Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1898-10-27
THE ". q N. SALE.
W. W. Kurtx OF Philadelphia a Minority
Stakeholder Pleased with tho Transaction

W. W. Kurtx OF Philadelphia Minority
stockhoIder Pleased with tho Transaction
Z TIE purchase by the Reading Rail-
road Co. Of a controlling interest in the
Wilmington & Northern is construed in
railroad circles as meaning that the
Reading company is assuming an ag-
gressive attitude and proposes to make
determined stand for greater traffic.
Speaking of the acquisition, w. w.
Kurtz of Philadelphia, who has con-
solidated the minority interest so as to
elect two directors in the Wilmington
g Northern, on Thursday said:
"As minority stakeholder am
glad to hear that u controlling. interest
In the Wilmington q Northern has been
acquired by the Reading company.
This is a transaction, take it, where
both parties will be materially bene-
flied. The Reading company has, in
my opinion, obtained a valuable piece
of railroad property, and one that can
be worked in with their system with
great advantage to it. !.
"There can be no question now but
that the earnings of tho Wilmington e
Northern railroad will be largely in
creased, and that operating expenses.
will be materially decreased, thus in
surfing to the stockholders of the COM
pany regular and substantial dividends.
sin proof of what say, let me give
you few figures The gross earnings
of the Wilmington & Northern for the
last 10 years have averaged about
$3.50, 600, while the operating expenses
have averaged about 80 per cent OF the
earnings. Assuming that the gross IN
| come from the business of the Will
mington & Northern will be Increases
to $500, 600 a year (they should be very
largely increased over. this), and the
road can and will be operated for 10
per cent, there will remain as net earn
| ings $50, 600, from which has to be
deducted the fixed charges and taxes,
say $780, 200, leaving 800, 900 out OF
which dividends on the capital stock
| of 81, 278, 600 can be declared.
"During the present administration
| there have been accumulated net earn
ings amounting to s740, 331, which
has been invested in stocks of other
companies, real estate, locomotives, cars
and in betterments to the property.
am not extravagant in the least when L
say that the minority stockholders can
safely estimate their stock as being
worth $40 to $50 share under the
changed administration Of the affairs
| OF tnlS company, ana InaG tney cdu
now anticipate with good deal Of con-
fidence recognition of the rights
which have been denied them hereto-
fore"
1t is probable that. with the Begin
ming of the new year, the Reading will
have shorter route to Pittsburg. The
Reading now runs into Franklin county
over the tracks of the Western Mary
land, having its terminus in Cham
bersburg. Upon completion Of the new
cutoff from Altenwald, Cumberland
county, to Hagerstown, the Reading
expects to run over the Western Nary
land tracks to Cherry Rum, Va. AT
that point its freight can be taken over
the tracks Of the Baltimore & Ohio into
Pittsburg. The Altenwald cutoff is
rapidly nearing completion. -Four
miles of the track are finished. The
roadbed will be particularly substan-
tial, IS inches Of concrete being used.
In order to facilitate its freight move
ment, the Reading is rebuilding its
freight yard at Shippensburg. By d
new arrangement it win move its trans
directly through the town, avoiding
heavy grades and sharp curves.