Word: sweringen
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...Brothers Van Sweringen continued their mysterious way. On the one hand, they acted like good little boys and withdrew their C. & 0. merger in order to revise it to suit their Uncle I. C. C. On the other hand, they deeply pained their good Uncle by their persistent buying into independent railroads. Not only do they control 47.8% of the voting stock of Missouri Pacific, but it is now revealed that their Allegheny Corp. owns 20.8% of the voting shares of Kansas City Southern, often called ''the straightest railroad in the U.S." Just how much fire there is behind...
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...
Allegheny Corp., according to Mr. Eastman, beside controlling the Van Sweringen roads forbidden to merge by the I. C. C.. now owns 20% of Kansas City Southern, is buying into Sante Fe and Great Northern. It controls Missouri Pacific which the I. C. C. never intended to go into such a vast East-West lineup...
...Through J. P. Morgan & Co. and Guaranty Trust Co. last week Alleghany Corp.. holding company controlled by the Van Sweringen brothers of Cleveland, offered a $25,000,000 bond and a $12,500,000 preferred stock issue. Securing the issue were $7,000,000 Missouri Pacific convertible bonds, 60,000 shares of Missouri Pacific convertible preferred stock, 100,000 shares of Missouri Pacific common stock...
Inquisitive people, wondering why Alleghany Corp. has so large an interest in MOP, were told that the Van Sweringen:, are estimated to have one-third control of the road. Suddenly the realization dawned that the Van Sweringens possess the nucleus of the never-achieved ambition of all of the many U. S. railroad builders; a transcontinental system...