Word: sweringen
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...Cleveland's Union Trust Building, offices of Wheeling & Lake Erie Railway Co., were last week greeted by Patrolmen Jeremiah Smith and Ignatius Reschke and Sergeant Rudolph Maralowitz. The police guard represented (through the medium of an injunction) the interests of Cleveland's famed and potent Van Sweringen brothers. They were stationed, too, for the purpose of foiling, baffling and frustrating the interests of Cleveland's less famed but also potent Taplin brothers. For between the Van Sweringens and the Taplins exists a long-standing feud, which last week resulted in the phenomenon of a railroad with two presidents, two sets...
...Nickel Plate argument runs somewhat as follows: The I. C. C. order told Nickel Plate, New York Central and Baltimore & Ohio to dispose of their Wheeling stock. The New York Central and the B. & O. anticipated this order by transferring their stock to Allegheny Corp., Van Sweringen holding company. Objection might be taken to joint control of the Wheeling by three roads, but its control by one road is quite another matter...
...Baltimore & Ohio R. R. suggested a merger that would more than double its mileage and valuation. The Chesapeake & Ohio R. R. offered a plan that would link the somewhat scattered Van Sweringen holdings into a unified and expanded trunk system...
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...