Business & Finance: Hard Hard Coal

In the offices of Drexel & Co., Philadelphia associates of J. P. Morgan & Co., there is an upstairs room on the walls of which are large maps. When Drexel-Partner Thomas Newhall is talking about Philadelphia & Reading Coal & Iron Corp. (he is chairman of the executive committee, also a director), he is very likely to take his listener to this room, punctuate sentences with references to the maps.

Philadelphia & Reading Coal & Iron Corp., known to stockmarket traders as PRC, is a holding company formed in 1923, marking the complete segregation...

Want the full story?

Subscribe Now


Get TIME the way you want it

  • One Week Digital Pass — $4.99
  • Monthly Pay-As-You-Go DIGITAL ACCESS$2.99
  • One Year ALL ACCESSJust $30!   Best Deal!
    Print Magazine + Digital Edition + Subscriber-only Content on

Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!