Word: mergered
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Dates: during 1920-1929
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Always busy are the Van Sweringen Brothers, Oris Paxton and Mantis James. With plans for a railroad merger including Chesapeake & Ohio, Nickel Plate, Pere Marquette, Erie and subordinate roads held up by the Interstate Commerce Commission, the Van Sweringens have been concentrating on financing rather than on operating. Last week they announced and financed a new Allegheny Corp., holding company for their railroad stocks. An offering of $35,000,000 5% convertible bonds, par 100, was quickly sold (through J. P. Morgan & Co., National City Co., First National Bank, and Guaranty Co.) at a 10-point premium. Later offerings were...
...Baltimore & Ohio R. R. last week announced that it would soon apply to the Interstate Commerce Commission for permission to absorb the Reading R. R. and the Reading's subsidiary, Central R. R. of New Jersey. Such a merger would unite three roads with combined assets of about $1,712,826,542 and total trackage of 10,601 miles. The Jersey Central runs from Jersey City west to Scranton, Pa., and south to resort towns on the New Jersey coast. The Reading goes from Boundbrook, N. J., to Philadelphia, Reading, Harrisburg and Bethlehem, Pa., also Lancaster, Pa. and Wilmington...
More important than the merger itself was its possible effect upon the status quo existing in the eastern railroad field. There are four main systems: Pennsylvania, New York Central, Baltimore & Ohio and Nickel Plate (Van Sweringen). Four years ago these four railroads held conferences in which the eastern railroad field was tentatively divided among them, but the negotiations were abandoned chiefly because the Pennsylvania did not believe that it had received its proper share of the short lines. Since the failure of these negotiations, no decisive merger movement has taken place. Last fortnight, however, the New York Central secured...
Guaranty-Commerce. The largest merger rumor, persisting over many denials, related a forthcoming union between Guaranty Trust Co. and National Bank of Commerce, both of Manhattan. Should this rumor?which has proceeded to the "reliably informed" and "authoritative sources" stage?be true, the resulting combination would constitute the world's largest bank. Guaranty Trust has resources of $1,052,000,000; National Bank of Commerce has assets of $934,000,000? thus the merged banks would form a two-billion-dollar institution. Combined deposits of the banks would total $1,570,000,000. An exchange of stocks would probably...
Radio-Western Union. Last week David Sarnoff, vice president and general manager of Radio Corp., and Newcomb Carlton, president of Western Union, sailed for Europe on the Aquitania. The incident strengthened rumors concerning a Radio-Western Union merger. Chief obstacle to a union between Radio Corp. of America Communications, Inc., and the Western Union Telegraph Co. is the White Act, Federal law forbidding the merger of wire and radio companies. It is believed, however, that Radio and Western Union will soon conclude an operating agreement. Later an effort will be made to amend the White Act to permit a merger...