The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1898-09-18
Hill of the Great Northern In the
Deal.
LINE FROM SEA TO SEA
CHICAGO GREAT WESTERN THE
CONNECTING LINK.
Biggest Transaction of the Century
Has Been Closed Up-Baltimore
Excited Over Losing Headquar-
tiers, Which Will No Doubt Be Re
moved to Chicago.

Chicago, Sept 1.-THE Times Herald
says: Philip D. Armour, Marshall
Field and Norman B. Ream have Sc
cured control of the Baltimore & Ohio
railroad They have made James j.
Hill, president of the Great Northern
railway, the dominating factor in the
reorganizat ton of the system. and nave
gained for Chicago and the northwest
what is practically trunk line from
ocean to ocean, controlled by Chicago
capital.
Mr. Ream engineered the deal by
which his wealth, with that of Mr.. Hill
and OF Messrs. Armour and Field gain
ed controlling interest in the Balti-
more & Ohio, which henceforth is TO be
a Chicago enterprise, fed and sustained
in transcontinental affairs by the I'M
menSe mileage of the Great Northern
railway. If any road completes the gap
between the terminus of the Great
Northern railway in st. Paul and the
terminus of the Baltimore & Ohio in
Chicago, it will be the Chicago Great
Western railway, but that is d matter
for the future.
Mr.. Ream will become a member of
the executive committee of the reorgan-
lied road and either Mr.. Field or Mr..
Armour may becomes a director al
though in all probability the trio will
be represented by MI. Ream. Mr.. Hills
connection with the transaction fore
shadows the statement that he will be
the prime factor of the road.
While the price paid by the Chicago
men is not known, the details of the
transfer of the properties of the road
are being discussed at conference held
in the Auditorium Annex. AT this
conference, President Hill, Mr.. Ream,
Mr.. John K. Cowen, president of the
Baltimore & Ohio, Oscar Murray, re-
ceiver, and William Greene, general
manager, are present.
Mr.. Ream declined to be interviewed,
but one of the Baltimore & Ohio Off
Gals confirmed the report current in
Wall street on Thursday and in Chi
cago railroad circles, that in addition to
the holdings of the road, which the
Rockefeller interests are reported to
have secured last week for western
hackers of the road, Messrs. Field, Ar
mour. Ream and Hill had secured suf-
ticient reorganization stock to make
Chicago and the west the dominant ele-
ment in the future management.
President Cowen was not prepared to
make full statement until after he
had consulted with Mr.. Ream. Presi-
dent Hill was in a jubilant frame of
mind, and would not deny that Field
and Armour, with Mr.. Ream, had as
sisted him in almost realizing his dream
of having a road from the Pacific to the
Atlantic controlled by western men.
PRESIDENT. BACON TALKS.
Cincinnati, Sept. 17.-Mr. E. r. Ba-
con, president of the Baltimore & Ohio
Southwestern Railway company, who
ba baap an on god fO1. cOuoa time tgrifh
the New York committee, Speyer &
Co. and Kuhn, Loeb & Co., bankers,
and the receivers in assisting in the
readjustment of the affairs of the Bal
timore & Ohio Railroad company, was
in town today, and was interviewed
about the purchase of the control of
the Baltimore & Ohio road. He was re-
luctant to discuss the matter, but af-
ter being advised that it had been
published in Chicago, New York and.
this city, he said number of repre-
sentative men interested with large
railway, manufacturing and CONNER
cial interests in the northwest, Chi
cago, New York and other cities on the
cOmpany's line, had been for some time
negotiating for the purchase of a very
substantial interest in the Baltimore &
Ohio road, and that such negotiations
had been brought to a successful con-
cluSion; that under the reorganization
ample means had been provided for
cutting down grades, increasing capac-
ity and facilities of the road and put
ting it in a condition to promptly and
economically handle largely increased
business.
That the reorganization managers
had also decided that the subsidiary
lines. including the Baltimore & Ohio
Southwestern, should be likewise treat
ed, and arrangements were now being
concluded to readjust the affairs of
such lines and secure capital to put
them in the same condition as the main
line.
Mr.. Bacon was very reticent but it is
evident that the control has been pur-
chased, and from what has been
learned here and through other sources
it is certain that a much larger sum
than S10,000000 has been paid for it,
and that the reorganization managers
and himself are the parties who have
made the negotiations.
Mr.. Bacon declined to state whether
the present receivers would manage the |
affairs of the company in the future, T!
but it is well known that they are in
close alliance with the new owners, and |
will undoubtedly be requested by them |
to officially manage the company's af- |
fairs.