Evening journal. [volume] (Wilmington, Del.) 1888-1932, 1889-01-24
THE SALE coNsuMMATEp.
The Pullman Palace Car Company Has
Secured Control of the Union, Pacific
Car Company.


Car Company.
Job H. Jackson who is a director in 1
the Union Palace Car Company. returned |
from New York yesterday, where he has
been representing the interests Of the |
Harlan and Hollingsworth and jackson |
and Sharp Com anies in the negotiations
that have been pending between the
Pullman and Union Companies regarding
the sale of the latter.
The sale has been agreed upon and Mr.
Jackson returned to New York this morn. |
ing to consummate the sale and sign the
necessary papers.
The transaction involved about s., 900,
600. The Union Palace Car Company
was organized few months ago by the
consolidation of the Mann Boudolr
and the Woodruff Car Companies,
with new capital added. Leases and
franchises were obtained over the Rich
mond and Danville system and other
lines virtually controlling travel in pal
ace cars between New York and New
! Orleans. The leases of the Pullman
\ Company over these lines would have ex-
pred TO morrow, and the Union Company
was prepared to take control at once and
put on cars.
The Union Palace Car Company does
not cease TO exist, but the Pullman Com
pany has secured control Of its franchises
and cars. both finished and unfinished.
The change does not stop work on any
contracts made by the old company. The
cars Of the Union Company will hereafter
be operated by the Pullman Company.
The New York Times says to-day. The
Pullman Palace Car Company yesterday
acquired control of all the parlor car COM
panies doing business in this country,
with the exception Of the Wagner com.
pany, whose operations are confined to
the Vanderbilt railway lines Negotia
tions looking 10 the consummation Of
this big deal have been in prospect a long
time, but multitude Of obstacles inter.
vened till yesterday. when at meeting
held in Wall street Il was completed
BY this acquisition the Pullman Com
pany gains for its service Of drawing
room coaches and sleeping cars com
plete monopoly Of the South, where hith
erto its grip has been slightest. Every
railroad in the South using palace cars az
all win now have Pullmans. Among the
great lines that will benefit in this way
are the Richmond Terminal system. the
East Tennessee, Virginia and Geargia
Central, the Virginia Midland, and the
Cincinnati Southern
Progress toward the end now reached
by the Pullman Company was made in
1887, when the acquisition of the Parlor
Car Company of the Baltimore and Ohio
railroad created n sensation IL is not 60
the South by any means, however. that
yesterdays transaction is confined
4 Other leading railways beside the South
ern systems are brought by II into the
Pullman camp. Two Of these are the
4 Philadelphia and Reading and the Cen.
trail Railroad of New Jersey.
Yesterdays Wall street meeting at
$ which this big contract was entered into
r was attended by many well-known rail
way magnates, including John G.. Moore,
q George s. Scott, President John IL. In
: man Of the Richmond Terminal, Henry
=, Maxwell Edward Lauterbach,
. President Samuel Thomas OF
( the I East Tennessee Virginia and
Georgia, and President Schiff OF the Gin
. cinnati Southern. President George M
s Pullman, Vice President Horace Porter
s and General Manager Reynolds repre-
/ scented the Pullman Company. There
g was little time wasted in dickering
/. Affairs had been much too thoroughly can
r vassed in advance for that, and all partie
u to the bargain were too well persuaded o
n the merits OF the project. Presiden
Pullman stated the terms he was willing I
he make and the contract was forthwith
le concluded whereby the lately organize
er Union Palace Car Company. includin
the Mann Boudoir Company and th
Is Woodruff Parlor Car Company, wei
a. bought. President Pullman agreed this
ne the total amount Of money involved
re the deal should be paid in Wall street Il
n day.
Is Anticipation of this big transaction hi
p been stirring operators ON the Stock Fl
10 change for some time. The stock HI
advanced about so points without brea
r. and is now above 190 II is said that
" 1884, while everybody else was demora
ne lied and the Wall street GOSSIP
were reporting him as in financial diff
Sc culties, Mr.. Pullman bought over /
IN 600 shares of his company's stock arouI
II. 80, which stock, showing a profit now
ys much more than $l.0O0,000, he ST
~ holds.