Morgan To Consolidate Railroads

Chicago, Dec. 31. - One of the most important deals in the history of railway corporations was made known yesterday, says the Daily News. Early in the year J. P. Morgan & Co. will announce the consolidation of the Erie, Lehigh Valley and the Reading railroads. The merger will be planned after the manner of the Northern Securities company, the stocks or the companies to be pooled and held as a basis for the issuance of a large amount of common shares, which will take as their name the title to be given the consolidated companies. Four roads are to be included in the merger, the Jersey Central being now controlled by the Reading company.