Word: richardson
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Dates: during 1950-1959
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FREDERICK A. RICHARDSON...
...England tennis championships. Earliest high-seeded casualties: U.S. Davis Cup Player Vic Seixas, blasted out in the second round by U.S. Hard Court Champion Gil Shea ''who was ousted two rounds later by Italy's up-and-coming Star Nick Pietrangeli); U.S. Davis Cupper Ham Richardson, defeated in the first round by Sweden's Sven Davidson. At week's end, midway in the tournament, the quarterfinals roster stood: the U.S.'s top-seeded Tony Trabert, Australia's maturing (20) Boy Wonders Lew Hoad and Ken Rosewall, Wimbledon's paunchy but powerful Defending...
...battles. The Senate subcommittee, headed by Wall Street Alumnus Herbert H. Lehman, wanted Bob Young to explain just how he had managed to win control of the $2 billion New York Central last year, and especially how he made his big deal whereby Texas Oilmen Clint Murchison and Sid Richardson cast a whopping 800,000 votes in his favor...
Whose Money? Almost from the first question, the sparks started flying. Democrat Lehman began by asking how Murchison and Richardson had bought the 800,000 shares of Central stock, then selling at around 25. Gloated Young: "It was one of the cleverest deals I have ever made in my financial history." Replied Lehman: "I am not looking for clever deals, Mr. Young." How, Lehman wanted to know, was the purchase financed? How much of their own money did they put up? The Texans borrowed the money, said Young. His Alleghany Corp. had lent $7,500,000; Alleghany's President...
...that, Bob Young lost his temper. Red-faced and angry, his silver hair ruffled, he roared: "How does the U.S. Treasury finance its transactions? It's all done on credit, but their credit is good-and it isn't any better than the credit of Murchison and Richardson." Under the deal, said Young, the two Texans agreed to pay Alleghany 4½% interest on their borrowed funds...