Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-07-16
A DEFEAT FOR DEPEW
The Great Railroad Magnate Circum-
vented by a Plttsburger.
SURPRISE FOR THE VANDERBILTS.
The Pennsylvania Company Now Controls
the Union Stock Yards.
ENGLISH INVESTORS ARE FROZEN OUT
ESPECIAL TELEGRAM TO THE prsrArcH..


CHICAGO, July 15.-It was announced
to-day that new corporation styled the
Chicago Junction Railway and Union Stock
yards Company, had been chartered at
Trenton. N. j., yesterday, for the purpose
OF acquiring, holding, selling or otherwise
disposing of the stock of the Union Stock
yards and Transit Company of Chicago.
Business men wondered what it meant; for
the names of the first board of direct
ors comprised no known representative of
the English capitalists who have been seek
ing to obtain control of the property, and a
sensation of the biggest kind was created
when it became known that the Pennsyl-
vania Railroad Company had outwitted
both the English and the Vanderbilts and
had secured controlling interest in one of
the most magnificent enterprises on the con-
tinent.
PrTTSBURG MAN IN IT.
The leading figure in this masterpiece OF
commercial diplomacy is J. N Mccullough,
of Pittsburg, First Vice President of the
Pennsylvania Company, who, backed by
W. j. Sewell, President Roberts, and John
Hoey, of the Adams Express Company,
and others, got control of the purchasing
syndicate and postponed the opening of the
stock subscriptions by kilograms last night.
The Chicago end of the great enterprise was
to have been launched today at the Stock
Exchange, but the instructions sent out by
Vice President Mccullough, of the Penn
sylvania, prevented that, and F. H. Wing
ton, local attorney, who has had charge of
the legal part of the negotiations, started
last night and is now in consultation with
the Pennsylvania officials
After securing full instructions he, will
leave tomorrow for London, England, to
complete the deal. When negotiations be-
gan for the sale of the Union Stockyards an
effort was made on the part of the promoters
of the sale to protect railroad interests To
this end the syndicate of English and
American capitalists sought to hold these in
terests intact, and it succeeded, even beyond
its intention.
STILL IN THE SWIM.
First Vice President Mccullough, of the
Pennsylvania, has for long time been one
of the largest holders in the old company,
and to-day he turns out to be by all odds
the largest, on behalf of himself and others,
of the new concern. From the beginning,
the idea of an English company las been
blind. 1t is true that about one-thIrd OF
the stock OF the new company is or will be,
held by English capitalists, but two-thirds
of it. or even more. is and will continue to
be held by Americans, and a majority Of 1t
by the officials OF the Pennsylvania Com
pany or others holding close relations to
that concern, such as the officials of the
Adams Express Company.
1t is not easy to discover who is the in di-
vidual promoter of the great syndicate, but
it has now been ascertained beyond doubt
that the brains of the whole business from
the start is contained in the head of First
Vice President Mccullough, a Pittsburg
man OF reputed fabulous wealth, and an as
pirant for railroad honors.
A RIVAL OF DEPEw.
He has for long time envied Mr.. Depew
in his worldwide popularity, and has been
watching and waiting for an opportunity TO
snatch it from his grasp. At last the op-
portunity came The new stockyard syndi-
cate had been formed and Mr.. Depew had
left to look after the Vanderbilt interests at
the English end Of the great transaction.
Meanwhile Mr.. Mccullough got his forces
together, and when the articles of incorpora-
ton of the new company were filed at
Trenton, N. j., yesterday, the first, or pro-
visional directors, were found 10 be Tor the
Pennsylvania Company or for Mr.. McCul-
Tough.
ANY AMOUNT OF MONEY.
Ine new company ID lduncneu Win u
certified capital stock of $4,000. 900, and
with authority to double It's capital stock.
The sum of $25, 900 was certified to as paid
in on account Of the capital stock, and upon
this evidence of good faith the certificate of
the Secretary oil State for the State of New
Jersey was issued, authorizing the company
to do all manner OF commercial business, to
acquire and hold real estate. and to acquire
and operate railways, and to do almost any
thing in which millions can be made by a
company Of millionaires.
The first President will not be Chauncey
M. Depew, but j. N. Mccullough, OF Pitts
burg, and if not in name, certainly IN fact,
for he is the directing genius OF the combin-
alton. The first board OF directors, as or
dered by the Vanderbilts, was to have been
Chauncey Depew, John Quincy Adams,
Edward J. Phelps, j. W. Sewell, Freder-
lex H. Arnston, of Chicago, and the gentle
men representing the English interest. This
slate has been overthrown and with Mr..
Mccullough at the head the directorate
will contain but two OF the Eastern names
at first set down. These are Sewell and
John Hoey.