U.S. RAILWAYS
COXSOLIDATTON SCHEME
FIFTEEN THOUSAND MILES CONCERNED.
iY CABLE —PRESS ASSOCIATION—COPYBIGHT Received Aug. 27, 9.55 a.m. NEW YORK, Aug. 26. The directors of the Erie Railroad have approved of an offer from the Van Sweringer interests to consolidate the road with fou,r others into their proposed fifteen hundred million dollars nickelplate system. This virtually compels unification of almost 14,00 i) miles of railway in the eastern section. The terms broadly provide that the holders of the Erie railroad first and second preferred' shares shall receive 50 per cent, of the holdings in the preferred stock in the new company, and common holders are to receive 40 par cent, of the holdings in the new company’s stock.—Reuter.
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Bibliographic details
Hawera Star, Volume XLVIII, 27 August 1924, Page 9
Word Count
117U.S. RAILWAYS Hawera Star, Volume XLVIII, 27 August 1924, Page 9
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