Word: sweringen
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Last week the following were news: ¶ Last spring Joseph Randolph Nutt, onetime board chairman of Cleveland's closed Union Trust Co., was indicted on a charge of dressing up his bank's statement with a $10,000,000 deal with Oris Paxton Van Sweringen (TIME, April 23). Last week after a trial before Cleveland's Judge Paul Jones, a jury of eight men and four women pronounced Mr. Nutt not guilty. Said he: "My conscience is clear." ¶ When John Jeremiah Pelley went to Washington to head the new Association of American Railroads (TIME...
...partitioning was merely one more proof that Mr. Jones is no passive investor. Because RFC money is almost invariably involved, reorganization plans must satisfy Mr. Jones as well as the courts, the Interstate Commerce Commission and the security holders. Last week Cleveland's Oris Paxton Van Sweringen dropped in to see Mr. Jones about pulling Missouri Pacific out of the courts. In referring to plans for reorganizing Chicago & Eastern Illinois, Mr. Jones announced that he might have one or two ideas. Fortnight ago when ICCommissioner Mahaffie flatly refused to approve RFC loans to several carriers including New York...
...banking moratorium, never to reopen, that it "has never published a statement of condition which has shown the true facts." Last month Joseph R. Nutt, onetime National Republican treasurer and Union Trust's onetime chairman, was indicted along with the bank's president and Oris Paxton Van Sweringen for an allegedly fraudulent deal to tone up the bank's statement (TIME, April 23).* The Senate report said that "one of the chief causes of the ultimate failure of Union Trust Co. was the excessive concentration of loans to the Van Sweringens. . . . There is very little doubt that...
...TIME erred last month in stating that the $10,000,000 of government bonds which Van Sweringen Corp. sold to Cleveland's Union Trust Co., allegedly for window-dressing purposes, "were bound by indenture" to stay in the vaults of J. P. Morgan & Co." The bonds were not specifically pledged but were part of a fund which the corporation had undertaken to retain in its treasury in the form of cash or marketable securities until its outstanding notes were reduced to a certain figure. The bonds were merely deposited in the Morgan vaults for safekeeping. Van Sweringen Corp...
...Sweringen pleaded not guilty, were each released on $7,500 bail. To President Baldwin's previous bail of $7,500 the court added $1,000 when he also pleaded not guilty...