Salt Lake Tribune | 1916-07-07 | Page 15 | Nickel Plate Road under New Control

NICKEL PLATE ROAD UNDER NEW CONTROL Cleveland Interests Purchase Holdings of the New York Central Company. NEW YORK, July 6. The New York Central Railroad company announced the sale of its holdings in the Xew York, Chicago & St. Louis railroad to Cleveland interests for a consideration involving $8,500,000. Of this amount $2,000,000 was paid in cash and tho balance in notes secured by pledge of the stock. The notes are for $650,000 each, the first one payable in five years and the others thereafter at, intervals of one year each. For the first live years the notes wall bear interest in-terest at the rato of 4 per cent and thereafter at f) per cent. The purchasers were represented by O. P. and N. J. Van Sweringen. The New York Central directors on the board have resigned and their places will be taken by representatives of the new interests. The New York, Chicago & St. Louis is commonly known as the Nickel Plate.