New-York tribune., 1922-12-15
Van Sweringen
Interests Seek
C.. < o. Control
Huntington Believed Willing
to Sell TO Cleveland
Operators if Satisfactory
Terms Can Be Arranged
Stock Jumps Two Points
If Deal Goes Through West
ern Group Will Boost
Rail Mileage to 1000

The Van Sweringen interests Of
Cleveland. who. in the sumner OF 1916,
startled the railroad world by aequir.
INK the majority stock OF the Nickel
Plate from the New York Central, and
more recently added the Toledo, ST.
Louis & Western and the Lake Erie
4 Western to their holdings, are now
Understood 20 be negotiating for work
ing control OF the Chesapeake 4 Ohio.
II was said yesterday that the Van
Sworingens were seeking TO acquire
the stock holdings OF II. Z. Hunting
ton. chairman Of the c. & o director
ate. and his associates. Because Of his
advanced years Mr.. Huntington IL un.
dcrstood TO be willing TO dispose Of his
stock should satisfactory terms re-
garding price be arranged. The pur-
chaser Of these holdings. Il was said,
would have sufficient stock 20 assure
n dominant voice in the Chesapeake &
Ohio management
A rise Of more than two points in c.
4 O. common on the S.ock Exchange
resulted from the circulation OF the
rumors that new interests were desir-
Gus Of getting enough stock 70 g.yc
them working control Of tbs road. The
identity Of these Interests, however,
yas not disclosed until later IN the
day.
Make Rapid Expansion
The rapidity With which the Van
Sweringens have expanded their actly-
tiles as real estate operators In Cleye-
land 20 a position OF prominence IN
the railroad world caused doubts TO
arise in some quarters OF the financial
district as 10 whether they would be
able TO swing an operation as large os
that involved IN the Chesapeake 4
Ohio deal. A transaction Of this magni-
tude, 10 was pointed out. probably
would require the mobilization OF tnan-
cial resources in nddit 10 those now
held BY the Van Sweringens, for the
reason that Mr.. Huntington IS not
likely 20 consent 20 sale Of Ms hold
ings unless the bulk OF the purchase
price Is IN cash.
The railroad mileage already con-
trolled by the Van Sweringens in the
Clover Leaf, the Nickel Plate and the
Lake Eric & Western approximates
1 ZOO miles. At the end Of 1921 the
Chesapeake & Ohio operated 1882
miles Of line. which, In the eveat or
purchase Of the Huntington holdings
would give the Cleveland interests a
dominating voice In the management
Of nearly 1000 miles.
The main line Of the Chesapeake &
Ohio runs from Chicago TO Norfolk, Va.
The Hooking Valley. a subsidiary. would
give a valuable terminus on Lake Erie
Al Toledo. The bulk OF the cratic on
the Chesapeake & Ohio consists OF coal,
the products OF the mines last year
comprising about so per cent OF the
freight carried
s5,ooo,ooo Guaranteed Bonds
The total funded debt Of the road
amounts TO i2,I24.400, exclusive OF
Sc, 5,3s4.666 guaranteed bonds OF con-
trolled companies. Capital stock out
standing consists Of Si2,55S,2oO pre-
ferred, recently created. and S52. ,yZ'oVV
common. The preferred pays sis per
cent in dividends and the common =
Der cent
Based on the earnings for the nine
months ended September 30, with the
remainder Of the year estimated, II IS
predicted the company this yes. VIZ
earn more than D per cent on the total
property investment, 52.65 per cent on
the preferred stock and 1913 per cent
on the common.
The list OF officers OF the Van
sveringen railroad properties shows
o. T. Van Sweringen as chairman OF
the board and NJ. J. Van Sweringen as
vice president, the latter also being q
member of tho board.