The Bridgeport evening farmer., 1916-03-24

tr1cate intercorporate stockhoIding! And in most of the cases one single
 corporation-the Pennsylvania Rail- road company-is in the final andy sis the controlling stockhoIder.
 This fact is of such importance as to deserve some attention in detail This single railway corporation- the Pennsylvania. Railroad Company owns directly a majority interest in the stock of 38 companies, and its holdings combined with those of its
 subsidiaries give it a majority in
 terest in more companies. The sub- salaries of the Pennsylvania, excIu- siye of the Pennsylvania, company, own a direct majority interest in the stock of AT transportation cornpanies.
 The Pennsylvania Company owns a
 majority of the capital stock of 27 roads and through the holdings of it's subsidiaries has a, controlling inter est in 12 others through stock owner ship. Thus the total majority hold ings of the Pennsylvania system com
 prise 133 roads.
 Among the subsi diaries of the
 Pennsylvania Railroad in which it
 controls a majority of the stock are the Long Island; the New York, Phil adelphia and Norfolk; the Philade1- phia, Baltimore and Washington; the Northern Central; the Cumberland Valley; the West Jersey and Sea Shore; the Western New York and Pennsylvania; and the Pennsylvania Company. In addition, the PennsyI- yania railroad, with the holdings of it's subsidiaries controls the Balti- more, Chesapeake and Atlantic, 27 per cent of the stock of this road be- ing owned by the Pennsylvania rail- road, 21 per cent by the New York, Philadelphia and Norfolk. 2S per cent by the Philadelphia, Baltimore and Washington, and 21 per cent by the nn1 a n Ioff sidiary of the preceding company Moreover, the Pennsylvania company owns the Grand Rapids and Indiana; the Pittsburgh, Cincinnati, Chicago andN St. Louis; the Vandalia; the Pittsburgh, Ft. Wayne and Chicago, and so on.
 The combined holding by two or more lines within the system of the stock of Pennsylvania subsidiaries is a marked characteristic of this sys- tenn. The case of the Baltimore, Chesapeake and Atlantic has already Valley and Martinsburg and the Southern Railway and Mining Com pany, both owned Jointly by the Pennsylvania Railroad and the Cum ,ber1and Valley, each of which owns 50 per cent of the stock, is another illustration; the Cornwall and Leban- on is owned by the Pennsylvania railroad and the Pennsylvania Com pany, the former holding 62 per cent and the latter 37 per cent of the stock In the Pennsylvania Tunnel and Ter minal Company, the Pennsylvania railroad owns 60 per cent and the Pennsylvania, company 40 per cent; in the Massillon and Cleveland, the hold ings of the Pennsylvanfa railroad amount, to 46 per cent of the total stock, and those of the Pittsburgh, F't. Wayne and Chicago, to 52 per cent. A majority of the stock of the Erie and Pittsburgh is held by the Pennsylvania railroad, which owns 27 per cent, and the Pennsylvania com pany, which holds 24 per cent. The Indianapolis Union Railway is joint ly controlled by two of the PennsyI ! vania Company's subsidiaries, the Pittsburgh, Cincinnati, Chicago and St. Louis holding 40 per cent and the Vandalia 20 per cent of the out standing capital stock. The Johnson burg railroad is controlled by the Pennsylvania railroad through the ownership of 75 per cent of it's stock the remainder being held by the Buffalo Coal Company, a subsidiary of the Western New York and Penn sy1vania-
 Jointly with some other system the Pennsylvania owns a controlling in terest in many other more or less inn portant lines. The 1fononsahela