Word: nickels
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...that the Van Sweringens have made public their formal offer where by the stocks of the New Nickel Plate road (TiME, July 7, 28, Aug. 11, 18) will be exchanged for the securities of its constituent companies, the old question of the rights of minority stockholders has again come to the fore...
Undoubtedly in the past, managers of American railway and other mer gers have not always provided adequately for the minority stockholder. On the other hand, minority stock-holders have sometimes adopted a purely obstructive attitude in order to be bought off. In the present Nickel Plate case, neither extreme will probably be witnessed...
Finally a "semiofficial statement" of the consolidation plan was given to an anxious world by parties unnamed. It provided for the creation of a brand new company (the New York, Chicago & St. Louis Railway Co.) to acquire and hold the stocks of the old "Nickel Plate" (the New York, Chicago & St. Louis Railroad Co.), the Erie, the C. & O., the Hocking Valley, and the Pere Marquette. The new company will have two classes of stock, common and 6% preferred, which will be exchanged in varying ratios for the stocks of the several roads going into the merger, on terms apparently...
...system, according to experts, will be sound from a traffic as well as from a financial standpoint. Pere Marquette will serve to collect local traffic, and to distribute coal from the C. & O. The original Nickel Plate and Erie systems between them provide an excellent fast freight line into New York from the West. The Hocking Valley serves to connect the mileage of the C. & O., Erie and Nickel Plate. The consolidated system will touch New York, Chicago, St. Louis, Cleveland, Peoria, Newport News, Toledo, Detroit, Buffalo. The old Erie gives it one seaboard outlet on the Atlantic...
...weakness much commented on in stock market circles lies in the fact that the new Nickel Plate system will not touch Pittsburgh. This means a heavy loss of valuable freight, and for some times rumors have been afloat that the Van Sweringens would also acquire the Pittsburgh & West Virginia road to strengthen their system. Some Cleveland parties, unknown, have purchased 40,000 shares of this road from the Metropolitan Life Insurance Co., with an option on 34,000 shares more; this is about a quarter of the total 300,000 shares of the road. When the Van Sweringens are asked...