The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1889-03-14
AN OFFICIAL DENIAL
On tho Valley Deal From Oarne-
gie'a once,
Reliable Information That Wall
Street Railroad Kings
Are After tho Valley 10 Connect II Win
the w. a L., NJ, and Complete
Wonderful 49, A o, System,

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Great interest will be felt IN the 70
suit of tho meeting Of the directors o
the Valley road, being held In Glove
land to-day,
The report that Carnegie and Othe
capitalists had purchased q controlling
interest Ia the Valley and would maxi
II u parallel road with the Cleveland
n Pittaburg has created decided stiI
Ia railway circles, For weeks past
the papera OF tho country have
had ARTICLES concerning the trans
fer Of the Valley, and tho aftl
clos have bren reproduced Ia tho NEWa
DEMOCRAT, NOtmuch or6denee 10 given
the report OF tho alleged transfer 70 Car
! negle,
kleasra, j. II Wade, y. A. Everett, L.
Y liochlua and other who are pr0mi,
nGnt In the AFFAIRS Of tho road, have
denied that Carnegie had any hand In
the proposed deal. ThG pttaburg
papers have denied the reported
transfer,
The Chronicle Telegraph says The
report that Andrew Carnegie, In con
n6GtiOn with q party OF New York cap,
ltaliata, has bought tho Valley Railway,
which VIII give u new and direct line
from Pittaburg 10 the Lakes, 10 credited
In aOme circles IN this city, while In
olh6ra IL Ia said that there 10 no fOunda,
tiOn for the statement, The statement
of Mr.. Carnegle'a purchase Ia denied by
his partners, Mr., II, y, FrlGk, Chair
man OF Carnegie Bros, II. Co., when
asked about the matter said "Ihere
N nothing In II whatever"
In regard 10 the deal which has been
reported on between tho Valley and
capitalists for some months past, the
Plain Dealer probably hits tho nail
upon the head IN the following
Alter q long line OF questions yoater'
day, Mr., Everett modified his position
Of Monday night aud admitted that the
owners Of u controlling Interest In the
Valley railway were negotiating with
people who propose 10 open up the road
TO plttabufgh, and thus bring up q
heavy ore business south from the lakes
and d big coal and coke business 10 the
lakes. Nlr. Everett said that MFR. Car.
negIe was not known In the deal, and
that IN any case II iB aa yet only a mat
tor Of talk. A few more questions
caused him tO add, however, that II the
plaus contemplated are carried out, the
result viii be q groat benefit 70 Cleye'
land, and the business Involved VIII be
very heavy.
Such is Mr.. Eyeretts mild way OF
putting q railway scheme which will
certainly include more territory than ia
as yet thought Of here, Every time
oil is mentioned In this country the
g0sglper8 drag In the name OF the
| standard, and the same Is true OF
Carnegie when anything 10 said Of The
iron interests, People who are in q po
sltion here 10 know something Of whaI
the Valley people are doing, say thai
the consolidation Of lines, IN which tht
Valley will DO q link, 10 being engl
neered by sydney Dillon and Russo
Sage, who own the Wheeling n LnkC
Erie, and that this move 10 only The
opening OF a scheme 20 connect the Il
| ~ 0, railway with the lakes at seyerO
important points,
Commodore Garrison, who sold ouI
the Missouri Pacific railway undel
many trials 10 Jay Gould, was one Of
the original owners OF the Wheeling 4
Lake Erie, but was unsuccessful Will
II and was compelled TO sell out Dll
Ion, Sage and others, These men Oi
Wall street have managed tho Wheel
Ing Il Lake Erie TO advantage and have
lately begun the construction Of line
from Wheeling 10 BowerstOwn The
present eastern limit Of tho road, A
very short stretch Of r0ad-pr0bably
seventeen miles would connect The
Valley with tho new branch OF The
Wheeling Il Lake Erie and thus 0pet
| up TO Cleveland the furnace ant
coal districts Of Wheeling as well "
plttsburg Representatives OF thC
! Wheeling 81 Lake Erie have been hert
In consultation with Valley officials
and In some cases they were 80 exact
ing as 10 demand on oath Of secrec,
from the people with whom they hat
dealings.
MR.. EVERETT REMARKED YEsTERDAi
that the plans for q line TO Pittsburl
would Of course, give the new roat
q connection with the B. 4
TO-, but when questioned NOR
closely regarding the plans for business
with that line he was not willing II
talk. This with the Wheeling & LAX
Erie connection leads TO the belief tina
the projectors of the new company ar,
only carrying out the ideas advanced
originally by Ives and Staynor II
their plans for making a wonderful
railway system out Of their B, q o
holdings.
The local holders of the Valley stool
are not disturbed very much by the tall
Of the deal whatever II may be, but II II
more than probable that a line to Pitts
burg, through whatever source II ma!
come, would help the bonds of the com
pany When big transactions Of thi
| kind are being talked Of some very higl
figures are quoted. IL is well known
however, that Valley stock has beel
selling at about $40 share-S60 pa
value-and o controlling interest In tht
stock of the company might probabl!
be bought for S5O0,0OO. All Of thl
stock and bonds of the company or,
worth but $5,200O00.
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