New-York tribune., 1886-02-21
GOWEN BUYS READING STOCK
The VANDERBILT HOLDINGS SOLD.
NO CHANGE IN THE TLANs OF THE REORGANIZATION
SYNDICATE INvOLVED.

NO CHANGE IN THE PLANs OF THE REORGANIZAIIoN
SYNDICATE INVOLVED.
The Vanderbilt estate has sold to Franklin b.
Gowen, president of the Philadelphla and keadihg
Railroad Company, the stock of the company held Dy
the late Mr. Vanderbilt The amO Mt OF the STOCK II
voIiouslv estimated from 10000 to 10000 shares
$50 par vaue and the price il understood to be a"ou'
S25. or S12 80 a share. Mr. GoWen has been III Nc"
York for several DAYS and on Thursday spent large
part of his time at the Grand Central Depot he was
there again ,es erday morning. when the sale was
contaminated The transaction derives Importance
from its suppocd effect on the recently pro-
posed plan for the reorganization of the Read
inc Railroad by syndicate of bankers and capl
tasts headed by the DrcXels. j. Perpont Morgan
was absent from the city yesterday and at the Office OF
Drexe Morgan & Co.. no information in regard to
syndicate affairs could he obtnned person inter
esed in it remarked that he did not how the sale
could interrupt the plans Of the syndicate although it
might delay their accomplishment for short time.
President Gowen returned TO Philadelphia Sester-
day. He said to of his friends before his depart
ure that he could prevent the proposed foreclosure oil
the general mortgage because be had secured enough
money pay the overdue interest. IL was intimated,
moreover that by the purchase of the Nanderit STOCK
he would be enabled to regain absolute possession ana
management of the pIopertv The reccivership would
the stockholders would again enter into their own.
Some scepcal persons in Wall Street we're curious to
know how the floating debt of the company was to be
paid and on The announcement that the back interest
tie general mortgage Eonds had been lrov'ded lot
the question was asked by person cio-ey connected
with the rrOrganiz atOn syndicate WI cthei vi noMcn
would be able the interest payments wheh theJ
next accrued. 80 81,
Presdcnt Depew. of IL New-York Central Railroad,
declined to make any statement oD the subject go
A who DDSltlOu la DC acquainted WIN
the facts said he sale simply In the transfer OF
stock that is liable TO assessment under tue only
plan discussed lfOm one person 10 hnothtr' IL
has enabled the anderbnt heirs 10 realLe upon u
portion OF their Inheritance at consideration that,
under the circumstances Is perfectly satisfactory; llo
interest that William II. Vanderbilt acquired IN head-
ing secured at time when the relations between
the trunk lines either chaotic or fast drifting TO
that condition. desperate war Oi rates was raging
and each company looking not toward obtaining
remuueratIve rates lOr its business but 10 Gripping IT'S
rival with the least injury to itself The Nc"-lor
Central and the ieunsy yaaa were ut swords points
and Mr.. Vanderbilt that by an alliance Win MI;
GOwen strong weapon OF RECLAMATION wouiA De secured
bv s property tu reinforce the aggressive venture oi
the South Pennsl 7ana Railroad. Mr. Nanderhnt
never eNurctcC that his purchases of Keadlng Wohih
in themselves return him good prolt No" tha tue
fruuk line, have rce,tablished harmonious relations,
the West Shore : competition with NeS-lork Ceutfai
Is ended aud he South PonnSf flyauih scheme Is abah
doned there no reason "hy me 'hhuei"'it "il'I
est in Reading should be retained II Mr. Goweh "'htcd
it, The plans of tie DTcXe- Morgan synuicate are III
no WaC uufavoTab, affected by the sale. IL Is possible
that they may be- modiutd. bat the only f"ds"nahe
suppOstIOn j. that possible modlhc tloh "llIh'-
tate the execution of the PROJECT Or cudh- ulta'"h-
bic competition between the heading ana lhc lchhSti
vauia Oh both railroad nnd coal tI"Ho u "o"Iu u'
premature however for any one lLtcrrSicd III le mat
ter tu hnsard guess 10 what the Ouicnn" may p'
50 lar as the syndicate is concerned the irnnsac 'h
has nt Affected lis purposes or thC i.hS'h Mh'cu
may POSSESS 10 carry %, oat. Ihe \HHdtIhut ran
road interest still will cast The side Oi restoring
and maintaining credit and confidence.