Word: sweringen
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Dates: during 1930-1939
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Robert Young controls Alleghany Corp., top holding company in the former Van Sweringen railroad empire. William Potter is board chairman of Guaranty Trust Co., which holds, as collateral on bonds now in technical default, Alleghany's 71% interest in Chesapeake Corp., middle link in the chain between Alleghany and rich Chesapeake & Ohio Ry. Financiers Young and Potter have been on the mat for months to see which shall dominate C. & O. (TIME, April...
...modern holding company pyramid, as in a modern apartment house, when the elevators break down there are always the stairs. Last week it looked as though Financier Robert Young had made use of the backstairs of the oldtime Van Sweringen holding company pyramid...
...which made $34,500,000 in 1937, is not only one of the few U. S. railroads in the black but is the only profitable woof left in the $3,000,000,000 Van Sweringen railroad and real-estate empire's tangled warp. C. & O. is controlled by Chesapeake Corp., a holding company which owns 35% of its common stock. Chesapeake Corp. in turn is controlled by Alleghany Corp., another holding company which owns 71% of its stock. Last year, after the Vans had died, the chief backer of their declining years, Glass Tycoon George A. Ball, sold...
...Burton Wheeler, the Senate's railroad finance policeman, advised them not to participate in the proposed deal and they have since, according to Mr. Young, steadfastly opposed his policies. Another pair who presently lined up against Mr. Young were two oldtime Van Sweringen officers, Charles L. Bradley and John P. Murphy, president and secretary respectively of both Alleghany and Chesapeake Corp. Last summer, when Robert Young proposed to eliminate Chesapeake Corp. entirely as an unnecessary corporate entity, these four opposed him. In December, when C. & O. President William Johnson Harahan died, they also opposed Robert Young's decision...
...after the $45.000.000 it already has tied up in Erie securities, or dreaded stockholders' suits if it did. President Roosevelt in press conference took occasion to criticize the C. & O. stand. Jesse Jones, eying C. & O. and its holding company, Alleghany Corp.. with the suspicion that Van Sweringen holding companies have often merited in the past, had two other explanations to offer. Said he first: "The only thing I can assume is that they want to see the Erie go into receivership and come out of it with...