The Cecil Whig. [volume] (Elkton, Md.) 1841-current, 1881-03-12
Railroad Finance and Diplomacy.

ANOTHER PHASE IN THE STRUGGLE FOR
THE p, W. " B.-GoDBLED Up by THE
PENNSYLVANIA RAILROAD COMPANY
EFFECT OF THE MASEUVER.
From, the Baltimore San.
The news of the purchase by the Pennsyl-
vana Railroad Company of the controlling
interest i'll the Philadelphia, Wilmington
and Baltimore Railroad, announced at the
stockholders meeting of the former COM
pany in Philadelphia on Tuesday, was con
iirmed i'll this city 10y gentleman promi-
nently identified with the Pennsylvania
Railroad system. The history of the matter
may be summed up as follows: Some time
ago the Pennsylvania Railroad made a pro
position to take control of the Philadelphia,
Wilmington and Baltimore and pay the
stock holders eight per cent annually-the
Amount of dividend that he road had been
paving its Stockholders. The Stockholders,
however, refused to accede TO the PROPOSE
ton unless the Pennsylvania Railroad
would agree to pay them ten per cent,
which the road refused to do, and the mat
ter was dropped. Last Fall negotiations
| lacking to a similar result were resumed,
bur nothing came of them Then recently
came the announcement that the baltimore
ana tIn1O llIliEc.ttl, VI II h'ilt't'V
favor Bile To the interests OF that read, had
contracted with Mr.. Nathaniel Thayer, ST.,
| of Boston, for the delivery to them by the
10Th of March of u aioriry OF the stock OF
The Piila,lel phia, Wilmington and Baiti-
more Railroad. This alarmed the Penn>yl
| vani:l Railroad people somewhat when they
saw an important road passing int" the
| hands of rival corporation. The Pennsyi-
| vania Railroad was consulted, however, by
i,t,,t irfn fh,.
negotiation by the Thayer party, We're offer
| ~, IL place in The syndicate, i'etause It was
| not desirable. that the Pennsylvania Road
! should build its own line across the roun-
| try to this city. The Pennsy lvania Road
! refused unless an assurance was given that
III the travel through Pennsylvania their
| road would be considered. With the New
| Jersey Central Railroad managers i'll the
| syndicate, however, this WAS inp"S>lhle, AS
| that roads interests were considered lniini-
| cal TO those OF the Pennsylvania Etiiroad.
| Then, without any flourish of trumpets,
| the PENNSYLVANIA Railroad Went Ia work to
| obtain control of the Philadelphia, W IL
mnuton and Baltimore Road. The matter
was kept very quiet until there appeared II"
| possibility OF failure IL must, however,
! have been known or suspected, for about
| four days ago Philadelphia, Wilmington
! and Baltimore stock WAS heavy 1T O9 I" 40,
he latter the price mt which Mr.. Thayer
was to deliver controlling PARTON To the
syndicate, but for the last two or three days
| il has ad vancrd and sold rs high is rs, and
| Tuesday ut Boston rs high rs 1871. The.
| gentlemen with whom the contract WAS
| rnai.. hy the Pennsylvania Road are said IT,
he five Boston Stockholders favorable To tie
interests of that road md opposed to the
action OF Mr.. Thayer. Thr>;. gentlemen
| each hold us much Phlladclphia, Whining
1 p,li It-,ilr,,,t >fpk Mn
Thayer, and it is said the five together own
more than half the stock. OF the details
! of the contract between Them and the PENN
sviEauia Road it is knewn in Baltimore
that the iGEfrict price is $50, or SO more
per share than M.. Thayer contracted to de.
liver it to the syndicate. The gentlemen
agree tn deliver TO the Pennsylvania Rnai
a majority of the stock. bur with the Siipu-
! latinn, it, is understood, that other stock
holders will he allow'rl, mp TO IL cnrt:in
poinr, To come in aud sell III ! he same figure,
This reserve was made by ills gam la:iieu in
order to project their own friends, and also
us peace offering TO those who had been
disappointed by the Thayer party. The ac-
ton of Mr.. Thayrr and friends in electing
NsssrS Garrett and Haven directors of the
PHILADELPHIA, Wilmington and Baltimore
R.llroa:i is said 10 have Stirred up Il feeling
among the other SforEioi'tErS aAalnsf Mr..
Thayrr and Hose tor whom he WIS wnrse
ing. There Is no doubt that Mr.. Thaysr
gave the Baltimore and Ohio syndicate the
option, but that he recknned without his
host seems Ia be Admitted. IL Is claimed
That he should have got other large holders
10 i,lr:.. with him, and not to have under
taken so ,u.Gl himself. Ii is intiinate'l
that Messr>. Garrett lr;l Haven will
resign from the board ar air..infs Of
the Philadelphia, Wilmington and Eai'i-
! more Railroad and that the board will be
yu".ganiZ-d in the interest of ITS new mana
ge+>. TIL Pennsylvania Railroad is t" take
possession .i.l y. w. q I5. road Oh the
last day of July, and at The probable
changes in its working will be the ,a,,iiE L
of all passengers ut Charles street instead
OF, a. now, part ut that depot aud part ar
I President. The freight business may still
he left at Prrs'iHiss s,rpi,t depot, though
there is IA Likelihood tina. that alSp will ts
transferred and the President street Ir,.-
prrty sold. Tile advantages of the Charles
street terminus 10 the Pennsylvania Road
are that the run can be made faster than tn
President street, on account of the slow
passage along Canton avenue The double
. rack of the Baltimore and Potomac Road
to Washington will, it is said, he pushed
forward ~ complexion now, securing the
PENNSYLVANIA TOAD aNoUble track line from
New York to Washington, rsu isaii,,alrs.
and Ohio passenger trains will still. it is
understood, he allowed to run ever the
Philadelphia, Wilmington and Baltimore
road to New York, when the road gets under
(. IL con;ro of the Pennsylvania Railroad.