Beech Cricker
Joined: 06 Jul 2006 Posts: 20 Location: Allen Park, MI
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Posted: Sat Jul 08, 2006 2: 01 pm Post subject: P&WV's divestiture of Pittsburgh Terminal Coal Co. |
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In reading the short history of the P&WV at this site (which has helped my historical understanding of the railroad a great deal), there is this line:
"In 1924, in response to government pressure, the P&WV divested itself of the coal properties by selling the stock of the Pittsburgh Terminal Coal Company."
What did this government pressure entail?
My prime railroad interest, and the subject of my research over the last several years, is the New York Central's Beech Creek District in west-central Pennsylvania (hence my handle). As part of its effort to reach the rich coalfields here, the NYC created a wholly-owned subsidiary, the Clearfield Bituminous Coal Company (later Corporation). I have not come across anything related to government pressure to separate railroad and coal company ownership in the 1920s, at least as it relates to NYC/CBC. The only government-related effort that comes to mind is that during WWII, as a result of the "Bituminous Coal Act," CBC was temporarily "absorbed" into NYC, becoming the NYC's "Coal Mining Department." This arrangement was "undone" after the war, and CBC and NYC again became separate entities, at least on paper.
Jeff Feldmeier |
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