The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1899-07-08
THAT REPORTED DEAF.
Or Proposed Consolidating of the Two
| biggest Raiirond systems In the Coun-

l
biggest Raiiroad systems i'm the Coun
try,
The reported possible combination be
tween the New York Central and Penn
sylvania railroads met with little ere
dence in well informed circles in New
York yesterday, and was denied by
President Cassett of the Pennsylvania
and other railroad officials. The pres
ence of Mr.. Cassett at the meeting Of
the directors of the New York Contra
directors when the Boston and Albany
lease was ratified was cited as proof
that there was something to the story
| Wall street made handle of the story
yesterday morning and New York Cen
trail and Pennsylvania stock both had
a good rise. Subsequently on denials OF
the report from prominent railroad of
hcials the excitement in these stocks
| subsidized.
President Galloway of the New York
Central when seen by Mail and Express
reporter yesterday denied all knowledge
of the reported understanding.
Its all wind" said Mr. Galloway at
first. Eat any rate, I know nothing
about it. All that have ever heard or
seen of the subject is what | read in
a morning paper. Would | not know
about it if it We're true? Well I'm only
the operating officer of the Central road.
l can say, however, that it is not true
that Mr.. Cassett has attended any of
our directors meetings. He was only
here the other day visiting Mr.. Wander
| bilt, and / presume the report grew out
of that fact. So far as l know that's
| all there is to it,"
| For further information the reporter
was referred to William K Vanderbilt.
Mr.. Vanderbilt is in Canada, but his
personal representative here is e. V. w.
| Rossiter, treasurer of the New York
Central. Mr.. Rossiter when seen said
Il don't know thing about this re-
ported alliance between the Central and
the Pennsylvania roads, therefore can
neither affirm nor deny the report.
NEWS TO PRESIDENT CLARK.
President Clark of the New York, New
Haven and Hartford railroad, another
Central director, was also seen. He said:
This is the first news l have had of
the matter I'll have to look it up. But,
really, ] know nothing about it. Any
news about the matter will have to
come from the Central people"
No more definite information than the
above could be gathered in Wall street,
and as the day wore on the opinion
strengthened among well informed per-
sons that outside of policy of harmony
between the two corporations there was
no probability of any closer alliance.
j. Pierpont Morgan was seen at his
office by a Mail and Express reporter
and Intercepted on the subject. He
however, had nothing to say. Mr.. Nor
gan seldom does have anything to say
for the newspapers, so his silence on
this subject has no significance. Others
in his banking house declared that there
was nothing in the story.
A LONG WAY FROM CONTROL.
Men who have at least a general idea
of what the Vanderbits do in Wall
street were not disposed yesterday to
credit the story that in the past year
and a half W. X. Vanderbilt has secured
controlling interest in the Pennsyl-
vania and means to operate that road in
very close connection with the New
York Central. There is $4,000 900 of
Pennsylvania stock, divided into 100000
shares. AT least a quarter of this
amount is held abroad--a large part in
London and the rest on the Continent
During the winter, when London sold
stocks in liberal amounts to investors in
this country, it is claimed that the men
who buy stocks for Mr.. Vanderbilt We're
busy taking all of the Pennsylvania |
stock that oamp IN thp market
A prominent broker said yesterday: |
at is quite likely that Mr. Vanderbilt,
as a man of great wealth, has bought
large amount of Pennsylvania. This is |
as the stock is a splendid in
vestment. But I can say with a great |
deal of positiveness that he has not $780,
900 shares or anything like that amount. |
1t may be his ambition to ultimately
gain a controlling interest in the road.
AS for that / cannot say"
There is probably no railroad in the
United States which approaches in extent
to the Pennsylvania or whose securities
are so widely distributed as are those of
the Pennsylvania The stock is so wide
y scattered that it would require
months to accumulate a respectable
amount in the open market. 1t has reg
llarly paid its per cent dividend, and
IS the bulk of the owners of the stock
1old it as an investment and are entirely
satisfied with the present returns and
what the future promises they naturally
10 not seek to sell it. Six months ago,
Turing the great January boom, the
stock sold as high as 142. Since then 1t
1as gone below 1870, selling to-day at 1873,
after opening at 1877, point and a half
higher than last night.
There is one thing that Wall street
Ices believe about Pennsylvania, and
hat is that there is vastly more of the
took owned in this city to-day than in
so that in few years the
financial policy of the company will be
ERECTED from this city. At present all
# the directors are either Philadelphia
# Pittsburg men. The change in policy
will come, it is said when a New York |
nan is selected to place in the direc
DRY. The new president, A. J. Cassatt, t
nd w X. Vanderbilt are both men of {
road views regarding the future of
airoads in this country, but up to the
resent time they are not believed to
epresent common interests in the prop
rites with which they are openly identi-
ed
DENIED IN PHILADELPHIA.
A special dispatch to the New York
Tail and Express from Philadelphia