Word: shenandoahs
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Five camps were visited up & down the Shenandoah Valley. His guides wanted to show the President the oldest and best but he was more interested in seeing the newest and least dressy. At Big Meadows he stopped to lunch with the woodsters. Menu: fried steak, string beans, mashed potatoes, iced tea. tomato salad, apple cobbler. Declared the President: "All you have to do is to look at you boys to see that the camps are a success. I wish I could take a couple of months off and live here myself. The only difficulty would be that you men have...
...rest was supplied by Goldman Sachs Trading Corp. and Mr. Williams' Central States Electric Corp., each of which acquired 2,000,000 shares of common. No prosaic name had this huge trust. Mr. Williams in his wife's honor named it after her beloved Shenandoah Valley. Magnificent was Shenandoah's reception in July of 1929; in a few days the stock issued for $17,500,000 was valued...
...month later Messrs Catchings & Williams were ready for a new flotation. This one was named after Mrs. Williams' beloved Blue Ridge mountains. Goldman Sachs Trading and Central States Electric put up $62,500,000 capital (through Shenandoah) to purchase 6,250,000 shares of Blue Ridge at $10 a share, and the public was offered a million shares of preferred at $51.50, a million shares of common at $20. The public was not expected necessarily to buy with cash. It was invited to trade its blue chip stocks for Blue Ridge shares. The offer was: to take shares...
...Deal, 1933, found Shenandoah with its $102,500,000 of assets shrunken to $32,455,000; Blue Ridge with its $127,500,000 of assets shrunken to $40,405,000; one selling at $1.85 a share, the other at $2.25. Harrison Williams still presided over them, and if his personal fortunes had waned he showed it far less than many another multi-millionaire of 1929, though his Long Island estate was reported for sale. Shenandoah's largest assets included over $1,500,000 of North American Co. and slightly less of Central States Electric. Blue Ridge's largest...
Meantime Floyd Bostwick Odium, master of Atlas Corporation, had been going around picking up second-hand investment trusts. Atlas' holdings of Blue Ridge were listed on Dec. 31 as only 92,215 shares, of Shenandoah only 19,471, but Mr. Odium must have picked up more off the record, for last week he turned up with control...