Word: rying
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Dates: during 1930-1939
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...President Duncan John Kerr of Lehigh Valley R. R. was nominated to become a director of Great Northern Ry. A Scot who likes bridge, fishing and "just being in Montana," Railroader Kerr will probably be the next Great Northern president, succeeding William P. Kenney, who died in January...
...more than a year Manhattan's Guaranty Trust Co. has been smoothly squelching Financier Robert Young in a spectacular battle for control of the rich Chesapeake & Ohio Ry. (TIME, April 25 et seq.). Robert Young controlled the common stock of Alleghany Corp., top holding company of the oldtime Van Sweringen railroad domain. But Guaranty was trustee for three Alleghany bond issues under an indenture which specified that whenever the collateral (including Alleghany's C. & O. holdings) behind them fell below 150% of their face value, the bank could impound it. When the collateral so fell, the bank impounded...
...ry body tells, where how and why The world-goes...
Louis, Evansville and the soft-coal fields around Cairo, Chicago & Eastern Illinois Ry. is more important than its size would indicate, for it is a connecting link in the great Van Sweringen system. To get control of C. & E. I. after ICC had disapproved linking it with the Chesapeake & Ohio, the Vans pulled off a slick deal in which Paine, Webber & Co. acted as dummy purchasers. A subsequent circumventing of legal requirements, whereby the Vans got RFC unwittingly to pay off an inter-company loan, drew an ICC examiner's admission that "we were made monkeys of. . . ." Last week...
...Extended its easy credit policy to railroad equipment trust certificates. Heretofore, with the exception of the World War period, the Interstate Commerce Commission has always required a 25% down payment by railroads on equipment purchases financed by equipment trust certificates. Last August ICC allowed Seaboard Air Line Ry., which is in reorganization, to finance 90% of a $1,671,000 equipment trust issue. Last week in a supplementary decision ICC let the Seaboard finance the other 10%. ICCommissioner Claude R. Porter dissented on the grounds that such a policy would impair the market for equipment trusts...