Sandwiched between the Chesapeake & Ohio railroad properties and Alleghany Corp., which normally controls them, is a useless intermediary holding company, Chesapeake Corp. (originally the top holding company until the Van Sweringens added Alleghany in order to float more securities). Last week, at last, came the first move to take the cheese out of this stale Van Sweringen sandwich. Chesapeake Corp.'s directors authorized using $2,000,000 of its $7,349,134 earned surplus to cover such claims or liabilities as may arise when the company is dissolved. Concurrently they declared what may be the last regular Chesapeake Corp. dividend—35¢ per share of common.
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