Delaware state journal. [volume] (Wilmington, Del.) 1870-1883, 1881-02-24
THE SELL OUT.
ITS EFFECT ON OUR STATE
The Delaware Western Bill
Still to be Pressed.
A NEW ROAD STILL POSSIBLE
Interviews With Messrs. McComb
and Bates---The Largest Moned
Men Of the Old Comblna-
ton Still With 1t.
NECESSITY FOR PROMPT ACTION

The startling announcement was made |
Tuesday that q controlling interest in |
the Philadelphia. Wilmington & Baltimore |
railroad had been sold to parties lately |
engaged In seeking new rosd through this |
State. Inquiry shows that the rumor is |
well founded and that tie controlling in. |
te1est in the company recently held by |
Boston men IL new owned by Jay Gould and |
others Interested in tho New Jersey Gen
trail in conjunction with parties interested |
ia the Baltimore & Ohio. The negotia- |
tiona appear to have been perfected yes |
t-rday and to contemplate the control and |
management of the road in the interest OF |
the lines united in opposition TO the Penn |
| sylvaniR railroad between New York and |
| Washington.
The only way in which the facts in this |
whole matter can be placed intelljgently |
before our people il TO give the story oil |
| the Delaware Western road and it's former |
charge OF ownership from the beginning |
An effort was made by gentleman in |
| Philadelphia to secure control of the |
stock, he processing that he was acting in
the Interest OF the Eeppsy lvauia Railroad
| Company. AT ihs request Of people in
our own city Interested in the road, Col
| II S MoOomo began an effort to secure
control of the Rtock, and that effort was
surcessful Col McComb's idea of the
value of the road was as a link in a new
/ line and, after he had acquired CONTROL
he entered into negotiations with other
capitalists to utilize the property In this
direction.
THE DELAWARE WESTERN PRIvILEaEs.
A conference was shortly afterwards
held between Gscrge II. Bates, Esq,
counsel for the Wilmington interests IN
the concern, ard John o. Bullitt Esq, OF
Philadelphia, counsel for the Philadelphia
interest, to ascertain the exact privileges
under the old charter which gave the
company the right to build eight miles in
any direction. After full examination
there was some doubt as to whether case
should be made up to have decision as
to the exact meaning of the charter, by
our Court OF Errors and Appeals or
whether to ask authority from the Lagis-
lsture. As authority to consolidate with
other roads vas necessary lecture of the
scheme it was decided that it would be
better TO get an amendment to the charter
THE PHILADELPHIA AND WEST CHESTER
SCHEME
Meanwhile Colonel McCcmb saw in
looking over the Held that the Phlsde-
pliia u West Chester railroad had valuable
terminal facilities IN Philadelphia ard
shout ten miles Of trecs tbat could have
heen utilized as part Ut n new through
line. he began negotiations for securing
control Of that road and obtained the re
tusal Of its h'0ck non its pfe sdeut. Mr..
FarnEam az Philadelphia, ind then sub
mNed the chatter Of tho c1uluny 4,
counsel for examination. After . thorough
= l. Al
difficulties of very grave character IN
using the charter OF 50 email road a. u
part of the authority for a large through
heme, the limitations a. TO mortgaging,
for instance while adapted to local road,
, b ing too stringent for link in large
scheme Again tho purchase of the road
iuyolyed anuBouistn apparently TO the
Pennsylvania road which it WAS not the
desire TO arouse. Col, McComb after
thorough examination found that he
would have 10 buy uli The stock and
/ assume tho debts amounting in oil to
: about tive millions OF dollars, and
1 would only Obtain ten miles of road of any
real usa TO him which he could build for
hat q million, aud terminal facilities not
superior to othcrs he could buy for half a
I million mora lie therefore concluded
: ,bai 80 buy tue road would BIO to waste a
c million Of dollars, and gave up his option
T. After this the Philadelphia Wilmington u
Baltimore Company jumped in aud bought
The road o. COARSE in abandoning the
. i3en Of purchasing this road Colonel Nc,
Comb and his associates determined To
. take advantage of the general railroad law
Of Pennsylvania.
= THE PARTIES INTERESTED.
l u 10 this time thsre were but three
: ptUrs ihteresied III the scheme for new
J.. runa one lirEe capitalist IN New York,
Q and another "a large Pniansphia capitals,
II OF 'ae highest standing III this country
/ a,ol Ia Europe he latter urged tina,
. . i"Fe gong i"f iu'o the s'htme II was
e absolutely necessary to LeTu tratfi, con-
y tract with ethtr the pennsylvenia or The
VI Baltimore Il OHIO railroad and h4y,up him.
u .eyf cortide,t!aI relations nnd nu,eh !, An.
81 epce u,,th no lt 10 Iro,,,,tt ~ s,,t,iaa,
J. -. ~. ~ "
u % ~ IA i!hsehiuh'
y VI tntt ROAD ALef uue CONCENTRATION
+ Mr. Garrett ccgcsuded to come into the
. ! scupme, drrnaudiog 4 one ifth interest
/ Tor his can,pany. nnd nt o7urse aure.ipe
J. ia furnish ann. 6fth ef ~, rsri,ul r.
s. at.t ~ III, ~ NJ
1t - 'rh'7t'u Nv nus HiF' 'hs NE" Jersey
70 ofh''"'' E4out9 nt i'"ea 10 come h,aho
L. Il was aS~lHutd the fl2ht to acquire 10 pei
II cent ut the stock, 4rd tho interest OF III.
s. nIjpinti uirtlrS was necessarily le.srn {
L. INT nlnen. One of these parlirs na will