Word: pugwash
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Dates: during 1930-1939
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Cyrus Stephen Eaton is a well-dressed, frosty-eyed financier of 56. He left his native home in bleak Pugwash, Nova Scotia, to study for the Baptist ministry. In Cleveland in 1925 he dramatized his power to refinance Trumbull Steel Co. by proving to its officers that Cleveland Trust Co. would honor his check for $20,000,000. By 1930 he was instrumental in forming the No. 3 steel Company (by mergers built on Republic), was sitting on the boards of 20 great corporations (utilities, steel, paints, hotels). That year he helped undermine the foundation of the tottering Insull empire...
...built one of the largest power & light systems in the U. S. He had wanted to form the Second Biggest Steel Company. As the largest investor in the largest rubber companies he had planned to bring peace to that warring industry. But. above all. this youngish man from Pugwash. Nova Scotia dreamed of a Midwest industrial empire, vast, powerful, autonomous. His holding company was appropriately Continental Shares, Inc. Without a trace of sarcasm Cleveland used to call him Cyrus the Great...
...romantic parallel could have been drawn between the two big destinies. Mr. Hoover, onetime orphan on an Iowa farm, had the power and the plans for making the world's most prosperous nation more prosperous and happy than it had ever been before. Mr. Eaton, whose birthplace, Pugwash, Nova Scotia, had already benefited from his financial greatness, had power and plans only one degree smaller. A potent public utilitarian, he had just begun to fashion the Second Greatest Steel Company. He had also turned to the rubber-tire business and, as greatest stockholder in the greatest rubber companies...
...Eaton's journey from the herring-savored village of Pugwash, Nova Scotia, to remote control of thousands of natives in Sumatra has been indeed a strange passage. Yet upon him it has left none of the travel marks that are found on most tycoons who have made similar trips from nowhere to the inner circle. He has none of the restlessness of a Ulysses, such as drove the late great Thomas Fortune Ryan from enterprise to enterprise. Nor has he the swagger of a Magellan, such as is found in Motormaker Chrysler...