Word: railroads
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Dates: during 1920-1929
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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...
...week met with representatives of their employers and discussed, amicably, a wage increase. Result: the Pennsylvania swelled its payroll by about $4,000,000 per annum, some 43,000 employes benefiting. The bulk of the raises went to shop, maintenance-of-way and structural department employes. Prosperous was the railroad month of December, 1928. Forty-six Class I railroads reported an increase in net operating income of 67.3% over December 1927- $47,367,000 compared...
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...
...Bank and National City Co. underwrote the issue. On March 1, subject to the approval of the Interstate Commerce Commission, the new organization will take over virtually the entire expressing business of the U. S. The bond issue culminates two years of effort on the part of U. S. railroad executives, particularly of William Benson Storey, president of the Santa...
...Progress of the express business, from a competition between express companies to a railroad-controlled monopoly sanctioned by the Government, began during the War. For just as the railroads were administered by the Government, so the physical properties of the express companies were sold to the then newly-formed American Railway Express Co., which was managed by a Federal administrator. In September, 1920, Government administration ended, and American Railway Express continued as an operating company whose stock was jointly held by Adams Express and American Express. American Railway Express then arranged contracts with almost every U. S. railroad (notable exception...