Word: fiefdoms
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Dates: during 1941-1941
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...Fiefdom is nothing new to C. & E. I. In 1930, Thomas Fortune Ryan's estate sold its control to the Van Sweringens, who wanted it as a feeder for their rich Chesapeake & Ohio. Although C. & E. I. had paid no dividends for 17 years, the Vans caused the C. & O. to pay $8.000,000 for just over 50% of its common ($2,000,000 above the market price). Fearing ICC disapproval, they used a dummy, kept their own and C. & O.'s name out of the deal. The dummy: brokerage house Paine, Webber & Co., whose partner Kenneth Steere...