Word: sweringen
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Dates: during 1930-1939
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...breezy Rockefeller Center Luncheon Club. There one sweltering day last week, after a few rounds of cool Budweiser, some 35 financial newshawks sat down at a long table as the guests of Robert Ralph Young, amiable spokesman-member of the trio which bought control of the Van Sweringen railroad empire from George A. Ball, the Muncie, Ind. fruit-jar tycoon (TIME, May 3). It was quiet Mr. Young who described himself and his two partners-Allan P. Kirby and Frank F. Kolbe-as "just babes in the woods." Last week the "Babes" started out of the woods. Before the luncheon...
...losing interest, nor is the investigation likely to peter out. With plenty of money left out of a $150,000 appropriation last March, the committee this week will turn to the affairs of either Pennroad or Chicago, Milwaukee, St. Paul & Pacific, next on its list after the old Van Sweringen network...
During Chairman Wheeler's absence his place has usually been taken by Senator Harry S. Truman of Missouri, whose practice has been to sit ruminating while the committee's lawyers ran the Van Sweringen show. But a time has come in almost each day's testimony when Senator Truman has felt impelled to bring his palms down whack on the green covered committee table and speak his mind-in virtually identical terms: "These hearings have very plainly brought out that holding companies and New York bankers are not the proper people to run the railroads. ..." Last week...
...Shrewd, grey-haired Robert Ralph Young, who called himself and partners "babes in the woods" when they bought control of Alleghany Corp. from George A. Ball (TIME, May 3), insisted again that he could simplify the Van Sweringen pyramid more painlessly than could Congress. First step, said he, would be elimination of Alleghany Corp., not Chesapeake Corp. as he had announced fortnight before. But Babe Young appeared for the first time genuinely starry-eyed when he confessed that he had never heard of the classic 1,800-page report on railroad holding companies made in 1931 by ICCommissioner Walter Marshall...
After Francis Ward Paine of Paine, Webber admitted that while his firm held title to the stock it acted "practically as a dummy" for the Van Sweringens, Senator Wheeler produced a letter written to O. P. & M. J. Van Sweringen in March 1930, by Joseph R. Swan, then president of Guaranty Co. Mr. Swan's letter, introduced to prove that C. & O. really acquired no option but immediate control of C. & E. I., was an interesting sidelight on the dummy deal. Wrote he: "I very much need some profit for the Guaranty Co. in this quarter, and on that...