New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-10-24

LINES HELD ny THE FAM1LY-T1E JERSEY
crxTr,r,p,RTY TO WORK HARMoNIorsLY
WITH THE NEW MANAGEMENr-EF'
rrcr OK THE COAL AND THE Trunk
LIVE uorDIyGs-ANNouNCE
OF TIE TRANSACTION SENDS
rP PRICES.
All r,r,ore and speculatons as to ross'p'e
change in the control and policy OF '"e ~
ware Lackawanna and Western Railroa' VIZ
set at rest Yesterday by the translf ~ ''.'
4o 000 shares Of the roads stock 10 "h'''-' ~
Vanderbilt This block represents Only p"''
tho holdings which Mr. Vanderbilt mas "op"''''
and which are estimated, by those III ~
sitior to have accurate information on ''e SUI"
tcct at between $4,000 and 9oto" sha'es ~"
otbor l9roe blo,k Of stock has been purchaser
by J. Rogers Maxwell. president "f 'h' N"i
pourood of New-Jersey What ar" known ~
tn. Jersey Central party--Mr. MaNwe" anu
cooroe = Raker H. C. Fahnestock ana lh"'n''
Garland Of the First National R1nk-ior '"'
vcars or more have had larg" interests Il" hN'"
wanna. and these together WITH the ho'u'"h' u
Franl; Work will be thrown INTO the o''"
with the Vanderbilt interests 10 co"'''' w.
property. 1t is unler'tpod that 'he ''' "
the agreement by which TINS harih"'io""
tion will be brought about VIII '''Nc =" "
Vanlcrhilts all voice as to trafhc airtisc"'o""'
while the Jersey Central party VIII oo'-'o '''
roads coal policy ,.,
The value of Iackawanna 10 'he '"'
hits lies almost equally in three direc'iohS
Iackawanna has bcen for years. disturpihs
element in the trunk line situation. !" It's
a, ,ior bovo bcen attributed time and again. thc
d,s,strous rate wars that have played havoc
,y,tb the earnings Of the trunk lines In which
tho yanderbilts are so heavily Interested 10y
being placed now In position To STOP '''s
troublesome policy the Vanderbts Will ne en-
| abled not only to protect their other property
but TO direct a large share Of the l-acKa"ahha
through business TO their central trafic hhcS' 'e
Nickel Plate and Lake Shore roads ARai''
has been the apparen. policy OF the N"h'c'
bIIt family for years gradually 10 absorb '"e
| railroads Of New-York State. Already they con-
| ,rol tho Xovyork Central West Shore. Rome,
wator,own and Ogdensburg and Adirondack ana
81 Lawrence lines. TO say nothing OF dozens "i
smaller properties. and have large holdings IN
Delaware and Hudson and New-fork' ontario
and Western. The acquisition of LacKa"ahh'
will leave only one important road In the state
the Erie-in which their voice Is not po"'''
In the third place. the Nanderbilts nave I'M
nortant coal iniercrts and in the coal trade. as
/ In
thorn I'm the side of It's rivals. ny this latest
action this thorn will he removed
As for the effect on the coal trade of tho
change in control Of Lackawanna, the alliance
between the new elements in the management
will be of practically the same valu" To the
Jersey Central party as II they actually owned
tho whole block 81 stock The Lackawanna Is
their only important competitor that is not
working I'm harmony with them. The other two.
Reading and Delaware and Hudson, are both
largev under Vanderbilt influence. and though
the famous "coal combination" engineered
bv Mr. Mcleod when he was Read
jngs president has been legally sundered.
| II still exists In fact through the mutual con-
sent of the roads benefited. Lackawanna meyer
entered the combination. Now with the men
| I'm mower in it's management who manage the
other coal roads. IL will at once bccc me stead
| f. st and important member of "combin"
which will be beyond legal interference. because
II will not be bound together by contracts and
leases. bu, by the property rights Of its owners
BEGINNING OF THE TRANSFER
Tho stock transferred to Mr.. Vanderbilt was
bought for him several months ago by j. w
Davis 4 Co Most Of II purchased In the
omen market and some at private sales. the
average price raid being between 40 and 80
Mr. Maxwcls new stCck-somc 2OooJ shares
was bought about the same time oy his own
firm Maxwell e. Graves. Much the larger par
Of both purchases is thought to be made up of
the floating stock. acquired in small lots. and the
only large holdings which ere mentioned as
| having changed hands are those Of the New
York Life Insurance Company 10000 shares,
ard of the Rockefccrs. Wall Street yestcr-
dov gave little crcdcncc. however. % the re-
mort that tho last named had parted with their
stock. it being more generally believed that
they are among those who Will remain In the
| road and act with the Vandcrbllt party.
| Until Mr. Vand"rbilts entrance into Iacka-
wanna the largest holders Of he stock have
been the Moses Taylor estate, Frank Work nd
Eugene Higgins. in the order named. Under
The new order Of things both Mr.. Vanderbilt
| and the Jersey Central party will dout less take
rank directly after the Taylor heirs and ahead
of Mr.. Work. who is reported II hold about
oc COG shares Mr. Work is enthusiastic over
the change. ard was quoted yesterday rs say
ing: Il have always said Lackawanra was
worth 200 Since l have talked with Mr. Van
derbt | consider it worth 300. The stock can
he doubled and pay per cent. In addition
to all It's other resources its coal lands stand
on the books to-day at what they cost. They
are worth at leas. ten times that amount now.
The coal lands are worth the face value OF the
stock"
| EFFECT OF RUMORS or PRICES
Speculation has been busy with Lackawanna
for n long time. and its steady rise in the mar
ket together with the strength shown by the
other coal roads. has given rise from time
TO time to all sorts OF rumors regarding changes
in the management. The most persistenty cir
culated Of these credited to the Jersey Cen
trail party desire TO control the property. and
though Mr.. Baker and Mr.. Fahnestock have re-
peatedy denied that they had any ambition
in that direction the story was resurrected
Yesterday before the Of the Vanderbilt
deal became public property This time 1t
was evidently believed by the Street. for both
Jersey Central and Lackawanna opened strong.
and before noon had made sensational ad-
vances The former closed on Saturday al
, ,,1Ib and opened yesterday at ll2M. BY IL