The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-08-23

member of the Garrett family engaged il
business pursuits, he thought that the en-
tire amount would be sold at once and tina
it would fall into hands which would ope
rate it In connection with the stock tina
was purchased by the New York syndi
cate from the city and from the John
| Hopkins University. Thus a controlling
interest in the affairs Of the road would be
obtained. None OF the members of the
banking house OF Robert Garrett & Sons
are In Baltimore, and no statement concern
| ing the matter could be obtained at their
office on South street, says the Baltimore
NeWs. The article IN the Journal OF
! Finance intimated that the reported sale OF
stock would not affect the Baltimore and
the two roads would continue to act In full
harmony. Il was said that one Of the pur-
chase checks for $4,000, 900 was deposited
with Baltimore bank this week.
II is announced that the directors of the
proposed San Francisco and Great Salt
Lake railway are making rapid progress
toward perfecting financial organization.
The original plan Of having stock subscrip-
tion books open to the public is abandoned,
and instead canvass is being made of the
rich men Of the city who are subscribing
for large blocks of the stock. The directors
say that within two weeks they hope to
announce that all the required stock
has been placed. 1t is claimed that
the road, extending 265 miles, can be built
and equipped for $4,000, 900. and that the
bonded Indebtedness will Represent the
actual cost Of building and co tipping the
road 30 that the annual interest Of per
cent on $4,000 will be- the only fixed
charge. In their opinion the road will have
an earning capacity capable Of sustaining
tho bonds both as TO interest and annual
sinking fund requirements; the published
statement of the financial progress says that
twenty men of large means have agreed to
take blocks of stock ranging from $50, 900 to
100000. Although the route Of the road
has not been officially announced, it Is al
most certain that it will start from San
Francisco; it will extend through Oroville
and across California in q northeasterly di-
rection through Beckwith pass in thu Sierra
Nevada mountains to Reno, New. thence it
will run across Nevada to st. Lake, connect
ing with the eastern roads there.
Transcontinental lines have a plan Of
campaign arranged against the Southern
Pacific which will give that line consider
able trouble at the New York meeting to-
morrow. They all claim tho Sout ern
Pacific has the best Of every existing deal
and must divide up before they will consent
to any changes to assist il. Under the
present demoralized condition of ocean
rates the Pacific mail 81 bsldy
Is absolutely thrown away. and tn ey
will compel 1t to assume the whole amount
or make concessions which will recoup them.
In spite OF President Huntington's state
ment to the contrary, the subsidy cost over
100000 cash last year, aside from the
S550,000 In traffic which 1t returned for
space rental, transcOntinental lines claim
they all favored reduction two years ago,
but the Southern Pacific refused consent
1t forced the continuance of such high rates
that merchants as far west as Kansas City
shipped goods to and from San Francisco
via New York and Cape Horn, instead of
directly overland, the rates being much
lower over the roundabout route. They
no propose TO make the Southern Pacific
pay the fiddler. The high trauscontnental
rates induced large fleet of vessels to ply
between San Francisco and New York, aud
it is their competition which hes forced
rates down to a point where transconti-
mental lines cannot meet them. The COM
bination OF the Great Northern and Lehigh
Valley boat lines is part of j. J. Hills plan
TO make the Great Northern leading
transcontinental line. He now has only to
complete his deal for the Oregon Railway
and Navigation Company's line, and he
will have practically a continuous route
| between the Atlantic and Pacific
| Some days ago the statement was made
that President Roberts of the Pennsylvania
| Railroad Company would resign on account
of i'll health, be having been for years q
| sufferer from dyspepsia, the result of toe
hard work. Saturdays edition Of the New
Y ork Erening Post contains the following
| REPORTS of probable charge In the presi-
deucy OF the Pennsylvania Railroad Com
| pany at its next annual meeting are being
| received from the west, which indicate that
the matter Is getting more than a passing
attention. Some time since the Post stated
| that it was more than likely that such a
change would take place and gave some of
tho reasons which it was variously under
| stood would be instrumental in bringing
that change about According to stories
| from the west and elsewhere Mr. Roberts is
| ready TO step down and out provided
he may name his successor. While
in Europe it Is believed he has sc
arranged things with the foreign
stockholders who control about 90 per cent
of the Pennsylvania stock. Mr. Roberts /.
expected back next week. Mr.. Roterts
choice for president is Frank Thomson, the
first vice president Roberts talked VI
Thomson in London and wanted the En-
gllshmen TO agree to support him next
| spring When this news was sent over here
Cassatt, who is an aspirant for the preSi
| dency and the rival OF Thomson, posted of
to London to argue in his own favor
The foreign stockholders OF the Pennsyl
vania railroad, by standing together, car
name the officers of the corporation. /,
has often been declared that 1t Is by the usa
of their proxies that MIR. Roberts has kept
| himself in place and has been able to fight
Oft the schemers on this side of the ocean,
who would have ousted him and used the
corporation for tock~jobbing purposes. Il
is also alleged, according to the latest story
that the Vanderbilts, who are said to be the
real factors in the coal combine, are max
| lug 1t excessively warm for Mr.. Roberts
both here and abroad. Lastly, the elements
that oppose Mr.. Roberts have sowed the
seed Of discord among the Englishmen
The latter are now clamoriug for an in
creased dividend. They will get per cent
for 1892, but they say they should have
more; that Mr.. Roberts spends $1,000, 0OO
or more every year in 'betterments' that
are entirely useless to the present genera
ton, and that the money should be divided
among them. Mr.. Roberts refuses tC
do this. In this story which come:
from the west an attempt was also made tc
show that the Rothschilds we're taking a
hand in the fight. They are, as is vel
known, large holders of Pennsylvania
stock, and they would naturally have
a commanding influence iu favor Of
the side they might support in any con
test OF the sort indicated. 1t was also stated
that the Rothschilds and their agents had
been appointed the fiscal agents of the Penn
sylvania Railroad Company during the las