The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1901-05-24
PENNSY NOR
CAMS RIVAL

III J. Plerpont morgan - banking
on Virginia as stated Yesterday ia
cables from abroad, to supplE tho
big coal trust he is forming in
France, he had better stir himself
or the Pennsylvania Railroad Com
pauy will cut hun out. In fact. Mr..
Morgan may be to late now. for it
IS said on good authority that the
Pennsylvania is gobbling up the
controlling interest in the Southern
Railroad, whico taps the Virginia
ccal regions.
For some time past the Pennsyl~
vauia has been acquiring stock in
this company, with the purpose OF
controlling the soft coal carrying
trade in the Southeast, as well q;
the East, for the Southern Railroad
reaches the rich coal fields Of the
Carolnas and Tennessee as well al,
those of Virginia. And now tbA
Morgan has picked out this v
for his operations the PennsylvanN
is more anxious than ever to col,
troll the road which covers it, if for
no other reason than to keep Nor
gan out.
The Southern Railroad is vcry
valuable piece OF property, and
would afford anoutlet to the Penn
syivania's traffic business through
the South, even as far as the Gull
OF Mexico, while an enormous
amount Of business would be
brought up to the Pennsylvania By
such Southern connection.
Already the Pennsylvania has
stretched its arms, the Baltimore
and Ohio, the Chesape AXE and Ohio
and the Norfolk aud Western, to. \
ward this Southern territory. and
the Southern will pick up the traf-
fic where these other lines leave it
off.
Taken in itsentiretv. the Southern
Railroad operates oslo miles, ex.
tending from West Point and Rich. \
mond, Va, 10 Danville, Va, Greens.
boro, N. c.. Norfolk. Va, Charlotte
and Columbia. N. c., and Atlanta.
Ga, thence northerly to Bristol,
Tenn, southea sterly- the coast
at Brunswick, Ga, and ~~slSs -. !.
across the States of Alabama and
Mississippi tothe Mississippi River
at Greenville.
The authorized stock is $I20, 600.
900 common and 800, 900, 900 five per
cent. non-cumulative preferred
stock The earnings for July l q
1900. TO February %, 1901, were
Gross, $24, 152 227; net. $7.666, TIA.
The stock sold yesterday at SO.
With the Baltimore and Ohio, the &
Chesapeake and Ohio and the
Southern in its hands, the Pennsvl-
vania will certainly control the coal
situation in the southeast Mr.
Morgan had better look to his lau-
rels, and incidentally his Frensk
coal trnst, Tor if he expects to se |
abroad the products of Virginia
mines, the Pennsylvania will get
it's share OF the profits bv carrying
the coal to Morgan S ships.
b. AND 7. s NEW MANAGEMENT.
1t has been long understood that
the Pennsylvania intended to do y
away with the separate organiza
ton OF the Baltimore sand Potomac
Railroad, which operates in connec-
tion with the Philadelphia, Will
mington and Baltimore, and run
the two roads uuder one manage
ment Fourth Vice President Rea
is planning to bring this about
shortly. for the sake Of economy. 1t
is not new merger scheme, for the
Pennsylvania has long controlled y
the Baltimore and Potomac, just as
it hasthe Philadelphia, Wilmington a
and Baltimore. The important
stretch of the Baltimore and Poto-
mac is that line between Baltimore
and Washington, over which the
Philadelphia, Wilmington aud Bal. -a
tlmore trains run. The final joiut #
operation scheme will probably be
agreed upon at the annual meetin.
OF the Baltimore and Potomac, tn:
first Wednesday in June.