4,000,000 cash, plus a $2,375,000 note payable May 5, 1939 and secured by 1,200,000 of the Alleghany shares...
...Wheeler committee during the Washington hearings on the Van Sweringen empire. Through all holding companies which have been, or would be, segregated or eliminated on completion of the Alleghany-Chesapeake merger, Mr. Young had drawn heavy black lines. Crossed out were 17 non-railroad holding companies and Midamerica Corp., the tiptop unit set up by Mr. Ball. Today The Chesapeake Corp. owns about 35.5% of the stock of Chesapeake & Ohio Railway Co., and Alleghany owns 71% of the stock of The Chesapeake Corp. After the merger new Chesapeake Corp. will be the holding company for all the railroad properties, only...
Ball the dominant figure; and finally how last month Mr. Ball suddenly transferred his stock in Midamerica Corp. to a new philanthropic trust, the George & Frances Ball Foundation. Now the George & Frances Ball Foundation had found buyers for its principal investment. All that...
...time to pass out a brief statement: "George A. Ball today announces the sale by the George & Frances Ball Foundation to Robert R. Young of New York, Allan P. Kirby of Wilkes-Barre, Pa. and Frank F. Kolbe of New York, of its Alleghany Corp. securities held by Midamerica Corp. and its interest in the Cleveland real estate. . . . He is impressed with the sense of public responsibility possessed by these gentlemen...
...followed another handout signed by "these gentlemen," stating that they had invested their own money, had no special interest to serve, would work for the public welfare as well as their own. The properties would continue to be managed from Cleveland as Mr. Ball desired, but beyond dissolution of Midamerica and further simplification of corporate structure, they had no immediate plans...