Word: sweringen
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Always busy are the Van Sweringen Brothers, Oris Paxton and Mantis James. With plans for a railroad merger including Chesapeake & Ohio, Nickel Plate, Pere Marquette, Erie and subordinate roads held up by the Interstate Commerce Commission, the Van Sweringens have been concentrating on financing rather than on operating. Last week they announced and financed a new Allegheny Corp., holding company for their railroad stocks. An offering of $35,000,000 5% convertible bonds, par 100, was quickly sold (through J. P. Morgan & Co., National City Co., First National Bank, and Guaranty Co.) at a 10-point premium. Later offerings were...
...soon became evident that the Pennsylvania and Loree interests had joined for a run-run-pull-away match against the New York Central, B. & O. and Van Sweringen interests. At the year's end the situation was this...
Expenses. To minority stockholders of the Chesapeake & Ohio R. R. came over $200,000, a voluntary contribution from the Brothers O. P. and M. J. Van Sweringen, to pay the legal expenses of the minority's anti-merger (C. & O., Erie, Hocking Valley, Pere Marquette, Nickel Plate) battle before the Interstate Commerce Commission...
Motors. Motorcar makers last week heard of 3 consolidations, completed or pending: 1) Hupp Motor Car Corp. (possibly controlled by William C. Durant) and Chandler-Cleveland Motors Corp. (possibly controlled by the railroading brothers Van Sweringen), forming a $130,000,000 business; 2) Chrysler Corp. and Commercial Credit Co. (Baltimore), to provide instalment sale systems for Chrysler cars; 3) Humber, Hillman and Commer (British) motor interests, as Humbers, Ltd. Object: competition with U. S. manufacturers. Capital...
Clevelanders last week learned why the hawk fed leisurely outside the Van Sweringen windows. Atop the 54-story tower building is a huge beacon. Birds migrating at night are blinded by the glare, dash against the building, drop broken-bodied to the balcony projection...