Word: pennroad
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...more American planes and landing rights-in effect, make TACA a U.S. flag line. When the U.S. was slow to get behind TACA, Yerex tried dickering with the British, tried to get them to buy out the American interests. This irritated TACA's new stockholders, chiefly TWA and Pennroad Corp., an investment trust; so did Yerex's highhanded way of running things. They began to bring him down to earth...
...selling, but it was clear that many of this month's deals were made with March in mind. One day a block of 30,000 shares of New York, New Haven & Hartford was sold for $1,875 (6¼? a share), or $675 less than the seller (possibly Pennroad Corp.) had to pay in commissions and transfer taxes. Corn Products Refining Corp., which pays a $3 dividend and sold as high as $65.12 this year, went at a bargain near its eight-year...
...York, New Haven & Hartford (in the courts since 1935) will see its common and preferred stockholders wiped out entirely if ICC's plan goes through. Biggest common stockholders: Pennsylvania Railroad and its godchild Pennroad Corp. Curtailed by lCC's plan was P.R.R.'s long-mooted influence over New England traffic. Cut to $365,000,000 was New Haven's $464,833,806 capital structure, its fixed charges from...
...when Justice Bill Douglas' famed Los Angeles Lumber decision read the riot act to underwater stockholders, common shares in bankrupt railroads have not been worth much. Mobile & Ohio, Missouri Pacific, Milwaukee preferred and common stockholders have been purged by ICC reorganization plans, bondholders given the properties. Last week Pennroad Corp., which wrote its security holdings down by $87,959,517 in 1938, began to shovel some of its charred chestnuts into the fire, revealed that it had sold 152,119 of its original 402,119 shares of Seaboard Air Line (in receivership). The shares, which had cost an average...
...mover and inquisitor, Senator Burton Kendall Wheeler. Contrary to report, however, the Senator is not losing interest, nor is the investigation likely to peter out. With plenty of money left out of a $150,000 appropriation last March, the committee this week will turn to the affairs of either Pennroad or Chicago, Milwaukee, St. Paul & Pacific, next on its list after the old Van Sweringen network...