Word: sweringens
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...Following increased earnings Chesapeake & Ohio Railroad last week, obeying the hopes of its stockholders (TIME, Aug. 28), upped its common dividend from $2.50 to $2.80 a year. To raise the C. & 0. dividend must have felt good to the Brothers 0. P. & M. J. Van Sweringen. Their Chesapeake Corp., which holds 3,826,000 shares of C. & 0. stock, will therefore get $1,140,000 more in dividends. If the value of Chesapeake Corp. stock rises it will benefit their Alleghany Corp. whose assets are now impounded by the trustee of its bond issues. Alleghany's assets include Chesapeake...
Chesapeake & Ohio, only Van Sweringen road to pay dividends throughout the Depression, last week announced net July income at $3,172,000 compared to $1,207,000 a year ago. Earnings per share for the first seven months of the year aggregated $1.77 compared to $1.30 for the same period a year ago. Optimistic stockholders promptly prophesied that C. & O. would be the first major railroad to stage a post-Depression rise...
...years ago Patrick H. Joyce, burly, forthright president of Chicago Great Western, bought for his road a 20% inter est in Kansas City Southern. He bought it cheap from the hard-pressed Brothers Van Sweringen. The block of 104,500 shares, said President Joyce at the time, would give Great Western "part of the trackage we need for a direct route from the Northwest to the Gulf of Mexico." As to Kansas City Southern itself he added: "We will make a railroad out of it if we can get co-operation." Last week cash looked better than a railroad...
...Union Trust owed their bank $9,250,000. Nearly $7,000,000 of these loans were either "under water" (inadequately secured) or delinquent in interest, or both. ¶ Three Union Trust directors who made an independent audit last December found $11,700,000 of loans to the Brothers Van Sweringen. These loans were under water and delinquent for $1,000,000 in interest, and the directors stated at the time that these loans "have done more than any other single factor to undermine public confidence in this institution. ... It is our opinion that these loans cannot be . . . worth more than...
Step 3. With these major holdings assembled, the Van Sweringens went to the Interstate Commerce Commission in 1925 for permission to merge them with the Nickel Plate. The Commission said No. It objected to tying all these roads into the Nickel Plate which was so absolutely controlled by a small group of men, and it objected to certain physical aspects of the consolidation (which would have made the Nickel Plate instead of the C. & O. the backbone of a new system). So the Van Sweringens reversed their plans. The C. & O. became the centre of their schemes. In 1927 they...