Word: nickel
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Dates: during 1920-1929
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...Sweringen brothers, worn with testifying before the Interstate Commerce Commission on their proposed Nickel Plate merger, have repented of ever entering the railroad business, they at least give no sign of it. They are patient, courteous, frank. Counsel H. W. Anderson, representing the minority Chesapeake & Ohio stockholders, is infinitely inquisitive. Counsel Newton D. Baker for the Van Sweringens, continues to protest against a continued unlimited inquiry into the past of the present Nickel Plate. The Van Sweringens answer frankly all questions asked them. Meanwhile it is July in Washington...
...Sweringen testified that he and his brother acquired 70,000 shares of the C. & O. from H. P. Huntington & Co. at $100 a share, and turned it in to the Nickel Plate at $80, thus pocketing a personal loss of $1,400,000 on the transaction. The remarkable Cleveland brothers then purchased 180,000 shares more through J. P. Morgan...
...discovered that a half-pound bottle of horehound drops that had for two weeks adorned the President's desk was steadily being denuded of its contents, noted the presence of a wooden bear with jointed limbs on the desk, a nickel-plated key to a hospital city, a seashell, and a model electric locomotive* a row of reference books, an ash tray, which usually . . . has in it six or more white paper cigar holders, with quill mouth pieces, 'a matutinal bouquet, a pencil rack with ten sharpened pencils, a row of mother-of-pearl push buttons. Another found...
Whatever has been urged against the proposed Nickel Plate merger, charges of "watered stock" or inflated capitalization have been conspicuous for their absence. In 1924, the five constituent properties (present Nickel Plate, Chesapeake & Ohio, Erie, Pere Marquette and Hocking Valley) showed a combined net income of $34,937,052. This is sufficient to take care of the 6% dividend on the 1,317,150 proposed shares of preferred, and then amount to $17.93 a share on the $150,753,522 of proposed common stock. In a similar way, the earnings of the constituent roads for 1923 would amount...
...Washington, however, the hearings on the Nickel Plate merger are making very slow progress, if indeed they are not temporarily moving backward rather than forward. The Interstate Commerce Commission has recently reopened the proceedings held in January, 1923, whereby the Van Sweringens were permitted to serve as directors on the Nickel Plate, Hocking Valley and C. & O. It is evident from this step, that the old Congressional fear of "interlocking directorates," however obsolete and however inconsistent with a policy of favoring railroad consolidations, is not yet allayed. The minority C. & O. stockholders were greatly cheered over this investigation of ancient...