Cleveland in the Gilded Age by Dan Ruminski

Author:Dan Ruminski
Language: eng
Format: epub
Publisher: Arcadia Publishing Inc.
Published: 2012-03-14T04:00:00+00:00

As the widow of James Corrigan, Laura Mae inherited a substantial portion of her late husband’s steel company. This picture depicts Laura Mae in Cleveland on a business trip in 1930. Courtesy of Cleveland Public Library, Photographic Collection.

Three years after the business coup, forty-seven-year-old Jimmy died of a heart attack after walking from the Hollenden Hotel to the Cleveland Athletic Club on Euclid Avenue. In 1928, four females owned virtually all of the steel company’s stock: widows Mrs. Jimmy Corrigan, Mrs. Price McKinney and Mrs. Stevenson Burke, along with Mrs. Parthenia Ross. The Cleveland Cliffs Company gained control of the business by purchasing stock owned by Mrs. Corrigan and Mrs. Ross. Five years later, Republic Steel acquired the Corrigan company. Laura Mae sold her remaining shares. Twenty armed guards lined “Short” Vincent between East Ninth and East Sixth Streets as three armored trucks transferred her fortune from the Union Trust Company to National City Bank. Following the sale, Laura Mae lived on proceeds from a tax-free annuity that paid her an annual income of $800,000.

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