RAILROADS: Welcome Aboard

Chicago's genial J. (for Joseph) Patrick Lannan has parlayed a genteel raiding technique into a corporate empire with interests ranging from nickel vending machines to high-priced dredging operations. Last week Pat Lannan and Arthur Wirtz, ice-show and boxing promoter and real-estate owner, informed directors of the Chicago, Milwaukee, St. Paul & Pacific Railroad that they had control of the 10,640-mile road, fourth largest in the U.S.

Lannan said that more than 20 unnamed friends of his had gradually bought more than 300,000 of the Milwaukee road's widely scattered 2,123,210 outstanding shares (present market price: 20¾ per share). He thought this slice...

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