The Montgomery advertiser., 1906-02-06
'The term Pennsylvania system !

'The term Pennsylvania system as here used includes the lines of the Pennsylvania Railroad Company. the Pennsylvania Company. the Philadel- phia. Baltimore and Washington Rail- road Company and the Northern Gen. tral Railroad Company, but does not include the Baltimore and Ohio Rail- road Company, the Norfolk and Vest ern Railroad Company or the Chesa- peake and Ohio Railroad Company.
 The Pennsylvania Company. which X controls all the lines of the Pennsyl- vanla system west of Pittsburg and Erie, hes an authorized capital stock of 3S0.000.00 of which S40,o00, ,oO0 haa beenA issued. All this issued stock ia owned by the Pennsylvapia Railroad Compahy
 "The Philadelphia. Baltimore and Washington Railroad Company has an authorized capital stock of S25, 650, ,45Os Of which $23.493,550 has been issued and is now outstanding. Of this issued stock the Pennsylvania Railroad owns $23s490,775.
 "The Northern Central Railroad Com pany has an authorized capital stock of S20,000,000. of which s17,193.400 has been issued and Is now outstanding. Oe this issued stock the Pennsylvania Railroad Company owns $9.401,95O.
 The Baltimore and Ohio Railroad Company has an authorized capital of $60 .oGO. .000 of preferred stock and S125,- 000, 600 of common stock of which S5a.- 9s6.464 of preferred and $124,272,060 of common have been issued and are now outstanding. Of this issued stock the Pennsylvania Railroad Company owns $21. .4S0. .0o0 of preferred and $3O,2gs,s0O of common. The Pennsylvania Con- pany owns S5,000.000 of preferred and 1f,044.600 of common. and the North ern Central Railway Company owns $1,- OOO, ,006 Of preferred and S7sl,5O0 of common. The Philadelphia, Baltimore and Washington Railroad Company owns s1.0oO,OO0 of preferred and S7Si,- 500 of common. It thus appears that the Pennsylvania Railroad Company and three other companies which it controls own an aggregate of S2S,4sO,- 00o of Baltimore and Ohio preferred. and s42.90s,000 of Baltimore and Ohio common.
 The Norfolk and Western RaiIfoad Company has an authorized capital of $23,000,000 of preferred stock and S66.- 600 of common stock, all of which has been issued and Is now outstand- ing. Of this issued stock the Pennsyl- vania Railroad Company owns $5.500,- oo0 of preferred and $20. ,OOo of com mon, the Pennsylvania Company owns $5.0O0.O00 of preferred and $l5OO.0O0 of common; the Northern Central Rail- road Company owns $500,000 of pre- ferred and $1,0O0.000 of common. It thus appears that the Pennsylvania Company and two other companies which 1t controls owns In the aggre- gate S11, 100000 of Norfolk and Vest ern preferred and $22.ss0.OO0 of Norfolk and Western common.
 The Chesapeake and Ohio Railway Company. with an unlimited authorized capital stock. has issued sS.200 first preferred, $SO00 second preferred and S62, ,79O. 400 common stock which is now outstanding Of this issued common stock. the Pennsylvania Railroad Com pa1y owns S1O,1S0.000; the Pennsyl- vania Company S4.000,OOO and the Northern Central Railroad Company S1.53O.000. It thus appears that the Pennsylvania Railroad Company and two other companies which 1t controls owns in the aggregate $15,6So. 900 of the common stock of the Chesapeake and Ohio Railroad Company.
 The foregoing statement shows the extent to which the stock of the sev- eral railroad companies named in the discussion is owned by any other raiH road company named therein"