Word: southwesterner
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...reminiscent of the Van Sweringens at their best. With $100,000 in cash they gained control of two life insurance companies with total assets of $170,000,000. Leader of the legal triumvirate was Dexter Hamilton, a brusque, 56-year-old onetime Texas judge who is general counsel for Southwestern Life Insurance Co. However, the company he counseled was controlled not by fellow-Texans but by a Manhattan investment trust run by David Meriwether Milton, son-in-law of John Davison Rockefeller...
...Southwestern Life is a Texas institution," thundered its president in defense of the deal last week. "It does business in Texas only, and it is important that control of the company shall be vested in Texas citizens." To get it back into the hands of Texas citizens, Lawyer Hamilton & friends dipped into their own pockets for $100,000, formed a private corporation with this cash as capital. Their corporation then borrowed $2,400,000 from none other than Southwestern Life, selling long-term bonds to the insurance company. With Southwestern having thus provided almost all the money to return control...
...stock he bought was not Southwestern's but that of General American Life Insurance Co., which did indeed control Southwestern. General American got Southwestern's stock by way of Missouri State Life, which failed in 1933. General American had later been formed by David Milton's investment trust to take over Missouri State's business and assets. The corporate set-up which confronted Lawyer Hamilton last week was Mr. Milton's investment trust, which controls General American, which in turn controlled his coveted Southwestern. What Lawyer Hamilton did was to buy control of General American...
...complete the deal he took the General American stock he bought from Mr. Milton's trust to Southwestern Life, pledging it as collateral for the $2,400,000 loan. If Southwestern were to foreclose on the loan, it would come into possession of control of itself...
...whose team had lost three out of its last four games, as New York City's basketball favorite. A crowd of 13,000 gathered there to watch the Long Islanders play a team far more publicized than their earlier opponents: Rice Institute, co-champion of the strong Southwestern Conference, whose regulars are all over six feet tall. Day of the game, Coach Bee shamefacedly announced that all his men had lost their uniforms. Amused Rice players courteously offered to lend some of theirs. When the game started, L. I. U. smartly boxed Rice's 6 ½ ft. centre...