New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1888-07-13
RAILROAD INTERESTS.
CANADIAN PACIFIC'S LATEST STROKE.


1T BUYS CONTROLLING INTEREST IL THE DULUTH,
SOUTH SHORE AND ATLANTIC RAILWAY.
Control OF the Duluth South Shore and Atlantic
Railway has been sold to Sir George stephen, presi-
dent the Canadian Pacific, Sir Donald 4 Smith, and
other persons identified with the Canadian company.
1t may be said, indeed, that the property has been
sold to the Canadian Pacific Railway. 1t is under
stood. however, that Messrs Brlce and Thomas re-
tain their interest In the company, and that the prac-
teal VIII be In their hands. The Canadian
company will have charge of the financing, and under
takes In fact to supply funds for the extension and
Improvement OF tho road 1t assumes, Of course, all
the funded obligations Of the company. Tho capital
stock consists OF Sc 900 900 common and 80 O00,
600 preferred entitled to per cent noncumulative
dividends Tho Canadian Pacific has bought moro
than half Of both classes. The majority made
up from the stock held by George I. seney, tho Nc
Mllans, OF Detroit. and the speculative holders In
wallst Mcssrs Brice and Thomas added enough to
transfer the control
The announcement Of the sale, following the recent
purchase OF the soon line by the Canadian Pacific,
received with apprehension in Wall Street.
1t argued by operators for decline that it intro
duced to the Northwest a disturbing element which
might not be controlled easily than the Grand
Trunk by the Eastern trunk lines Calvin S. Brlce,
lceprsident OF the South Shore road, did not share
I'm these fears. 1t looks 10 me- he remarked, "
If tho sale involved adjustment Of transcontinental
traffic by the Northern and Union Pacific with tho
Canadian Pacific Company. I do not speak officially,
but think It VIII be found that division Of business
and territory has been made, and that tho sale In
sures the maintenance OF rates transcontlncntal
traffic by the Northern lines I sure that the
prices paid for the stock which were much above
cent quotations at tho stock Exchange, demand har-
m0ny and profitable rates.'
The south Shore Company organized IN October,
1856, and IN the following December It bought sub
stanalv all the common and preferred stocks OF the
Marquette IOughtOn and OntonagOn. Tho road ex-
tends from Duluth to Sault ste. Marie where II
nects by international bridge, with the Canadian
Pacific.
st. Paul, Mimi, July IL (specaD.-Much interest
Is felt here In the report from New-York that the
Canadian Pacific has obtained control of the Duluth,
South Shore and Atlantic road II the statement Is
true the calculations and surmises OF many railroad
officials who had figured out the fate OF that cross
Wisconsin line go for naught and the road becomes
a disturbing element in the Western railroad field
II shrewdy supposed that the Michigan Central
road would, by acquiring control Of the Duluth, South
Shore and Atlantic. secure road 10 Lake superior,
with n possible terminus at Ashland. Recently,
however, when the consolidation OF the three iron
roads took place and Duluth was named as tho west.
crn terminus of the line the Michigan Central
scheme seemed even moro tangible, and u had the
added importance Of the Twin City connection VIA
~. Paul and Duluth. The sale OF the road TO the
Canadian Pacific breaks me slate. So 10 speak.
Tho Duluth. South Shore and Atlantic. from Its
Eastern terminus at the 500" makes direct conncc
ton with the Marquette and Houghton copper coun-
try. and Will traverse the south shore OF Lake Su-
perior via Ashland to Duluth.