Evening Star Newspaper, April 9, 1937, Page 7

THE EVENING STAR, WASHINGTON, D. C.. FRIDAY, MIDAMERICA SALE S BELIEVED NEAR Two Syndwates Reported Bidding for Stock Ball Gave Charity. By the ated Press. CLEVELAND, April 9.—Financial circles here reported today that Mid- america 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 inst 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 e been conducted directly A. Ball, who yesterday do- nated his common stock holdings in ied on through m of Young Ball, it was to Muncie & Tep Inc Kolbe ted ind bidders ose (‘ but John A. Coakley, of the United subsidiaries, was d as a possible choice for head of all Van Sweringen f the Cleveland group ac- hem ainty remained, g yesterday's sur- rom the wealthy r whose common america recently 0,000,000 States Steel Corp GIFT MOTIVE DISCUSSED. Midamerica sale by Foundation Would Taxless. April §—Railroad ers awaited from George -old glass jar manu- he startling an- donated his in Mid-Amer- created charita- | and Frances Ball common ica Corp. ing X in Mid-America, oration for the big . created by the late brothers of Cleveland yesterday by Miss t, Ball's secretary here. unicate with Ball, to be in New York proved fruitless, and ed to comment that any addition t would be “pure con- lated Ball's erring his tion to the action two quarters Street rail men of the Ball anmanau n “sell Midamerica shares el bceeds without tax they pointed shares by Ball would involve heavy taxes based on rofits, estimated at $10,000,000 or ise, An investigation of the transfer of the stock was promised by Chairman N\ 2 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, Demcorat, 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 given by Ball and G. A. Tomlinson of Cleveland at the time of Midamerica's formation NEW RAIL GROUP & Wall Street Outsiders Believed Enter- ing Field. NEW YORK, April 9 (®).—Wall street raii men appeared convinced yesterday George A. Ball's transfer of his Midame: 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 w ho 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” might be on the point of taking over the stock. Great 0ld Orange Trees. Seven giant orange trees that bear heavily though more than a century old stand on the Lrguna Seca ranch near Edinburg, Tex. | brothers to obtain control of the rail | 1 and receive proceeds without tax de- | | option ! | Relief Society, | George W. White | National Metropolitan Bank | preciation of his many UNGERTAINTY HITS BALL'S RAIL GIFT Exact Purpose Is Unknown, With Talk of Senate Investigation. BY 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 indmafied 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 | system from the Ball Foundation. The ssue lay in the hands of Probate Judge Nelson J. Brewer of Cleveland, | whe 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 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 an option obtained by persons now de- ceased.” In New York some financial leaders hinted about possible use of the Ball Foundation to sell Midamerica shares duction In Washington there was talk of an investigation of the transfer of the | | stock by the Senate Railway Finance Committee. Chairman Wheeler, Dem- ocrat, of Montana contended the In- terstate Commerce Commission should be consulted in such matters, . B Lisner (Continued From First Page.) divided equally among Emergency Hospital, George Washington Univer- sity Hospital, Episcopal Eye, Ear and Throat Hospital and the Prisoners’ 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 $10,000 to a niece of Mr. Lisner, Mrs. Gertrude Luchs; $5.000 to Mrs. Luchs’ husband, Eugene Luchs: $5,000 to president of the “in ap- kindnesses”; $3.000 to Mrs. Mary Norwood of Bal- timore, $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 of Van Nuys, Calif., and $5,000 to Mrs, Lisner's chauffeur, Horace Key. Besides these bequests contingent on the | “whether a receiver may exercise are | 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 and friends. She bequeathed her Summer home at Springfield, N. H., to her hus- band, who also received the residuz 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 APRIL 9, 1937. Mr. and Mrs. Lisner for more than 50 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 Palals 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. sures correct fit and SINGLE & DOUBLE o NOT CONNECTED WITH A Comprehensive Collection of Fine Spring Coats are now being shown at The Lewis & Thos. Saltz Establishment 1409 G Street, Northwest DISTINCTIVELY STYLED Spring Topcoats Imported and domestic materials of fine Quality provide comfort during the Changeable Spring Weather. 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