The Norfolk Virginian. [volume] (Norfolk, Va.) 186?-189?, 1897-01-24
a GREAT RAIL WAY DEAL
Story Of the Combination Between The Lines
That Will Form
A NORFOLK AND GREAT LAKES AIR LIKE
western Lines HIVE Long Wanted to
Reach NorfoiK and By Arrange.
nehi With fhe Norfolk "a Western
Railway VIII lass Their Export
Tonnage Through This Port.

The announcement that the Hooking
valley railway and the Wisconsin Cen
tral Lines had formed a combination
with the Norfolk and Western system
looking toward the eSta bliShment of q
direct line from the Great Lakes to
Noriolk. was not unexpected In rail-
way circles in this city. 1t has long
peen known that both these big Western
systems wanted to reach this port. and
that they were only deferred by the
condition of the Norfolk and Western,
whose receivers were not prepared TO
en.er into negotiations to this end AS
soon as that road was sold. however
showed that his policy would be pro-
gressive one. the plan al once assumed
definite shape, and its successful con-
summation is confidently expected here
ADDITIONAL FACILITIES.
In this event even the present large
fac.li,les of the Norfolk and Western at
TINS port will have to be enlarged by the
addition oil at least two elevators, addi-
tional yard capacity and new ware
houses.
Lambert's Point Is already one of
the greatest railway terminals In the
South, and this addition Will probably
make 1t the largest
1t is also stated on good authority
that the contemplated combine has
made the Norfolk and Western ac-
tNely Try 10 secure ingress into At
lanta.
WHY THEY WANT TO COME.
The Western lines in attempting to get
10 Norfolk are attracted by her mag
n.ncent deep water terminal facilities,
with half-a-dozen direct lines of steam
ers TO European ports and also by her
central position. This, of course, lndi-
Gates that the same reasons which has
caused her 10 become the deep water
terminal of the NnrfO'G
Atlantic Coast Line Seaboard Air Line
anu me great Southern system
sun exist. and the same forces are yet
at work which will bring sill other
Atlantic seaport. from which will rad
late the great railway systems of the
country.
THE NEWS IN NEW YORK.
The New York Journal gives the fol-
lowing account of how the news VAS
received in New York:
Samuel d. Davis, banker. of No. &c
Wen street, and vice president OF the
Columbus. Hooking Valley and Toledo
railroad. received yesterday the follow
ing dispatch from Mr.. n. Nonsarrat,
acting president of the company:
Detained Chicago. account adjourned
meeting with dock companies. which is
doing good work Made good progress
yesterday toward forming line with
Wisconsin Central. Flint and Pere Mar
queIle and Norfolk and Western. VIII
soon have all details arranged
1h.s message is the first confirmation
OF one of the most important railroad
deals contempla ted al the present time
It's consummat!on means a new and d.
rect line from the Great Lakes to the
Atlantic seahoard at Norfolk. Va. by
which the products of the Lake Superior
iron mines and OF the immense grain
fields of the Northwest will find a new
outlet TO the ocean.
The combined capital stock of these
TOUR companies makes a total bonded
Indebtedness of about Sll5.000.O00. The
mileage. including branch lines. many
or which vii! not figure in a through
line. is 3,479 miles of track
The Wisconsin Central road Is I'm the
hands Of receivers at the present time.
a plan of reorganization has been de-
clared operative in relation to the Nor
folk and Western. and a committee of
bondholders Is now ct work preparing
a plan for the reorganization OF the
Wisconsin Central company.
WILL HURT GOTHAM.
This combination. If carried out. is of
considerable interest To the port of New
York as ii will undoubtedly direct con-
siderable export tonnage away from this
port to Norfolk. The grain exporters
mere have long complained of discr!m-
nation against this port. by which
Southern ports. particularly NorfolI,
nave benefited al the expense OF New
York. This new line will take q still
greater amount of freight away.
There was n mysterious rumor placed
IN circulation yesterday that the Column
bus. Hooking Valley and Toledo road.
which is in this new line, was in finan-
cial difficulties, and would pass into the
hands of receivers. The common stock
or the company declined from IL. the
iast quoted price, to II in the early trad
ing yesterday, and then shot down to
S12. ra;iying to llia under heavy buying.
Wall street was in doubt over the
source and cause for the rumor. Some
traders believed that 1t was merely q
retaliation brought about by the officers
or other bituminous coal roads I'm Ohio
Tor similar rumors. which resulted in re-
ceiverships for two of the roads The
most likely report, however. was that a
Clique decred to ge; some OF the stock
cheapIy. knowing about the important
dea! which was being put through. and
that the rumor was started for the pur
pose of beating the stock down Certain
IL IS that all the stock offered was quick
ly picked up.
NO RECEIVER.
Samuel ID. Davis denied absolutely the
report Of receivership being contem-
plated, and In order to show that the
officials We're hard at work increasing
the business of the road and making
new connections. he showed the tele-
gram printed above.