Evening star. [volume], April 09, 1937, Page A-7, Image 7

About Evening star. [volume] (Washington, D.C.) 1854-1972

Image provided by: Library of Congress, Washington, DC

                
IS BELIEVED NEAR
Two Syndicates Reported
Bidding for Stock Ball
Gave Charity.
Bj tlie Associated Press.
CLEVELAND. April 9.—Financial
circles here reported today that ‘Mid
nmerica Corp , top holding company
of the $3,000,000,000 Van Sweringen
railroad empire, may be sold to a
New York or Cleveland syndicate
within the next 48 hours.
Two syndicates were reported bid
ding against each other for the pur
chase, and if the New York offer is
accepted the deal may be closed today
or tomorrow.
Negotiations with the New York
group have been conducted directly
by George A. Ball, who yesterday do
nated his common stock holdings in
Midamerica to charity.
Negotiations were carried on through
the investment broker firm of Young
Kolbe in New York. Ball, it was ,
reported here, returned to Muncie, I
Ind.. last night.
Identity of the Cleveland bidders
was not disclosed, but John A. Coakley,
general traffic manager of the United
States steel Corp. subsidiaries, was
mentioned as a possible choice for
operating head of all Van Sweringen
rnterpries if the Cleveland group ac
quired control of them.
Considerable uncertainty remained,
however, concerning yesterday's sur
prise announcement from the wealthy
glass jar manufacturer whose common
stock holdings in Midamerica recently
wjere estimated at $10,000,000.
GIFT MOTIVE DISCUSSED.
Mldamrrioa sale by Foundation Would
Bo Taxless.
By the Associated Press.
MUNCIE. Ind., April 9.—Railroad
men and business leaders awaited
today a further statement from George
A. Ball. 74-vear-old glass jar manu
facturer, regarding the startling an
nouncement that he had donated'his
common stock holding in Mid-Amer
Ira Corp., to a newly-created charita
ble trust, the George and Frances Ball
Foundation.
Only a bare announcement of the
transfer of the stock in Mid-America,
top holding corporation for the big
railroad empire, created by the late
Van Sweringen brothers of Cleveland,
Ohio, was made yesterday by Miss
Gertrude Barrett, Ball's secretary here.
Efforts to communicate with Ball,
variously reported to be in New York
and Cleveland, proved fruitless, and
Miss Barreto declined to comment
further, asserting that any addition
to the statement would be "pure con
jecture.''
Industrialists fontemplated Ball’s
possible motive in transferring his
holdings, while opposition to the action
developed in at least two quarters.
In New York. Wall Street rail men
hinted the possible use of the Ball
Foundation to sell Midamerica shares
and receive the proceeds without tax
deduction. Otherwise, they pointed
out, the sale of the shares by Ball
would involve heavy taxes based on
the profits, estimated at 510,000,000 or
more.
An investigation of the transfer of
the stock was promised by Chairman
Recovered
STABBING LED TO ARREST
IN KILLING.
FRANCIS FITZGERALD.
Who is home from the hospi
tal, where Buffalo. N. Y.,
doctors took a 5-inch ice pick
blade from her back. The
stabbing led to the arrest of
Thomas Smith. 18, in connec
tion with the death February
5 of Mary Ellen Babcock.
Police Commissioner James
Higgins said Smith confessed
both the Mary Ellen Babcock
killing and the Fitzgerald
stabbing. He has been charged,
and pleaded innocent, to first
degree murder.
—A. P. Photo.
Wheeler. Demeorat, of Montana, of the
Senate Railway Finance Committee,
who contended the Interstate Com
merce Commission should be con
sulted abou„ such transactions.
At the same time, J. Paul Thomp
son, receiver for the estate of the late
O. P. and M. J, Van Sweringen, was
expected to begin court litigation in
which he announced recently he would
demand enforcement of an option
given by Ball and G. A. Tomlinson of
Cleveland at the time of Midamerica's
formation,
NEW RAIL GROUP SEEN.
Wall Street Outsiders Believed Enter
ing Field.
NEW YORK, April 9 yfP).—-Wall
street rail men appeared convinced
yesterday George A. Ball's transfer of
his Midamerica Corp. control of the
Van Sweringen rail realm to charity
was the first step in the entry of a
new group into Eastern rail direction.
With remarkable unanimity, how
ever. those who might have been ex
pected to identify any group prepared
to trade cash for Alleghany Corp.
which Ball had given to his charitable
foundation professed ignorance.
That this apparent lack of “inside”
knowledge of formation of any syndi
cate equipped to handle the deal led
some to suspect Midwestern interests
or other Wall Street "outsiders'1 might
