Word: sweringens
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...that rich property is well worth fighting for. During the last year a bitter dogfight has raged between the potent Guaranty Trust Co. and a group of tyro financiers headed by Robert R. Young. Chief bone of contention has been Chesapeake Corp., the holding company created by the Van Sweringen brothers to acquire a 51% interest in the C. & 0. Last week, as Wall Street had long anticipated, the bone was finally buried-in Guaranty's yard...
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...
...famed Van Sweringen brothers bought their first railroad-the Nickel Plate (New York, Chicago & St. Louis R. R.)-from the New York Central for $8,500,000. The road made money steadily for 15 years. But between 1927 and 1929 the Vans made a second, less prudent purchase. After a spectacular tussle with the Taplin interests (Pittsburgh & West Virginia R. R.), which resulted in a virtual corner on the stock market, they bought control of the Wheeling & Lake Erie...
Sandwiched between the Chesapeake & Ohio railroad properties and Alleghany Corp., which normally controls them, is a useless intermediary holding company, Chesapeake Corp. (originally the top holding company until the Van Sweringens added Alleghany in order to float more securities). Last week, at last, came the first move to take the cheese out of this stale Van Sweringen sandwich. Chesapeake Corp.'s directors authorized using $2,000,000 of its $7,349,134 earned surplus to cover such claims or liabilities as may arise when the company is dissolved. Concurrently they declared what may be the last regular Chesapeake Corp...
Robert Young controls Alleghany Corp., top holding company in the former Van Sweringen railroad empire. William Potter is board chairman of Guaranty Trust Co., which holds, as collateral on bonds now in technical default, Alleghany's 71% interest in Chesapeake Corp., middle link in the chain between Alleghany and rich Chesapeake & Ohio Ry. Financiers Young and Potter have been on the mat for months to see which shall dominate C. & O. (TIME, April...