Minority Stockholders

Now that the Van Sweringens have made public their formal offer where by the stocks of the New Nickel Plate road (TiME, July 7, 28, Aug. 11, 18) will be exchanged for the securities of its constituent companies, the old question of the rights of minority stockholders has again come to the fore.

Undoubtedly in the past, managers of American railway and other mer gers have not always provided adequately for the minority stockholder. On the other hand, minority stock-holders have sometimes adopted a purely obstructive attitude in order to be bought off. In the present Nickel Plate case, neither extreme will probably be witnessed.