The daily gazette., 1881-03-14
MONDAY. MARCH IA. 1881.
"THERE's MILLIONS IN IT. TT

recent railroad war for the amend
ment to the charter of the Della v are
Western Railroad was undoubtedly
the cause of the greatest sensation
among railroad men that ever had it,
origin on the Peninsula. As it nov
presents itself to the inquirer aftel
novelties it certainly developes one O
the rarest freaks that can be founc
in the stock market outside of Wal
street, and there is no evidence thai
the whole affair was not a scheme got
ten up to make "corner" i'll the p, w
q B and to defeat the proposed new
through route, by all the parties con.
cerned except those Immediately in
terested in the Della are Western.
Note the secresy i'll which the first ap-
plicatiops for an amendment were
ahrouded, and with what evident re-
luctance the parties showed their
hands. In fact it was not until the
GAZETTE called for more definite in
formation as to who the parties were
who proposed to build The new road
that the public Were given responsible
names. Note also the fact that the
very day the Delaware Legislature
passed resolution that 1t would grant
a charter to the b. 81 o. road if it
would apply for it-that instead OF
applying for charter all the parties
rushed OFF to New York with copies
OF the resolution; this was part of the
arrangement. Thayer, who had been
Dragging of what the p, W. 81 b.
was worth aud what he cou do witt
TIC sock, as enIt"pptd iuto con-
tract Win million don 5 as for
feture Notwithstanding The stock
had been sold at S74, he agreed to
furnish 100 100 shares at $40. Here
the Corner was To be made. Gal
rett ss we'll as every broker thai
held any OF the stock at once began
to ihi te it; in fact it was rumored
for several days that it would go up
TO 500. So much the better for G. -
rett, he wanted he stock or theSl 900.
600 forfeiture. Led TO h ss,Htieye by tn,
Boston people that Ge Pennsylvania
Road VA. iSQ lds iaSss ent, he was in costa
sizes. If Thayer failed he got a mil
lion, if Thayer succeeded he got con-
troll of the road that under his close
management would pay 10 per cent.
With the resolution Of the Delaware
Legislature in his pocket he could
afford to wait and see the effect of thu
"corner" the Boston men were form
ing on Ihayer, no man knowing
Whether he cared most to secure the
road or his million. While Garrett
pcndered over his sure prospects and
chuckled over the sharp practice, the
more bold and dexterous operator
broke the corner with his offer to cover
in all the stock and convertible
bonds Of the P, w. d b. at SIS and
threw in the May dividend of SO a
share. This was secret mid
night offer. mo corner could stand
against the offer of $50 including con-
vertible shares and the Boston men
knew that as surs as it got among The
brokers the next day the bubble
would burst, and once the stock com
menced TO be put on the market the
"bears" might get it down even below
$40. Hence they closed the secret
contract, and the p, w. & b. virtually
passed iuto the hands of Pennsylvania
management, to the utter astonish
ment of Mr.. Garrett but not to his
loss. He claimed the million OF
Thayer. But the latter's "word was
not equal to his bond and hence a
half million went into the pockets Of
the men who managed to get the
Delaware Legisa ure to pass sing {
ASoS'ONAO"' ~ WV P'hoS"SO vi TIA
resolution hung the weight OF mil
ious, and III five days there fter lh,
recorded valuation of the p, w, &
B., assembled from SIS, 900 600 TO 500
O0O, 200. The passage Of that resoIu
tiOn put into the pockets of tn
wealthy owners of that corporation
more than the original estimated cos
of the road by the accomplished en-
gineer under whom t was built. Fiv
millions OF money in a day. Will an
one " this IS not sensation? We
may Mr.. HiDckley and his friend
laugh. Are we to have another such
There is ample room for another &
magnitude, although it may not reac
this value so quickly. And yet n
one knows. There may be millions il
it," These tracks now, IT will i
July stand their operators S20 600, OOC
A parallel line equipped as effiaientl
may be built for less than $40, 900, 90
cash. There is business for two sue
roads it is said. If so, and anothe
road should be built and by eeonom
cal management pay as we'll as the P
W. q B., then its stock would sell fc
~.