New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1881-03-09

road Company. Fearing the disastrous results which
9nGn gnange en roa Law opany 0 The "@nSpemen
aided by the directors, thought II wls % ascertain
cnnro of te PebDsyySa RsoS Company Aera
thorough investigation OF the matter no earlier tna
yesterday the executive officers OF the company met
holding for themselves and Others ne
Philadelphia, Wilmington and Baltimore ROAD, anu uiu
representing stockholders the Philadelphia Whining
and Baltimore Railroad Company, Tor the putensse
OF the capital stock OF that company or 80 uc O tue
capital stock they desired 70 SELL to give the Pennsy
Railroad Company the control and operation o.
the same The syndicate with whom the Pennsylvania
Railroad officials negotiating very justly declining
to sell that which they owned without commandments
with other shareholders the closing OF tie contract was
DELAYED for few hours That contract was closed nst
evening at 10 O'Clock and ratified and connrmeu 10y o
Board of Directors. This is matter OF so maon m,
pOrIance stockholders that we thought II az eIat
the stockholders at this opp0rtune time shouiu NC III
formed OF what had been DONE
Mr. Roberts then offered the following resolutions:
Resoped That the purchase OF the Philadelphia vii,
mngton and Baltimore Railroad Company as reported
by the president be authorized, ratified and approved
RESOLVED, That for the purpose Of providing part OF
the whole Of the to pay Tor the capital STOCK OF
the Philadelphia Wilmington and Baltimore kalTOad
Company purchased and for such other purposes as
tho directors may deem for the best interests OF the CON-
pnny there may DO issued from tune 10 Time 4OOOOO
shares the stock Of this company In addition 10 Tue
number of shares of the Increased capital stoeE WI"
the directors heretofore empowered 10 ISSUE hs
appOrtion and dispose or
AT previous meeting of the shareholders" re-
sumed Mr. Roberts, after tins resolution had Deeh
read the amount of tho capital stock that the
directors were permitted TO issue was limited ahu'
therefore their ability to raise money to carry nthe
necessary business of the company can only DO de-
rived from its shareholders, whom required to be
raised by tho issue OF capital stock 1t Is Thought
necessary If the action of the directors is approved
on the purchase of this stock, to have at disposal all
proper means to pay for this stock the LIST Of next
July that being the contract time at which the
money is to be paid over and the company como INTO
possession of Its property"
The remarks of the president were interrupted by
loud cheers when no announced that the negotta-
lions had been concluded successfully The resolu-
lions were adopted. Afterward the president. 10
reply to an inquiry from q stOckholder replied that
the control of the Baltimore Road gave 10 the Penn
syIvania control of two-thirds of the Junction Rail
road in Philadelphia. and also large and valuable
wharf frontage at Baltimore.
1t is understood from a trustworthy source that
the amount of stock bought 10y the Pennsylvania
Railroad is 11G 900 shares and that the price paid is
S7S a share. The capital stock OF the
Philadelphia. Wilmington and Baltimore Com
pauy Is 81 !. $40, $50 in shares of $50 each. The
| purchase involves. therefore. slightly moro than
one-half Of the stock and carries with it tho a5sO-
| lutte control of the company The company owns
the only line of railroad between Philadelphia and
Baltimore and for some months the Baltimore and
Ohio and the Pennsylvania Railroad Companies have
been struggling TO secure control OF IT, Immediately
after the opening of the new line BY way Of Bound
Brook in December by the Baltimore and Ohio
Company the conflict between the nya trunk lines
became more bitter even than it lad been before.
The PENNSYLVANIA Railroad OF once gave notice %
shippers that 1t would not take freight shipped
by the Baltimore and Ohio. and that co:h-
pany was forced TO open freight line
sso by the Bound Brook line long in advance Of the
tod ted IN
ments. But the Pennsylvania Railroad then insisted
upon the strict Observance OF its agreement with
the Philadelphia Wilmington aud Bilti-
more Company, which was compelled 10y
this means 10 give notice to tde Baltimore and Ohio
that il could not carry goods shipped by the Bonnd
Brook route. The ninety days notice required %
terminate the contract was given at once, ana tho
time has nearly expired. The Baltimore and Ohio
shortly afterward opened a steamship Inc
betweeff New-York and Baltimore and began to
consider the plan of building independent line
| from Baltimore TO Philadelphia.
| Meanwhile negotiations were opened with Ma
thaniel Thayer, of Boston, a director and largo
stockholder Of the Philadelphia, Wilmington and
Baltimore Company, for the purchase Of a
! controlling interest in that road. it is
not two weeks since it announced
that a contract had been made with Mr.
Thaver for the transfer TO a Ncw-York syndicate of
| the control of the road. This syndicate was COM
posed of friends Of the Baltimore and OHIO, jersey
and included many Others, the Garretts. Jay
Gould, Russell Sage, Sidney Dillon, Scion
Humphreys, John Jacob Astor August Belmont d
Co. and Drexel ~ Co. The price agreed TO be paid
was $40 share. But Mr. ThaVer was unabl to
control Of the stock, many large Boston hold
ers refusing to join with him. On March committee
of the Boston stockholders consisting Of HIP kdder,
Charles T. Getting, Henry l.. HigglusOn, Charles 7.
Bowditch and William Minot, ir', addressed to the
election as directors Of Mr. Garrett and
S Ss T6aver a'G CONTRACTS aaef This eo oTS
had secured the greater part OF tho stock before
making the announcement that 1t would receive any
other stock which wished to JON with IT, Negotia;;
tons were opened with the Pennsylvania Railroad
with the result announced to-day by President
Roberts
the Pennsylvania Railroad the control of the only
line TO Baltimore and incidentally OF the Junction
Railroad in Philadelphia, which is hardly loss i'm
portant. At the moment the Baltimore and ONO
Road il absolutely debarred from entrance 10 TINS
city and consequently TO New. YORK. The Eastern
terminusOf the Baltimore and ONO Railroad Is now
Baltimore. .
The failure of the Thayer sale to the Gould syndi
cate aud the purchase OF controlling interest by
tonight. The transaction is regarded as master
stroke of policy the part OF the latter company.
The Pennsylvania gets control on the 1st of next
Jnly BY this arrangement the Pennsylvania has
time in which to prepare the change and the share
holders do without the money III the meantime but
thew will receive the dividend of So shortly to he
declared by the Philadelphia. Wilmington
and Baltimore. Shareholders not represented
i'm the pool come in at the same rate until
April l. 1t is proposed by the PENNSYLVANIA to
abandon the depot at Broad and Prime, and OIlng
nassencers and freight to Fifteenth and FIJI.
bert. which is to be- the Grand Central Depot OF
the Pennsylvania Railroad Company. separate
oroanzation will be maintained but by uniting OH
GERS the expenses will be reduced.
A member of the Baltimore and Ohio syn
dcate which held contract with Nathaniel TnnyeI, OF
Boston, the delivery before March 10 OF cohtnnhg
,reat m the STOCK OF the Wilmington Road, said