Martinsburg herald. [volume] (Martinsburg, W. Va.) 1881-1920, 1903-01-17
IN NEW HANDS
Pennsylvania and Vanderbilt Said
to Share Control.
B. & 0.'S SHARE IN THE DEAL

Large Block Of Stock Purchased in the Nam
Of Baltimore Read and Part Of il
Transferred.
The Baltimore and Ohio Railroad
Company and the Vanderbilt interests
have secured holdings Of the stock of
the-Philadelphia and Reading Railway
Company. represented to be about 40
Der cent. of the $500. 600 shares, and
it is believed in financial and railroad
circles here that, with a large block
of the shares said to be held BY the
PENNSYLVANIA Railroad Company, the
control of the Reading passes over to
the three interests, so that the trans
action is something of a triangular ar
rangement. 1t is thought that the
Reading will be handled on D COM
munity- of-interest plan by the new
purchasers.
President Loree, Of the Baltimore
and Ohio. returned from New York
/ ~NtStGIud1s WliGtb lit Idh DC0H III JILL
nection with the final negotiations.
When seen in at his Office in the Gen.
trail Building he said it was a fact
that his company and the Vanderbilt
interests had secured an interest in
the Philadelphia and Reading. He al
SO confirmed the report from New
York that, after having secured a large
block of the stock, his company had
arranged TO sell a certain amount TO
the Vanderbilt interests.
MR.. LOREE GIVES REASONS.
When asked as to the reasons lead
ing to the purchase by the Baltimore
and Ohio Of the interest in the Read
ing Mr.. Loree stated that ever since
the completion of the Baltimore and
Ohio line to Philadelphia it had had
close relations with the PHILADELPHIA
and Reading that those relations had
become closer and more important as
time went on and the interchange
of traffic developed. The Baltimore
and Ohio had its own freight yards
and terminals on Staten Island and
in New York, and its own railroad in
New Jersey to a connection ut Gran
ford with the JERSEY Central Railroad,
which is controlled by the Reading,
and that, therefore, in the handling of
traffic to and from this great CONNER
cial center the Reading was such an
essential part of its through line as
to make it most important hat the
business be secured in the most sub
~stantial anner
In addition to the business via Phil
adelphia and the large Volume Of an
thracite coal secured to the Baltimore
and Ohio road through its relation
with the Reading the shippers over
the Baltimore and Ohio were finding
one of their largest markets in the
great number of important industrial
towns throughout Central Pennsyl-
vania which are now reached by the
Reading railroad, and the Baltimore
and Ohio drew in turn from this COM
\ mercial territory a large merchandise
traffic which was an important ele-
ment in its revenues. Consequently
when the opportunity was offered
through large banking interests ia
New York to secure a large block Of
Reading stock this COMPANY hal Glad
" awaited itself of the opportunity to
strengthen its position in relation TO
this important traffic.
WHERE VANDERBILTS COME IN
Mr.. Loree said further that as the
Vanderbilt interests through their
Beech Greek and other properties like
wise have important connections and
traffic relations with the Reading
Railroad, over which line their traffic
reaches Philadelphia, that interest
was given an opportunity to share ip
the purchase, which they had accented,
and the transaction has been completed
along these lines.
Mr.. Loree was asked if the Balti-
more and Ohio Railroad Company
vOuld assume gen OF the