be on the point of taking over the
stock.
Great Old Orange Trees.
Seven giant orange trees that bear
heavily though more than a century
old stand on the Lrguna Seca ranch
near Edinburg, Tex.
UNCERTAINTY HITS
BALL’S RAIL GIFT
Exact Purpose Is Unknown,
With Talk of Senate
Investigation.
BJ the Associated Press.
CLEVELAND, April 9.—Consider
able uncertainty today settled about
the details of yesterday’s surprise
announcement that George A. Ball,
wealthy glass jar manufacturer of
Muncie, Ind., had donated to charity
his common stock holdings in Mid
america Corp., estimated recently at
$10,000,000.
Advices from Wall Street indicated
leading rail men believed the move
was a first step in the entry of a
new group into Eastern rail direc
tion. Midamerica is top holding cor
poration for the vast 28,000-mile,
$3,000,000,000 Van Sweringen railway
empire. Ball transferred his key Mid
america holdings to a newly created
charitable trust, the George and Fran
cis Ball Foundation.
There was possibility of a battle by
creditors of the late Van Sweringen
brothers to obtain control of the rail
system from the Ball Foundation. The
issue lay In the hands of Probate
Judge Nelson J. Brewer of Cleveland
who said he expected to decide next
week whether to grant the necessary
specific authority to J. Paul Thomp
son, receiver of the Van Sweringen
estate, to seek to exercise an option
to buy voting control of Midamerica
Corp.
The option was obtained by the
brothers from Ball after Ball bought
key collateral in New York in 1935
Both brothers have died since. The
question , according to Judge Brewer
was "whether a receiver may exercise
an option obtained by persons now de
ceased.”
In New York some financial leader.'
hinted about possible use of the Bal
Foundation to sell Midamerica shares
and receive proceeds without tax de
duction.
In Washington there was talk of an
investigation of the transfer of the
stock by the Senate Railway Financt
Committee. Chairman Wheeler, Dem
ocrat, of Montana contended the In
terstate Commerce Commission shoulc
be consulted in such matters.
Lisner
(Continued From First Page.)
divided equally among Emergencj
Hospital. George Washington Univer
sity Hospital. Episcopal Eye. Ear anc
Throat Hospital and the Prisoners
Relief Society, a West Virginia cor
poration.
None of these will share in the es
tate at Mr. Lisner's death, but a num
ber of other legacies are to be dis
tributed then. Among these an
$10,000 to a niece of Mr. Lisner. Mrs
Gertrude Luchs; $5,000 to Mrs. Luchs
husband. Eugene Luchs; $5,000 t(
George W. White, president of thi
National Metropolitan Bank, "in ap
preciation of his many kindnesses"
$3,000 to Mrs. Mary Norwood of Bal
tiniore, $5,000 to a niece of Mr. Lisner
Millie Toplitz; $3,000 to each of Mrs
Lisner's eight grandnieces and grand
nephews, $500 to Arthur Waterbury o
Van Nuys, Calif., and $5,000 to Mrs
Lisner's chauffeur, Horace Key.
Besides these bequests contingent oi
Mr. Lisner's death, Mrs. Lisner be
queathed $25,000 to her nephew, John
T. Graham, Chevy Chase, Md., a re
tired Washington business man, and
$10,000 to a friend, Henrietta Posner,
New York City.
Mrs. Lisner directed that her jewelry
be given to her husband, relatives turd
friends. She bequeathed her Summer
home at Springfield, N. H., to her hus
band, who also received the residue
of the estate.
Provision Against Contest.
Although stating she did not an
ticipate any contest of the will, Mrs.
Lisner said that if any beneficiary
should resist probate or contest the
validity of the will, the legacy to that
person or institution would be for
feited.
The executors named in the will are
Mr. Lisner, Mr. White, William A.
Rodenberg, former member of Con
gress, and Leon Tobriner, attorney for
; -
Mr. and Mrs. Lisner for more than id
years.
Trustees named for the $1,000,000
trust fund were Mr. Lisner, Mr.
Tobriner and Mr. Rodenberg and the
National Metropolitan Bank. Mrs.
Lisner provided that establishment of
the trust should receive priority over
other bequests.
The exact value of the estate will
not be determined until after filing
of the petition for probate of the will.
Although she contributed largely
to charity during her life, Mrs. Lisner
was reticent concerning her philan
thropies. In 1908 she and her hus
band financed a wing in the George
town Hospital which now bears their
name.
Mr. Lisner sold the Palais Royal
department stere to the Kresge in
terests in 1924. He is a member of
the Washington Board of Trade, the
Congressional and Country Clubs and
the Monday Evening Club.
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f