Word: sweringen
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...businessmen go, the Van Sweringen brothers are relatively young. Brother Oris Paxton is 56, Brother Mantis James is 54. Less than 20 years ago they were merely two notably successful Cleveland realtors?farm boys who had gone to the city, worked hard, saved their money and by shrewd investment piled up about $500,000 between them. Then they got into railroads, purchasing the decrepit Nickel Plate. By 1929, not long before they took their first & only vacation, they estimated their mutual fortune at $100,000,000. From their adjoining offices on the 36th floor of their Terminal Tower building they...
...that time in a public auction room at No. 18 Vesey St., Manhattan, Adrian H. Muller & Son will sell for J. P. Morgan & Co. the collateral pledged by the Brothers Van Sweringen for loans and accumulated interest now amounting to $50,000,000. Among the securities which the House of Morgan and allied banks took over when the loan fell due last May was stock-control of the holding companies through which the Van Sweringens rule virtually all their vast possessions. On the block will go about 50% of the common stock of Allegheny Corp., representing...
That by no means completed the list of securities advertised by J. P. Morgan. In their desperate effort to shore up their cracking pyramid in 1930, the Van Sweringens scraped their strong boxes for such items as 196 shares of Long Lake Co.. 250 shares of Huron Fourth Co., a past-due note of Higbee Co. for $1,292,534, second mortgage bonds of Cleveland Terminals Building Co. now in default, a $2,595,399 subordinated note of Van Sweringen Corp, due last...
There were also blocks of listed stocks, some of which were odds & ends from the Van Sweringen holdings, some of which were acquired, in their open-handed efforts to help local banks & businessmen in the early days of Depression when most of Cleveland turned to the "Vans" for ready cash. Biggest parcels were 35,000 shares of Lehigh Valley Coal, 63,000 shares of Otis Steel, 10,900 shares of Erie, 3,300 shares of Chesapeake Corp...
...particularly to substitution for first and refunding bonds of income bonds which would be "little more than preferred stocks under another name." Even more objectionable to it was the idea of allowing Allegheny Corp. to keep a 40% common stock equity in MOP. The Stedman committee wanted the Van Sweringen interest...