The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1898-10-20
READING OWNS
THE W. & N.
The Official Announce
ment Made Yesterday
in Philadelphia.

Tho rumors Of tho pas! two weeks rcla-
tive to the purchase of tue controlling in
terest In the stock of the Wilmington g.
Northern Railroad, held by Colonel H. A.
Dupont and his friends, and VIII Oh was
generally ascribed to the now interests in
the Baltimore & Ohio, were finally set at
rest yesterday by tho announcementfrom
the Reading offices at Philadelphia late in
tho afternoon, that the Reading Company
was the owner and pcssessor of Colonel
Du Points stock and that Of his frisnis.
The Wilmington & Northern was origlan.
After the foreclosure Of the latter com.
pany' first mortgage, together with that
Of the Berks County Railroad which had
boon organized in the interest of tho Will
mlngton & Reading, q reorganization was
effected on January Is. 1877, under tho
name and title of the present corporation.
At the same time traffic arrangement
was entered into with the old Phiiadei-
phia & Reading Railroad, by which the
two roads practically became parts of the
same system. The Wilmington & North
ern, whose northern terminus is at Highs
Cut, u few miles below Reading, secured
an entrance into that city over the tracks
of the Philadelphia Il Reading
Tho purchase by the Reading Company
of a controlling interest In The stock of
the company will not, therefore, effect any
material change in the railroad situation.
but by thu acquisition Of this property the
Reading Company obtains fuller and freer
control of the line and will DO enabled to
operate it to greater advantage in con-
neCtion with its own system and give
greater facilities to the business interests
along he line. The Wilmington & North.
ern has valuable terminals here including
large water front and wharves on the
Delaware River few miles below tho city.
Tho Reading Company will not take ply.
steal possession Of tho property for some
weeks yet, and it was stated yesterday
that for the present no change would BIO
made in tho officers or employees,
An official of the Reading Railway
Company in speaking about tho purchase
yesterday, said that one of the primary
objects in securing control of the Will
mington 81 Northern was to prevent the
road or its control from passing into the
hands of the Pennsylvania Railroad or
some Other interests antagonistic to the
Reading, and keeping it out Of the city OF
Wilmington. This cltvis looked u Jon as
q very important place from a railroad
standpoint, and every effort will DO made
to secure u large share of Its business for
the Reading people. The acquisition of
tho Wilmington &, Northern also gives
tho Reading short outlet to the South |
for its anthracite coal via the Baltimore g.
Ohio, with which connection is made at |
Wilmington. The extensive water front |
on the Delaware River, which goes with
the properly, will alao enable tho Read
ing at some future time to establish large |
coal wharves considerable distance down
tho river. This, however, it was said by
Reading officials is not contemplated at
present, as nothing would be gained by
transferring tho present excellent coal ter.
miDal at Port Richmond to point further
down tho river.
Just how many of the 1861 shares Of
tho capital stock of the Wilmington &
Northern Railroad the Reading Company
was obliged to purchase could not be as.
certained, but 1t is generally supposed
that fully l4,000, and possibly more. shares
were secured, as It is known that beside
looking aftor his own lnterests Colonel
DUPONT was loyal to those of his friends
who have supported him in the manage
ment of the road. The price paid Is sup.
posed to have been in the neighborhood of
$40 per share,
The rolling stock of tho company con
sists of twenty.four passenger cars, TWEEN.
ty-nine locomotives, 42O freight cars, three
tugs, five car floats and three lighters. The
earnings in 1897 were SILL 1893 and the ex.
penses S3S5 500 Tho net earnings were
s5t,O7S, and after adding other receipts
the total net was SG3, 405. from which in
terest on bonds, on debt and taxes,
amounting to $55, So was paid. leavinga
surplus of s75J35 Tho capital stock is
sl,500. 900 Tho bonded debt consists of
ESQ, 900 d per cent bonds.
The stock in this company not often
traded in, During 1897 The only transac.
lion was in March. when the stock sold at
II. Tho past year has been a prosperous
ono, and it is said that dividend has been
earned.