Word: mops
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...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 R.R. ("MOP...
...opinion of the railroading Vans, MOP could well use the terminal properties they had purchased from the packers. So in December 1930 their Alleghany Corp. sold the properties to a subsidiary called Terminal Shares, Inc., and Terminal Shares in turn sold them to MOP-on the installment plan. In effect, it was a deal between the right hand and the left hand, because the Vans controlled both the buyer and the seller...
...profit inured to the Vans, for the price was the same in each transaction- cost plus interest. But the Vans had paid the packers a boomtime price and values had melted considerably by the time MOP got the properties. The sale was subject to ICC approval, yet some $16,000,000 worth of the contracts were so drawn that the seller could not lose. If the ICC denied MOP permission to make the acquisition, that railroad had to make good any loss suffered by the seller, Terminal Shares, in disposing of the properties elsewhere...
Summoned by Senator Wheeler last week was RF Chairman Jesse Jones to give his views on the Terminal contract. Mr. Jones, it seemed, had lent MOP $17,000,000 before he had any inkling that the railroad was involved in commitments which were draining off $1,600,000 in much-needed cash annually. Neither to RFC nor to ICC, let alone its own stockholders, had the railroad disclosed the existence of the contracts. Belatedly Mr. Jones laid the facts before the U. S. Attorney General for possible fraud prosecution, but by then action was outlawed by a statute of limitation...
Capitalist, not counterman, Mr. Durant went down to North Asbury last week to see that all was swept and garnished for the grand opening. According to his nephew Wallace R. Willett, he went through the new concessions "like a whirlwind." Mr. Durant took up a mop in one shop, a dish cloth in another, to show concessionaires his ideas of spotlessness. Next day he departed for his old home town of Flint, Mich, on other business while North Asbury housewives stormed the Market's debut, attracted by Mr. Durant's special lunches at 5? an item, his special...