Word: pyramids
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Immediately above Chesapeake Corp. in the fantastic Van Sweringen pyramid was Alleghany Corp. Robert Young bought control of Alleghany (TIME, May 3, 1937) and proposed merging it with Chesapeake. His idea was that the owners of 667,539 shares of Alleghany preferred-including several potent friends of Guaranty Trust-should surrender their stock and their right to accumulated dividends of $33 per share in exchange for a new type of preferred and common-stock warrants. This plan was thwarted by Guaranty, which held Alleghany's 71% interest in Chesapeake as collateral for Alleghany bonds in technical default...
Financier Young frequently stormed but could not break through this barricade. Last November he admitted defeat by resigning from Chesapeake's board. Guaranty then proceeded with its own ideas for eliminating Chesapeake entirely from the pyramid by distributing to Chesapeake's stockholders their company's assets. Last week, with Guaranty voting; 71% of the stock, 73% of the stockholders approved. When the burial is completed, Alleghany will be directly over the C. & O holding a 25% interest in that valuable property. Robert Young's group, meanwhile. remains the largest owner of Alleghany-but Guaranty will remain...
...Boston's hoary monuments to Brahmin gentility, that still stands like the Great Pyramid, is the Boston Symphony Orchestra. At its Friday afternoon concerts in venerable Symphony Hall, bald, spade-bearded oldsters and their classically corseted wives sit complacently, laved in the patrician strains of Beethoven and Brahms. So have they sat every week since the late Major Henry Lee Higginson, in 1881, materialized the expensive idea that Boston ought to have a good symphony orchestra. That idea cost Major Higginson a million dollars...
Shasta Dam will be one more world wonder for Californians to boast about-more than half again as vast a bulk of masonry as the Great Pyramid, only 167 ft. lower than Boulder Dam (world's highest: 727 ft.), only 700 ft. shorter at the crest than Grand Coulee (world's longest: 4.200 ft.). World's No. 2 Dam in these respects, it will be No. 1 for the height of its overflow: 480 ft., or thrice the fall of Niagara...
...death sentence" (section 11B) of the Act provides that once the utility holding companies have registered, SEC has the power to force simplification of any utility pyramid into a single geographically integrated system. Most commentators have expected that whatever company Bill Douglas chose to chop up first would ap peal the "death sentence" to the Supreme Court. Here, Bill Douglas was smart - he picked $303,813,000 Utilities Power & Light, which is already in 776 receivership. SEC must pass on such reorganizations anyway. Last week, Chairman Douglas jubilantly called newshawks to his office, announced that it would be unfair...