The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1892-10-20
PLANK ROAD STOCK SOLD.

1t Commands a High Price-Railroad to
Be Built to Newark.
Several brokers and q IN of Well
known business men, looking for safe,
dividend-paying Investments, attended a
public sale Of stocks one afternoon last
week in the Office of Lawyer Elwood C.
Harris in the Prudential Building, New
ark. The sale was ordered by the execu-
tors of the estate of the late Robert Dodd,
by which they were owned. The list of
stocks offered and sold was as follows:-
Thirty-six shares Newark Plank Road
Company, par value 5000. purchased by
Mr.. Z. N. Jackson at 81 go; last market
quotation, 81; dividend paid to June 80,
1885,, 10 per cent.
A feature OF the sale was the lively bid
ding Oh the Newark Plank Road Com
pany stock, which began at so, Mr..
Philip N. Jackson advanced it, but was
promptly raised by Il small man who sat
alongside of him and had but little to say
except to announce a higher figure after
each bid of Mr.. Jackson. He seemed
anxious to get the stock and the contest
Was watched with interest by those pres
ent rs the bids ran over the 100 mark and
climbed up to $50. Finally on a bid of 100
1t was marked off to Mr.. jackson. During
the discussion evoked by this incident it
transpired that the quiet little man who
WALTON eh0 OIL 4IOdt StOCh was 1FOul
Jersey City and that he was a lawyer In
the office of a Pennsylvania Railroad law
hrm. Yesterday it was said also that his
presence was probably due TO the fact
that G. B. Thurston of Jersey City, who
Is largely interested in the PLANK Road
Company n Jersey City street railroads,
had been advised that the stock was to be
sold Il was anxious to get it.
1t was also surniised that Mr.. Jackson
purchased stock for his father, +. VOL
colt Jackson, who is d director of the
Plank Road Company Il a representa-
tive Of the Pennsylvania Railroad, which
controls b Plank Road Company. This
view OF the matter was taken because of
the preparations being made for a rail-
road between Jersey City and Newark
over the Plank road. An electric roa d it
IS to be. gay its projectors, but the rails
which have been laid are unusually heavy
and calculated TO carry cars of any
weight ana any speed, which gave rise to
a suspicion that there might be a scheme
afoot for the Pennsylvania Company to
run a steam line over the tracks, aud that
1t was therefore anxious to purchase all
outstanding stock.
II bought the Plank road stock purely
as q matter Of private speculation" aid
Mr.. Philip N. jackson when asked ii ne
would explain Its phenomenal jump to
l6O. Il regard it as "a good investment.
1t was paying 10 per cent. at 100, which is
equal TO 81 per cent. at 100. An invest
ment at 5 per cent. is considered worth
having. and ii | had bought this at 200 it
would have been equal TO a 5 per cent. in
yestment. My father, VINO is a director
OF the company, does not wen know that
l have bought the stock, and what moved
me to do SO was the fact that work is pro-
crossing on the electric railway equip
ment over the road, aud ] firmly believe
that the value OF the stock will increase
considerably. There ia very little OF it to
be had, and, In fact, ]. had no kuowledg.
of any baving been offered until the SAFE
on Thursday. nor did | know the prices
quoted for it. That Jersey City man was
evidently anxious to get it, but l don't
know w mn ha ia ~