Word: pennroad
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Dates: during 1920-1929
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Cited by the Commission were two such holding companies: Alleghany Corp. controlled by the Van Sweringen interests (Nickel Plate, Erie, Pere Marquette. C. & O.) and Pennroad Corp., controlled under a voting trust by the president and two directors of the Pennsylvania Railroad...
Warned the Commission: "The Pennroad Co., by acquiring stock control of a railroad, can bring it under common control with the Pennsylvania without itself controlling or being controlled by the latter carrier as such. . . . Common control can be effected by a chain, one vital link in which is made up of the control exercised, directly or indirectly, over two or more corporations by individuals. . . . [This] may result in the suppression of competition...
...Oris Paxton and Mantis James Van Sweringen. On each of the three Boards a different consolidation game is being played. Last week two bold moves were made on the Van Sweringen board. Master Atterbury made the first when he captured a valuable pawn, the Pittsburgh and West Virginia. His Pennroad Corp. bought for $50.000,000 from Frank E. and Charles E. Taplin the controlling interest in the road. The loss of this key road is a setback to the Van Sweringen merger plans, which does not displease the Brothers Taplin, arch-enemies of the Brothers Van Sweringen. The sale also...
...lettered F O R D on D. T. & I. bridges was destined soon to disappear. Henry Ford, owner of the D. T. & I. had sold his property to an unannounced purchaser. Agent in the transaction was the firm of Charles D. Barney & Co., Manhattan brokers. Probable real purchaser was Pennroad Corp., Pennsylvania Railroad holding company. Whoever the new buyer, the Detroit, Toledo & Ironton's Ole Massa had certainly sold it down the river...