Word: pennroad
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...Girard Trust Co. and a civic leader of his community, Chairman Morris has been annoyed at the past few Pennsylvania meetings by what he undoubtedly believes to be sheer impudence. Last year the stockholders wanted to know all about salaries. This year they demanded the details of Pennroad Corp., an ill-starred venture into railroad holding companies...
...Brown was alleged to have promised an ocean mail contract to the Philadelphia Mail Steamship Co. in which the Pennsylvania Railroad (225 shares of whose stock and 150 shares of Pennroad Corp. were listed among Mr. Brown's holdings) was interested provided a Senate resolution to hold up the contract was postponed. Senator Reed of Pennsylvania thereupon filibustered the Senate resolution to death last March so the bid could be opened and the award made. But the contract fell through because the steamship company had no ships...
...Pennsylvania . . . with the aid of the fantastic Pennroad Corp. worked rapidly and regardless of cost acquiring without our approval the Wabash, Lehigh Valley, Detroit, Toledo & Ironton. ... In its arrogance the Pennsylvania consulted neither the commission nor the law nor public opinion...
Toledo to the Sea. Thirty-eight miles of new track between Cochran's Mill and Connellsville, Pa., last week were opened for traffic. Built at a cost of $16.000,000 by Pittsburgh & West Virginia Railway (Taplin-managed, Pennroad-controlled), it joins the P. & W. V. with Western Maryland, affords another direct route from Toledo and the Great Lakes to Baltimore and the Atlantic seaboard, may afford a 24-hour freight saving. If the proposed Eastern rail consolidation plan goes through, control of the P. & W. V. will be held jointly by the four eastern systems, hence the new link will...
...Pennroad and Allegheny. Commissioner Eastman's major specifications dealt with two famed holding companies-Pennroad, controlled by directors of the Pennsylvania R. R.-and Allegheny Corp. controlled by Oris Paxton and Mantis James Van Sweringen. He cited the fact that Pennroad was buying heavily into Boston & Maine and New York, New Haven & Hartford. He warned that if Pennsylvania enters the New England territory, it will be absolutely contrary to the I. C. C.'s merger plan. Likewise Pennroad is buying into Atlantic Coast Line, Southern, and already controls 15% of Seaboard Air Line. It has gobbled up Detroit...