Originally Posted by juniata guy:
GP40:
Your post sent me searching and you are correct. B&O held stock control of the Reading (and, by extension, the CNJ) from the early 1900's till about 1972.
In the mid 60's, B&O and C&O jointly filed with the ICC for permission to acquire control of the WM. This was granted in 1968 so; for about 4 years, B&O, C&O, WM, Reading and CNJ were all under common control.
Learned something new tonight!
Curt
The Reading was originally named Philadelphia and Reading Railway and Mining company during the 1890's(headquarters in Philadelphia PA) and was one of the largest financial corporations in the world at that time. They had enough money to buy up the Pennsylvania RR if they wanted to, but it would have meant double rail lines for most of the area they already ran in.
I have heard mention about the Reading Railroad owning close to 51% of the stock for the Central of New Jersey (CNJ).
Never heard of the Reading stock being owned by any other company.
Maybe the B & O controlled the P & R mining company.
To the best of my knowledge the Reading Company and Reading Lines were owned by stock holders and NO other company.
The Reading went into bankruptcy in 1976 and then into Conrail that year or in 1977.
Lee Fritz