Word: sweringen
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Because one of J. P. Morgan & Co.'s deals was the financing of Alleghany Corp., Mr. Pecora sent to Cleveland and brought the bachelor brothers Oris Paxton and Mantis James Van Sweringen posting to the Capital, put "O. P." upon the stand and kept him there four solid days...
...Brothers Van Sweringen did not have $8,500,000 but they had a vision of the Nickel Plate as a profitable road. With two chief associates, Charles L. Bradley, who owned the Cleveland baseball team, and Joseph R. Nutt, chairman of Union Trust Co., and with several lesser associates, they gave the New York Central ten notes for $650,000 payable one a year for ten years, and they also paid down $2,000,000 in cash obtained as a loan from Cleveland's Guardian Savings & Trust Co. by putting up the Nickel Plate stock as collateral...
...Brothers Van Sweringen, clients of the House of Morgan, began building up their railroad empire in 1916 on a loan, borrowing from a Cleveland bank $2,000,000 to make a cash payment to the New York Central for the Nickel Plate. According to Inquisitor Pecora, they got control "without putting up a 5¢ piece...
...Potter, of Guaranty Trust Co. .............10,000 Seward Prosser, of Bankers Trust Co. ..............10,000 Alfred P. Sloan Jr., of General Motors...............1,500 Matthew S. Sloan, of N. Y. Edison.........1,000 Walter C. Teagle, of Standard Oil of N. J. ...........2,000 O. P. Van Sweringen .............5,000 Albert H. Wiggin............. 8,500 Joseph Wilshire, president Standard Brands, Inc .........50,000 Daniel G. Wing, Boston banker ............2,000 Clarence M. Woolley. of American Radiator...
...line, upwards of $600,000,000 in assets, gives MOP a place among the first ten U. S. roads. The Brothers Van Sweringen bought it to complete what the late great Edward Henry Harriman and Leonor Fresnel Loree long coveted-a transcontinental railroad system. Today though no other Van Sweringen line has actually collapsed, their superstructure of holding companies is supported almost solely by Chesapeake & Ohio-only U. S. road still paying dividends at the 1929 rate...