Evening star., 1934-04-14

quoted Van Sweringen as acknowledge
ing that no money had changed
hands,
Il did it merely to accommodate
Joe Mutt and others of the Union
Trust staff" he was quoted as saying.
Mutt, an old friend who gave bank
ing aid to the Van Sweringen brothers
when they launched into a real estate
career that was to lead to the over
lordship of a vast railroad empire, de-
Tended the transaction.
Not q word was said about the re-
purchase OF the bonds at the time of
the original transaction" he said.
and the sale back to the Van Swer-
ingen corporation was first suggested
by me. and l regret 1t has involved
Mr.. Van Sweringen in this trans
action"
Open-and- Shut Purchases.
Van Sweringen said "these were
open-tnd-shut purchases and sales of
property for cash"
Van Sweringen last night made the
following statement:
ANY extended discussion of this
proceeding against me, or of the mo-
tives l believe have brought 1t about.
would be inconsistent with my re-
Spect for the administration OF Justice,
and for the court, which when all is
said and done, will be the judge OF its
merit.
But a decent regard for the opin-
ion OF my fellowmen and particularly
those thousands OF substantial people
who have invested In Van Sweringen
enterprises, confident In the integrity
OF our name, demand that I make q
simple statement Of the facts
I'm September, 1881, the Van Swer-
ingen Corporation, of which 1 am
president, had among Its assets s10.-
000, 900 Of United States Government
securities. j. r. Mutt, chairman of the
Union Trust Co., knew that tn. Van
Sweringen Corporation owned such a
block of securities and asked me II
the company would sell them.
Business Proposition.
Il told him it would, and it did
The price was the current public price
plus the accrued interest. Mr.. Mutt
asked II we would deposit with the
Union Trust Co. the money We re-
ceived for the bonds. He offered to
post the bonds as security for such
large deposit If we would do so. This
was business proposition and
agreed to it.
Some time later we were asked
II the Van Sweringen Corporation
would be willing to purchase the
bonds back from the Union Trust Co.
We were and we did.
These were open and shut pur-
chases and sales of property for cash.
Now perfectly simple transactions are
being construed as having been part
of something claimed to have been
done unlawfully by the Union Trust
Co.
Perhaps am little bit old fash
ioned, but l still believe we are living
in government of law and 1 feel no
concern over an outcome which is
going to be determined in the un-
biased, considered judgment of the
court, where all motives, save those in
pursuit of justice, are excluded"
o. P. Van Sweringen and his equally
noted brother, M. j., started their
railroad career while developing
Shaker Heights as a model suburb.
They needed rail transportation to the
property, SO they bought the Nickel
Plate in 1916. Less than 10 years
later properties controlled by them
were estimated at $2,00G 900, 900 to
$4,000, 600, 900.
20. p" Is known as something of
a recluse. He shuns clubs and social
gatherings and lives with his brother
and two maiden sisters either in
Shaker Heights or their big estate in
Hunting Valley.