DEFAULT ON BONDS
AMERICAN RAILWAY OWNERS , BANKERS ASSUME CONTROL. NEW YORK, March 5. ,' (Received March 6, at 9 p.m.) It was revealed to-day that the 2,000,000,000-dollar railway holdings of Van Sweringen Brothers, of Cleveland, had been taken over by a syndicate of bankers, headed by Mr J. P. Morgan, following default on 40,000 bonds they held. The Van Sweringens started life as newsboys, two decades ago, and invested about 1,000,000 dollars, profits in a real estate enterprise, in a small spur railway which grew into a vast network spanning the nation, the largest transportation holdings held by private individuals in America.
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Bibliographic details
Otago Daily Times, Issue 22205, 7 March 1934, Page 7
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101DEFAULT ON BONDS Otago Daily Times, Issue 22205, 7 March 1934, Page 7
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