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From: tommy meehan tmeehan0421 AT gmail DOT com
Date: Tue, 16 Mar 2021 09:31:28 -0400
Subject: The DL&W and the Nickel Plate
"White_proposes_NKP_merger_01241948.jpg" - image/jpeg, 719x620 (24bit)

Looking at news archives, Lackawanna proposed an NKP-DL&W merger in 1948,
having purchased about 40,000 shares of NKP stock. This amounted to about a
15% holding in the NKP. Lackawanna president William White explained
Lackawanna's interest in a letter to DL&W stockholders. I'm attaching a NEW
YORK TIMES news article from January 1948 that quotes the letter. In it,
White wrote, "Our aim is eventual merger of Lackawanna and Nickel Plate..."

It was later reported that two meetings were held between Lackawanna and
NKP officials in 1948. NKP officials were apparently adamant that they
wanted no merger with Lackawanna. Several years later, Perry Shoemaker,
when president of Lackawanna, wanted two seats on the NKP board of
directors because of the large stock interest held by Lckawanna. Nickel
Plate opposed that as well and I don't think the ICC permitted it.

The NKP stock was paying an annual dividend of $1.50 a share but in 1958,
faced with a dire cash crisis, Shoemaker sold the stock. Shoemaker later
admitted, William White was "furious" when he learned of the sale.

tommy meehan


White_proposes_NKP_merger_01241948.jpg

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