New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1879-12-04
RAILWAY INTERESTS.
THREE MILLIONS OF STOCK SOLD.


THOUSAND SHARES or IFS STOCK HELD ny 1IiE
CITY or 'PHiLADRIPHIA--CLOsrNG THE RAIL
WAY INVESTIGATION ORIGIN or THE CHAMBERS
STRICT cRcss-rowS LINE.
The Pennsylvania Railroad Company bought yes
terday Mt par from the City of Philadelphia the
| shares OF the companys stock-nearv 10000 IN
number-held by the city. he rdmors III New
York that the stock would be acquired by syndicate
were set nj rest by THIS transaction Simon Stefnr
finished his argument in behalf Of the Chamber Of
| Commerce in the New-YorlS railway investigation.
The project of n railroad through Chambers-St has
excited much indignation among property-owners
Interested. and no one has yet been found vino can
or will tell how the scheme originated.
PHILADELPHIA SELLING RAILWAY STOCK.
NEARLY SIXTY THOUSAND sHAREs OF pENNsYL-
vASIA SOLD TO THE RAILROAD COMPANY AT
PAR.
PnIIADKLpBlA. Dec 3.-Tbe 59.119 shares Of
Pennsylvania Railroad stock, held by the Com
missoners of the Sinking Fund for the City of
Philadelphia, were sold this morning to the Penn
sylvania Railroad Company, and will be paid for
to-day or tomorrow. The price paid was $50 per
share, the par value. The sale amounts to
81 957.l5O. The proceeds of the sale will be
Turned over 20 the Commissioners Of the Sinking
Fund. and will be at once converted into the city's
own per cent loan.
VAR )us Tumors have been circulated " this
city within week IN regard to the stock Of the Penn.
syIyania Railroad Company neld BY the CITY Of Phia-
delphD. II has been runored that the syndicate which
recently made the great purchase OF New-York Central
stock had made Offer for the Philadelphia soc, and
In consequence of this story reported that the
Wabash syndicate intended 10 Obtain control % three
trunk ncs. the Central the Erie and the Pennsyyaua,
and that It would control the arteries
81. Tha futa
of reports shown by the sale yesterday. D.
said by prom ncnt btnkcr- that the sale WAS not
likely % affect the SeWIOrk market. II was matter
OF speculation whether the Pennsylvania company
I'd fnd sufficient to pay cash for the stock bui wac
asserted that the company had been endoi Of money
for several months. Toe disposition OF the stock to be
made by the company also matter OF conjecture
Aiawyer of Phadeipnla, who was at one ume coun-
sci TO the Pennsylvania Railroad. m this city yes
terday lie said that the purchase had been IN de by
the company under a resolution passeda recent meet
OF the Stockholders authorizing the purchase Of GER
tam stocks, etc. which resolution be said, was broad
enog h tn cover the present transaction There
the matter.
prominent broker In Wall Street who has int mate
business relations with Piadelphia. rd 20 IkihuNh
reporter that lie had lfJwn OF tue negotiations,
which had Deen pcndin- for some time. FOL a."
purchase Oi Tie Pennsylvania stock IN The pos
sessiou Of PhiIadciphia The syndicate OF New.
York capitalists which had been spoken OF ~
having been formed Tor thr purpose Of having II
organic d. or its organization ATTEMPTED, by
Phi adrpl gentleman came Ia this city Tor the
purpose lie had not understood thrt DreXel Morgan
* Co. connected with H. The civ or Philadelphia
objected 70 permitting the Of the stock pass
mo the hands Of Workers, which was, in bi- opn-
ior. a foolish Tor declining 10 negotiate; "a
individual capitalists from Ncw-Yorl could 60
into the open market and buy 10000 shares
at any tune n they wished to do lie understood that
the Ienns, lvnnia Railroad hnd aBuunt OF money
hand. and had been liberal enucr the street Tor
several months H. believed thar the purchase
made sinking fund.- and that the stock would not
be put upon the market again