Word: sweringen
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Dates: during 1930-1939
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Filed in Cleveland's probate court last week was an estimate of the estate of Oris Paxton Van Sweringen, elder of the legendary bachelor brothers whose joint holdings in real estate and 23,000 miles of railroads before Depression were worth $100,000,000. The value of the estate was placed at some $700,000, most of it in life insurance...
Died. Oris Paxton Van Sweringen, 67, last of Cleveland's realty and railroad-owning Van Sweringen Brothers; of heart disease; while riding to Hoboken, N. J. from Cleveland where he boarded a train of the Nickel Plate road, which the brothers built into the largest privately held U. S. rail system, nearly lost during Depression...
...revelations last week was the method by which New York Central controls U. S. Freight and its big subsidiary, Universal-through a tortuous labyrinth of holding companies and dummy corporations. National Carloading Corp., No. 2 freight forwarder of the U. S., is tied up with the Van Sweringen interests...
...route freight plays a significant part in U. S. business. Inserted in the I. C. C. record last week was a memorandum written to a New York Central official complaining that Sears, Roebuck & Co. was switching freight forwarding patronage from New York Central's Universal to the Van Sweringen-controlled National Carloading Corp. Reason: Central bought no Sears, Roebuck paint...
...magnificent physical condition and the most consistently profitable major road in the U. S. But a railroad is never finished because it always needs money for "additions and betterments." In the past C. & 0'. has financed its improvements largely from earnings. Under the last ten years of Van Sweringen management the road has added $240,000,000 to its investment accounts, yet increased its funded debt only $14,800,000, its stock only $88,000,000. The balance represents plowed-back profits...