Word: platee
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Dates: during 1920-1929
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Scene: The salle a manger of the Bank of France in the Hotel de Toulouse, an historic palace built by the great architect Francois Mansart, for a natural son of Louis XIV. On the long table twinkles plate of gold. (Enter Governor Emile Moreau of the Bank of France and the principal delegates: Owen D. Young and J. P. Morgan of the U. S., Sir Josiah Stamp of Britain, Governor of the German Reichsbank, Dr. Hjalmar Schacht, Industrialist Alberto Pirelli of Italy, Banker Emile Francqui of Belgium, one-time financial attache at London, Kengo Mori of Japan, etc., not forgetting...
Always busy are the Van Sweringen Brothers, Oris Paxton and Mantis James. With plans for a railroad merger including Chesapeake & Ohio, Nickel Plate, Pere Marquette, Erie and subordinate roads held up by the Interstate Commerce Commission, the Van Sweringens have been concentrating on financing rather than on operating. Last week they announced and financed a new Allegheny Corp., holding company for their railroad stocks. An offering of $35,000,000 5% convertible bonds, par 100, was quickly sold (through J. P. Morgan & Co., National City Co., First National Bank, and Guaranty Co.) at a 10-point premium. Later offerings were...
Initial holdings of Allegheny Corp. include shares in Chesapeake Corp., Nickel Plate, Buffalo, Rochester & Pittsburgh, Chesapeake & Ohio and Erie, all of which have been Van Sweringen stocks. The corporation is also empowered to make further investments, principally in railroad stocks. It can therefore function as a railroad investment trust as well as a Van Sweringen holding company. It has, however, no power to operate railroad properties or to engage in banking...
More important than the merger itself was its possible effect upon the status quo existing in the eastern railroad field. There are four main systems: Pennsylvania, New York Central, Baltimore & Ohio and Nickel Plate (Van Sweringen). Four years ago these four railroads held conferences in which the eastern railroad field was tentatively divided among them, but the negotiations were abandoned chiefly because the Pennsylvania did not believe that it had received its proper share of the short lines. Since the failure of these negotiations, no decisive merger movement has taken place. Last fortnight, however, the New York Central secured...
...finest books on exhibition in the Memorial Room is a copy of "Beauty and the Beast". This book is illustrated with high colors, every two or three pages containing a bright plate. The copy sold in the New York sale did not contain as many illustrations, yet brought a very high price...