Evening star., 1922-12-29
FIVE ROADS PLAN
COMBINE IN WEST
Consolidation of Van SWer-
ingen Lines Will Take
Nickel Plate Name.
TO SEEK |. C.. C.. PERMIT
Stockholders Concerned Called to
Meet in March for Au-
thority to Merge.
TO SEEK |. c. c. PERMIT
By the Associated Press.

BY the Associated Press.
CLEVELAND. Ohio. December 2s.-
Only the approval OF the Interstate
Commerce Commission and stock
holders Of the New York. Chicago and
! Western. the Lake Erie and Western.
the. Fort Wayne. Cincinnati and
Louisville and the Chicago and State
line is necessary today for the con-
| solidation OF these railroads into one
of the largest rail systems east Of the
Mississippi river.
! Unification Of the railroads. all Of
I which are operated and controlled
by the o. p. and NJ. J. Van Swerinsen
| interests Of this city, was agreed
| upon by directors Of the hve COM
panies here yesterday Application
| to the Interstate Commerce Commits
| sion for authority to amalgamate will
Meetings Of stockholders to vote on
the proposition have been called for
early in March.
To Take Nickel Plate Name.
After consolidation the system will
be known as the New York, Chicago
and, St. Louis (Nickel Plate) railroad.
1t will have a total mileage of 1875
! and an authorized capitalization Of
I, ,S105.500. 900, which equals the present
authorized capital stock OF the FIVE
, constituent companies.
! The territory served by the roads
| affected extends from Buffalo through
! Cleveland and touches St. Louis.
Chicago Indianapolis. Peoria. Ill:
Fort Wayne. Ind: Sandusky and
! The combined assets Of the Ave con-
| stituent companies as Of September
30 last. total $20S.22s.900. After the
consolidation the corporate surplus of
the constituent companies will total
ss7.45S.s36. 1t was said.
| Operators self-Made Men.
Q. P. and NJ J. Van Sweringen OBJ
tained their common school education
in Geneva, Ohio. where they later
| were newsboys. Coming to Cleveland
about twenty years ago. they entered
the real estate business in a small
way They came into prominence
when they interested capitalists and
bankers in the purchase Of an extern
sive tract of land east OF Cleveland.
which later was incorporated as
Shaker Heights Village.
Development OF the property as real
| estate was hampered by mea4er
transportation facilities. 1t was to
| secure a right of way seven miles
I WIS loI d Tdplu transit system that
the Van Swerfngen interests pur-
chased the Nickel Plate railroad in
; 1916 from the New York Central lines,
| The price was said to be $500. 900
They also built a room hotel
on Public Square. costing several
million dollars.
Seek Site for Terminal.
The Van Sweringen interests are
now engaged in securing land for the
erection of a $4,000. 900 terminal rail-
road and traction station on Public
Square, which Is in the heart of the
downtown district. With its com.
pletion, ii Is understood. they will
electrify the Nickel Plate line In
Cleveland and establish extensive
commuter service.
The Nickel Plate. which was the
hrst railroad acquired by tho Van
Swerfngen interests, was built by a
| company chartered under the laws Of
New York in 1881. The line. extend
ing from Buffalo to Chicago, with a
mileage Of 62S. was opened for traf-
nc October %, 1882.
month after Its completion the
Nickel Plato was sold to the Wander
bilt interests. In March. 1885, the
road went into the hands of a re-
ceiver. and two years later the Van
derbilts again obtained it under fore
closure proceedings. The road re-
mained in control of the vanderbilts
until the Van Sweringen interests ac-
| Quired 1t, after the Interstate Com
| merce Commission had ruled that IL
I was a competing line Of the New
| York Central system.