New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1882-10-27
THE "NICKEL PLATEn SOLD.
PURCHASED BY A WESTERN SYNDICATE.
J. II. DEvEREUx AND STEVENSON BURKE THE
BUYERs-THE CAPITALISTS THEY REPRESENT
NOT KNOwN-THB PURCHASE CONSIDERED

BUfERs-THE CAPITALISTS THEY REPRESENT
NOT kNowN-THB PURCHASE CONSIDERED
FAVORABLE FOR THE VANDERBILT ROADS.
The control of the stock of the New-York Chicago
and st. Louis Railroad. popularity known as the
" Nickel Plate" Line was bought yesterday by J.
II. Devereux and Stevenson Burke, of Cleveland.
who acted for syndicate of Western railroad men
interested largely in the Columbus. Hooking Valley
and Toledo, and the Cleveland, Columbus Cincn-
Dati and Indianapolis Railroads. When rumors of
the change in ownership first circulated in
Wall Street yesterday, it was guessed at once by
stock spectators that either Mr.. Vanderbilt or
Mr. Gould was the purchaser of the property. The
officers of the Nickel Plate" road who conducted
the negotiations for the sale refused to make known
the names either of the buyers or the agents acting
for them. The vice-presdent OF the company,
who was prominent in these negotiations,
said that he was pledged not to reveal
any of the details Of the bargain. Other directors
of the company refused to furnish information,
The precise amount of stock that has changed
hands is not known but it is sufficient, it Is UNDER
stood, to carry the absolute control of the COM
pany. The whole capital is $50, 100000, of which
$22OOO,OOO is preferred. The price agreed to be
paid is 81 for the preferred and II for the common
stock. AT late hour last night holders of stock
were allowed to become parties to the sale on these
terms. hale of the share capital is 900 shares
and while persons familiar with the details
were unwilling to say that more than this amount
had actually been sold they admitted that the sale
had changed the control One stockhoder. who
held about 10000 shares, said that he had sought
to the control in the interest of other
persons than the present buyers but that,
having been defeated in his purposes, he assented
Willingly to the sale. He said that other large
stockholders had consented, so that the goodwill of
the former owners went with their stock. The di-
rectors of the company are elected in
to the sale would prevent any change
in the Board. at least until the next annual meet
ing. 1t Is uuders ood that change will be made
until that time, although it is not improbable that
some of the present directors may resign at any
time. Judge Burke, one of the buyers,
said last night that the road would probably
remain in the hands of the present management un-
till the next meeting which will take place in JAN
uary. He declined to give the names OF any
of the buvers except himself and Cen
eral Devereux. At the same time he Intmated
that the change of ownership had no real
bearing the relations of the road with the exist
ing trunk lines 1t was not in the interest OF Mr.
Vanderbilt or of Mr.. Gould particularly. The
policy of the new owners would be to maintain
harmonious relations with all connecting railroads
DOtn EaSL ana west.
The road has just been opened for business. The
company was formed in 1881 to build a road from
Buffalo TO Chicago. To Cleveland 1t runs parallel
with the Lake Shore Railroad and at only short
distance from IT. On this account IT Threatened to
be an active rival Of that line, not only Tor
through but also Tor local business The compile
tlon OF the road, it has been supposed IN some
quarters. would be .he signal for a sharp war IN
rates between Chicago and New-1ork. lew
weeks ago it was reported that the managers had
demanded admission 10 the East-boun1 pool, but
tbis re2ort they were quick to deny. The purposes
~ The present buyers have not he made known eX-
plc(ly 1t vas sug Iested yesterday that the pnr
chase was partly speculative and that the real posi-
tion Of the road in the general railroad system had
not been determined | v the change OF Ol0"nerahp;
BY the purchase the Hooking Valley Railroad OF
which Judge Burke is a very large owner secures
an independent line from the Hooking Valley coal
fields to Chicago. The coal tonnage OF tue ROAD Is
said to be large and to lustlty, IN
part the purchase of this road. The Cleveland,
a new route O Buffalo With these two companies
til. buvers of the Nickel Plate" line are ldenlhed
Judl re Burke Is vice president of both companies
and General DeyereuX president OF one III one
Mr. Vanderbilt is supposed to be interested TO con-
siderable extent. "
he had learned first of the sale
on his return yesterday from his usual afternoon
ride. and hat he would say whether he was inter-
ested m the road when he had found out Tor himself
At present he said that he had nothing Whatever 10
say about the matter.
The uncertainty attending the transaction TOOK
an I'M 'Sua number of Wall street men last evening
to the Windsor Hotel where the sale was the one
subject of inquiry and conversation. III was th9
popular opIlion that the mystery thrown around
the matter concealed som thing OF greater lh-
portauco than had been made known.
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