The Montgomery advertiser., 1903-01-13

becomes merely the servant of giant con- trolling interests, and the Reading, in- dependent in name only, will henceforth be managed In accord with a policy dic- tated by its railroad owners.
 Greater Coal Trust.
 This deal places control of anthracite and bituminous coal production and dis tribution in the same hands. It makes a greater coal trust From the Mississippi River, for points east of the Alleghanies and on the Atlantic seaboard, this gi- gantic combine can say how fuel shall be sold. A union of coal interests now su- persedes the dual agreement made by Cas- satt and Vanderbilt over three years ago Then 1t was mutually agreed that the Pennsylvania should control the soft coal and the Vanderbilts dominate the hard coal situation. Now the two interests be- come as one. The coal business is put under the direction of the two railroad groups Because he is President of the group of lines having the largest grip on coal A. J. Cassatt virtually has the say now. In anthracite George F. Baer must do as he Is told.
 Directly the Baltimore and Ohio gets terminals and lines of essential value to 1t. Working the Reading in harmony vir- tually as part of its system, the Balti- more and Ohio can both serve and tap a territory than which none is richer for traffic purposes. It secures its New York connections and guards against any inter- ruption through possible hostile control of Reading"
 Underwriting Syndicate Formed.
 The Philadelphia Inquirer published the following as a dispatch from New York;
 According to interests which are gen. orally well informed, a $10O.OO0, 900 syndi- cate of foreign underwriters has been formed to carry out the deal whereby the control of the Philadelphia and Read ing Railroad has passed to the Pennsyl- vania and Vanderbilt interests. An official announcement was given out late this afternoon of the deal, as follows:
 ''Ths control of Reading was bought in the open market by the Vanderbilt and Pennsylvania interests. The stock in- volved amounted to G36, ,0Oo, 900. which was furnished by J. P, Morgan & Go. some time since. and there are to be no syndi- cate operations in connection with it. The stock Is to be evenly divided between the Laks Shore and Pennsylvania Railroads The Reading is to be run by the Lake Shore without, of course. antagonizing the Pennsylvania. The whole transaction is completed and Is called Q passed in- cident,
 Financing Future Operations,
 Tn connection with the reported forma- ton of a tlOO. OOO,0O0 syndicate to supply the present financial needs of the Penn sylvania in this deal and in that roads contemplated improvements 1t is stated by interests which are often well inform ed that, in anticipation of the issue of new Pennsylvania Railroad stock, a for eign underwriting syndicate has been organized to finance a large amount of it. No details can be obtained, but tho highest circles permit the impression that large transaction Is impending or already concluded which will result in placing an extensive amount of American securities abroad, thereby removing all danger of gold exports from this coun- try.
 Tn working out the policy of controll- ing between them all the trunk lines east of Chicago except the Wabash 1t is pos sibls that the Erie will be the next road to which attsntien will be paid, It has