Word: sweringen
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Wheeling & Lake Erie is, roughly, an X-shaped road, with one arm running from Toledo to Wheeling, W. Va., the other from Cleveland to Zanesville, Ohio, the two crossing at Brewster, Ohio. The Van Sweringens, who consider the Wheeling & Lake Erie a desirable unit in their proposed Fourth Trunk Line, have acquired control of the road through stock held by the Nickel Plate and Alleghany Corp.* But Frank Taplin, largest single stockholder and leader of a powerful minority group of Wheeling & Lake Erie stockholders opposed to Van Sweringen denomination, has also a Trunk Line plan. Less ambitious than...
When Wheeling & Lake Erie stock holders met at Cleveland last week, the Taplins argued that the Van Sweringens should not be allowed to vote their Nickel Plate and Alleghany holdings, inasmuch as the Interstate Commerce Commission last month (TIME, April 29) ordered the Nickel Plate to "divest" itself of its Wheeling stock. Therefore, the Taplins argued, the Van Sweringens had no right to vote stock which they had acquired and were holding in defiance of the I. C. C. Compromising, the Van Sweringens voted to adjourn the meeting until August 1, at which date the legality of their Wheeling holdings...
Familiar is the story of the Van Sweringen brothers, Oris Paxton and Mantis James. Once they sold newspapers, and then they sold real estate, and now they have shifted to the buying side of merchandising and make railroads their specialty. Oris P. is 50, Mantis J. is 47; they are both bachelors; and, though some observers maintain that Oris P. is the Planner and Mantis J. is the Doer, they pride themselves upon being equal in all things and to share all things?even a reputed fraternal check book?in common...
Romantic reporters who discuss the Van Sweringen Rail Empire also discuss the Van Sweringens as Rail Emperors. On such a basis, however, able John J. Bernet should certainly be listed as at least No. 1 Field Marshal. For though the Van Sweringens may handle the stocks and bonds, it is Mr. Bernet who has most to do with making the engines go and the cars follow them. In 1916 he took the Nickel Plate, commonly known as "a streak of rust," and quickly made it a sound and paying railway. In 1927 he was transferred to the Erie...
...Alleghany Corp. was formed in the present year (TIME, Feb. n) as holding company for Van Sweringen railroad stocks. Its initial offering ($35,000,000 in 5% convertible bonds) was marketed through J. P. Morgan & Co., National City Co., First National Bank, Guaranty Co., Alleghany Corp. Last month announced an issue of $25,000,000 in cumulative preferred, series A, with rights to purchase 1 1/2 shares of common at $30 a share for each share of preferred...