Daily Republican., 1881-03-09
AKorasR RAILROAD ssEpRt. n

awss 'As Rennsyl vania 4gsts Pos
sessisn sf the r. w.&<k RafIreaa
It was gendine surprise when news
reached this city yesterday about one
O'Clock that the Pennsylvania Railroad
Company had not only eheskmsted the
Baltimore and Ohio road but had OBJ.
tanned such An advantage over IL that
the Philadelphia Wilmington and Bal
simors railrosd had really passed under
the control of the Psnnsylvsnis Com
pany. The news came 80 straight and
positive that by two O'Clock there were
none who doubted the truth Of the re-
port. Though there was considerable
chsgrin on the part OF the P. ". Il B.
ofEeials, on aecount of the road passing
under the control of other manage
nents, yet there was an upder current
OF plsasure that the Baltimore and
Ohio had lost it's grip. Among the
employees of the road especially was
this exuberGnt feeling noticed, as the
B. J. Q. had the reputation of being
very penngiuus and OF compelling
their hands to work for Low wages As
nsual none Of the leading officials in
this city knew nothing of the pending
negotiations until the road was sold.
How the transfer was effected will be
shown by the following extract from
this mornings Philadelphia Ledger;
Inquiry yesterday afternoon OF PRO-
minent official OF the Pennsylvania
Railroad Company resulted In the in,
formation that negotiations With this
end in view had bsen going on Tor two
weeks past, at the instance OF large
holders OF the P. W. &. b. stock in
Boston, who were willing to sell at so,
the price offered by Nathaniel Thayer,
who had contracted to deliver, 10 Messrs.
Garrett & Haven. represeuting the Bal
timore and Ohio and Central Rsilroad
Of New Jersey, lis, 600 shares, or ma
jority Of the stock, believing that they
could obtain better price.
Atthe invitation OF these Boston hold
ers, some OF toe Pennsylvania Rail
road officials visited Nsg YOrk on MOu.
day afternoon, and met the parties in
interest At the Bresoort House, when
,ks negotiations were couelaaed the
same night, on the basis OF the delivery
on the lst Of July of controlling num-
bsy Of shares at SIS each. The capital
stock Of the P. w. i C. Railroad Com
pRny is &1l,572 $50, at $50 par value,
SO that to obtain controlling interest
ll5, 72S shares muSthave been secured
or pledged.
The difference in price between that
offered by Mr. Thayer and the Pennsyl-
vsnia Company amounts to 81, 000, ,0s0
in round figures, which caused
shareholders to sell to the latter, thus
leaving Mr.. Thayer without the means
OF making good his contract with Mrssrs
Garrett and Haven. Taking ll5 62s
shares as the amount Of steck secured
by the Pennsylvania Railroad Com.
pany, valued as IS, 7SG, 400 at par, the
price contracted to be paid is Us, ,025,-
7S4 or $3, 2Ss, ,2S4 above par.
Ths arrangement by which the Penn
sylvanic Railroad CJnL any secures
control Of the p, W. & B. is said to be
very satisfactory TO those holders of
stock in the latter road who do not je-
sire to sell, az they express the belief
that its affairs will continue to be con-
Quoted In satisfactory manner, and
the company's status as a connecting
link in the system between the South
and West and the seaboard be more
clearly defined.
IL also obviates the necessity on the
part OF the Pennsylvania Railroad
Company TO build a competing line,
whose route was outlined recently in
view OF the contemplation Of certain
contingencies, which eanrot now have
existence. 1t is said that liberal facil-
ties will be offered the Baltimore and
Ohio Company 10 the movement OF its
trains over the P. W. Il b. and the
Junction Railroad, OF which latter the
Pennsylvania Company becomes ihe
owner of the second OF the three links
constituting it. II is designed, when
the contract is completed, to run pas
ssrser trains to Baltimore from the
SD nth and Market strests station,
and to use the depot a. Broad and
Washington avenue for freight pur-
poses, in connection with the other
freight depots Of tho Pennsylvania
Railroad Company, which has also ex-
cellsnt terminal facilities in Baltimore
besides those acquired by the recent
contract.
At 3 meeting Of the stockholders of
the Pennsylvania Railroad held yester-
day, President Roberts made an an.
noucement Of what he had done and
offered the following resolutions
Resolved, That tho purchase OF stock
OF the Philadelphia, Wilmington and
Baltimore Railroad Company. as re
ported by the President, be authorized, ,
ratified and approved.
Resolved, That. for the pnrpose Of
providing q part or the whole OF the
means to pay for the capital stock OF
the Philadelphia, Wilmington and Bal
timors Railroad Company as purchased.
and for suoh other purposes Us the d..
reetors may deem for the best interests
OF the Company, there bs Issued, from
time to time, four hundred Thousand
hares Of stock Of this Company, in
addition TO the number Of shares of
the increased capital stock which the
Directors were retofore smpowsre 20
issue, sell, apportion and dispose Of.
MI. killiken In speaking to the rssc-
lntiou said IL am very greatly graft
fed, as | think every stockholdsr pre-
sent 10, at the agreeable news from Pre-
sident Roberts. The question OF the
ssntrel Of the philsdslphis, Whining
Ton and Baltimore Railway has besn one
that has been before the Psansy lVania
Company to my knowledge for twenty
years. That they dia not secure it
long ago was because the price demand.