Word: sweringen
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...Sweringen Deposit. Many have been the rumors during the past fortnight concerning Cleveland's Van Sweringen brothers (TIME, Nov. 3). In selling a $30,000,000 bond issue of Van Sweringen Corp. they had agreed to keep readily marketable securities of at least half that amount in the corporation's treasury. Last week they answered the gossip in a convincing manner. From Van Sweringen Corp. they withdrew the 1,000,000 shares of Alleghany Corp. whose market value had shrunk below the required level, substituted $15,000,000 in U. S. Treasury certificates...
Imposing is the pyramid of railroad securities erected by Cleveland's diligent Van Sweringen brothers, Oris Paxton and Mantis James. Imposing too is the collection of many shares in many industries used by Clevelander Cyrus Stephen Eaton in his spectacular bids for leadership in industry. About the Van Sweringen pyramid last week swirled gusts of rumor. And many were the tales in Manhattan that a vast shuffle in the Eaton pack had changed his hand...
Almost out of a clear sky came the clouds that massed over the Van Sweringen pyramid. Principal Van Sweringen stocks and bonds in one day suffered the following losses, especially drastic since the market as a whole was strong...
...Sweringen Corp...
Contributors of $10,000: John North Willys, Harry Frank Guggenheim, Jeremiah Milbank, Mantis James Van Sweringen, Orris Paxton Van Sweringen, John Davison Rockefeller Sr., John Davison Rockefeller Jr., Howard M. Hanna, Cyrus Stephen Eaton, Henry H. Timken, William Robert Timken, Harrison Williams, Herbert Nathan Straus, William Nelson Cromwell, George A. Martin, Joseph Randolph Nutt...