Word: outbids
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George McNear got into railroading in 1926, when he spied T.P. & W. on the auction block, outbid giant Pennsylvania R.R. by paying $1,300,000 ($130,000 in cash). T.P. & W. hardly seemed a bargain, but it had one big asset: over its 239 miles of track (between Effner, Ind. and Keokuk, Iowa) transcontinental freight can save days by dodging the Chicago terminal bottleneck. McNear got to work and within 45 days the long-bankrupt road was making money. It has made money ever since. Last year it earned a neat $365,000 on $2,775,000 revenue...
...Buffalo, after many a tiff with other comers in the devil-take-the-hindmost new industry, Fleet got his start. He turned out a good trainer (the PT-1), a crack flying boat. When he lost a Navy order (outbid by Martin), he helped organize the New York, Rio & Buenos Aires Airline (NYRBA) to use as a market for his flying boats, commercially called Commodores. (He sold the line later to Pan Am, and won himself a reputation in Wall Street...
Mutual Life's Lew Douglas set the pace a month ago, when he deplored the fact that his company (along with two others) had outbid the bankers on a $90,000,000 A.T. & T. issue (TIME, Oct. 6). "The trend toward concentrated investment holdings is of doubtful economic and social good," said he. Another reason: if the insurance companies ever have to unload, it will be nice to have some solvent investment bankers around to help the distribution...
...became a trickle, the Pinkham brothers got an injunction restraining the distaff side from "interfering in the conduct of the business." But Lydia was not to be restrained. She pursued a petition for receivership, charged Arthur with mismanagement. Far richer than the Pinkhams, Lydia knew full well she could outbid them should the corporation be placed on the block...
Last week, when Ross's contract was up for renewal, not only Marshall Field & Co., but Wilson & Co., packers, bid briskly for him. But Chicago & North Western outbid them both. This season Norman Ross figures his radio take will reach...