The people's journal. (Pickens, S.C.) 1891-1903, 1900-12-06
WILL THE PENNSYLVANIA BUY {
Heavy Purchases Of Southern Rail
way Stock Laid to Owners ofPenn.
sylVania II. IL.

Heavy Purchases OF Southern Rail
way Stock Laid to Owners ofPenn.
sylvania H. IL.
n special dispatch to the Atlanta
journal says that knowing persons in
New York say that the absorption OF
the Southern hallway by the Pennsyl
van1a ltailrOad Ia deal that will be
contaminated before the end of the
year. In fact, 1t ls stated that The pur-
chase Of the road is going on every day
| now, the largely increased purchase
OF Southern railroad stock on the mar
ket every day being attributed to the
Pennsylvania.
Tne sales OF Southern railroad stock
have been remarkably heavy this week
Tuesday 1872, 900 shares of common and
81, 1000 of preferred were bought on the
New York stock exchange. These big
purchases set the rumOr to going that
the Pennsylvania agents were buying
up the stock with a view to gaining
complete control OF the Southern. The
rumor caused the preferred shares to
jump from 639 to G5i and the common
from IL to 17R. This Is the highest
| price yet Obtalncd.
The rumor is still rife in the street
and extremely persistent. 1t Is be-
| lieved by many Of the wiscst heads in
the street. The street insists that il
1T is not the obi 3ct Of the Pennsylvania
| to gain entire control Of the Southern
1T Is certainly trying to get 4 big inter
| est In 1t. Vice President w. II. Green,
| Of the Southern denied the reports.
Still another interesting report was
| that the Southern railroad intends to
gain control OF the Seaboard Air Line,
and. in fact, Is already moving towaro
| that end. 1t is admitted that clust
l
between the SeabOard and Southern
This report has caused much talk among
railroad men.
Southern railway officials say the
only reason they can ascribe for the
jump in the price OF Southern stock il
the largely increased earning capacit,
Of the road.
Several blocks OF Southern stock OF
coo, 500 and 2O00 shares each have
recently been purchased in New York,
and this report gives color to the talk
Of absorption by the Pennsylvania
One big banking house alone bough,
more than 10000 shares. 1t had an
| order to bur 50 900 shares.
The Now York Sun has the following
to say about the report:
Further rumors regarding the
Southern railway interested Wall
street yesterday. The price OF the
preferred stock reached its highest
mark, O6t, en- sales aggregating 20 500
shares, Il gain Of one half point. Tran
sactiOns In Southern common reached
total OF 7G,200 shares with com
paratively little nuctuation In price
In addition TO persistent report that
there was heavy buying Of Southern
railway, shares In the interest Of the
Pennsylvania railroad were rumors
that the voting trust formed by j.
Plermont Morgan when he reorganized
the Southern systcm, was to be dis
solved, and also that an irOn.clad
agreement to maintain rates had been
cntere-. into by the Southern railway
company and the Seaboard Air Line
Tnis lastrum was generally regarded
as having some foundation in fact.
President Samuel Spencer of the
Southern railway system, who has just
| returned from an extended inspection
trip over the system, had nothing to
say about rumOrs or possibilities
Other persons connected with South
ern railway interests while admitting
that the course OF the market showed
that somebody believed that the COM
pany's stock was worth buying, said
that no new interest could come into
the management without the consent
OF the voting trust The latter is ter.
minable at the discretion of the trus-
tees, who were reticent regarding their
plans. According to Stock Exchange
gossip, Mr.. Morgan Ia preparing to dis
solve the trust for practically the same
reason that caused the recent deter
mination to dissolve the Northern
Pacific voting trust, |. e., the financial
rehabilitation OF the property and its
establishment on o permanent divid.
end paying basis.
"The Pennsylvania railroad is more
closely connected with the Southern
system than is any other independent
line. Nearly all Of tho Southern's
passenger and freight business between
New ork and Washington goes over
the Pennsylvania railroad, and in rate
matters the two companies have prac
tically a mutual interest"
~-----zaEz, <Ssau5s&-------.
The frat Thanksgiving Day was
| Feb. %, 1880. 1t was appointed by the
settlers OF massachusetts, for general
f,,t st n,t