Daily Republican., 1881-06-08
THERAlLROAD PURCHASE.
President Roberts Hands over the
Cash for the p. w. d Ii.

The last act OF the railroad purChaS,
was concluded Yesterday when th'
Pennsylvania Railroad Company paiC
the sum OF Sl5, 900, GOO for the control o
the Philadelphia, Wilmington and Bal
timorc Railroad. When the negOtia
tion We're concluded between President
| RObcrCs, of the Pennsylvania Company
and the committee Of the Philadelphia,
| Wilmington and Baltimore StOckhold-
erS, the date Of payment Of the consid-
| Grafton money was fixed for the first OF
| Ju,y next. The excellent financial con-
uilion oftnc company, however enables
| the management to anticipate the pay
meut of this large sum Of money by
| nearly one month, notwithstanding
the fact that S2,OOU,0OD has been paid
ont III dividends on the capital stock OF
the company this year,
With the money thus far raised by
the new issue Of stock, authorized by
the stockholders to fulfil the ncgCtia-
tons for coutrol Of the Philadelphia,
Wilmington x Baltimore railroad, and
the large surplus from earnings in the
Company'S treasury, the sum otSlj,OOO,-
OJO WIS at hand, and it was resolved to
close the bargain at once.
Yesterday morning President Roberts
went over ir0m Philadelphia to New
York, and handed TO the Boston com
nlittee cort.dyat", OF deposit torthe con-
Sideratiou money. The transfer was
formally made to the Pennsylvania
Railroad Cuunany, and the certificates
Of stock turned over to President Rob-
"rS. The company will assume control
of its new acquisition on the first Of the
month, and as soon rs the Fifteenth
street station in PhilaLell hia is compile
ted passengers by the purchased road
will he brought over the elevated road
into the heart Of the city. The Philadel-
phia, Wilmington and Baltimore freight
will continue to arrive at the Broad aud
Prime streets depot.
The Philadelphia Record Of to-day
says;
George i. Roberts, President, and
Edmund Smith, Second Vice President
OF the Pennsylvania Railroad Company,
accompanied by Mr.. Isaac HinCkley,
President Of the Philadelphia, Will
mington and Baltimore Railroad Com
pauy, visited New York yesterday and
paid TO the Boston committee Of stock.
holders some $4,000, OO0--the amount
-!uc on the Philadelphia, Wilmington
and Baltimore stock bought by the
Pennsylvania Railroad Company They
bought the stock in two certificates, one
Of Is, ,3O3 shares and the other of q, 1l6
shares. The stock was sold for Sl6O IL
share, amounting to SIG, 293, 800. About
$1,000, 600 of this amount is due stock
holders living in Philadelphia, and that
amount Of money will remain in Phila-
dclphia. The balance, about Sl2,0OO,-
600. has been deposited in the National
Bank of Commerce, whence it will be
distributed TO the POO stockholders.
The Pennsylvania Railroad Company
will not take formal possession of the
Philadelphia, Wilmington and Balti-
1uOro Road, however, until July 1, when
both roads will be operated under the
same general management. The road
will be brought under the Pennsylvania
system as a separate division. 1t is un-
derstood that Mr.. H. f. kenney, the
present Superintendent Of the road, will
be retained in that position, and that he
will report 10 the General Man tger OF
the Pennsylvania Railroad Company.
The accounting department Of the new
purchase will be under Mr.. Il. w.
Downing, Controller Of the Pennsylva-
mia Railroad Company, and the duties
of General Passenger Agent Wood and
General Freight Agent Creighton, of
the Pennsylvania Railroad Company,
will be extended to the Philadelphia,
Wilmington & Baltimore Road.