Railroad Reorganization

by Stuart Daggett

[276] Ry. Age, 20:625, 1895.

[277] Chron. 63:560, 1896.

[278] Chron. 64:84, 1897.

[279] Chron. 63:923, 1896.

[280] See testimony of Mr. Baer before the Interstate Commerce Commission, 1904, “Synopsis of Stenographers’ Minutes, etc., in the case of W. R. Hearst against the Philadelphia & Reading Railway Company,” p. 55. The managers wished to take no chances.

[281] Organization and scope of the three Reading Companies. The Reading Company owns practically the whole of the capital stock of the Philadelphia & Reading Railway Company and the Philadelphia & Reading Coal & Iron Company, and all of the other stocks and securities which were acquired by the purchases under the sale made by the Trustees and the Receivers. It also owns the $20,000,000 purchase money mortgage bonds issued by the Philadelphia & Reading Railway Company, the locomotives, cars, steam collieries, tugs, and barges constituting the railway and marine equipment, and all the real estate of the old Philadelphia & Reading Railroad Company which was not appurtenant to the railroad itself. This, of course, does not include the depots, rights of way, etc., which belong to the Railway Company. The Philadelphia & Reading Railway Company owns all the roads formerly belonging to the Philadelphia & Reading Railroad Company, and it controls the roads hitherto leased to that company, either by transfer of the old leases or by new leases made since November 30, 1896. It leases from the Reading Company the railway and marine equipment which it uses in the conduct of its business and a number of wharves and warehouses on the Delaware River. Annual Report, 1898.

[282] Chron. 64:84, 1897.

[283] There are certain duplications in both of these figures, but the same duplications appear in each.

[284] Chron. 79:2087, 1904.

[285] See the nineteenth volume of the Industrial Commission’s report for a brief description of the renewed attempt at consolidation in the anthracite coal fields; also testimony in the case of W. R. Hearst against the Philadelphia & Reading Railway Company.