Word: centralize
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Dates: during 1960-1960
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...anniversary, New York's Democratic ex-Governor and Senator, Herbert H. Lehman, 82, and his wife Edith gave a $500,000 present to the children of New York City. The money was accepted by the city for construction of a children's zoo that Lehman envisions in Central Park, just across the street from the Leh-mans' longtime place of worship, Temple Emanu...
...major power struggle to merge the nation's Eastern railroads into two massive networks built around the Pennsylvania and the New York Central broke into the open last week. Forcing the fight was the announcement that directors of the Norfolk & Western Railway and the Nickel Plate Railroad had agreed to merge. Since the Pennsylvania Railroad owns about 33% of the Norfolk & Western, railroaders saw the move as a step toward a giant Pennsy network...
...merger alarmed the New York Central, which wanted a three-way merger with the Chesapeake & Ohio and the Baltimore & Ohio (TIME, May 30). But the C. & O. wanted to go it alone, offered to buy B. & O. stock as the first step toward merger. Last week, as the C. & O. mailed its offer to B. & O. stockholders, New York Central President Alfred Perlman jumped into action. He appealed to the Interstate Commerce Commission to con duct a study to establish new ground rules for Eastern rail mergers, hoping thus to block the other roads moves until he can strengthen...
Better Offer? Central directors will meet this week to decide on the deal and what price they will pay. They will have to hustle. The C. & O. has already hired Merrill Lynch, Pierce, Fenner & Smith to solicit B. & O. stockholders to accept its offer. The C. & O. will exchange one share of its common (worth about $63) for each if shares of B. & O. common or each share of B. & O. preferred. Perlman said his road is in a position "to make a better offer...
With some 20% to 30% of the B. & O. stock said to be held by Swiss banking interests, and the better growth possibilities of the Central, Wall Street believes that it will be hard for the C. & O. to acquire the 80% it needs for a tax-free stock trade. It would be especially difficult if the Central board goes along with Perlman's view that about...