The Laurens advertiser. (Laurens, S.C.) 1885-1973, 1900-12-05
Will THE PENNSYLVANIA BUY
Heavy Purchases OF Southern Rail
way Stock Laid to Owners ofPcnn-
Sylyania *. II.

sylvania *. X.
y special dispatch to the Atlanta
Journal says that knowing persons in
New York say that the absorption Of
the Southern hallway by the pennsyl
vania Railroad Is & deal that will be
contaminated before the end OF the
yea. /. TACT, it Is stated hat The Dur-
chase Of the road is going on every day
now, the largely increased purchase
OF Southern railroad stock on the mar.
kot every day being attributed to the
Pennsylvania.
Toe sales OF Southern railroad stock
have been remarkably heavy this week.
Tuesday 1872, 600 shares OF common and
SO, OOO 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 u view to gaining
complete control OF the Southern. The
umo caused the preferred shares to
Jump from G3i TO GJt and the common
from 10 to III. This is the highest
price yet obtained.
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 hat II
1T is not h object OF the Pennsylvania
to gain entire control Of the Southern
1t Is certainly trying to get a big inter.
est In IT. 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 SCabOard Air Line,
and, In fact, is already moving toward
that end. 1t Is admitted that u close
traffic alliance has already beer made
between the Seahoard 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 Is
the largely increased earning capacity
OF the road.
Several blocks Of Southcrn stock OF
| uOO, 900 and GOO shares each nave
recently been purchased in New York,
ana TINS report gives color to the talk
OF absorption by the PENNSYLVANIA.
One big banking house alone bought
more thar 10000 shares. 1t had 81
order To buv D., 900 shares.
The New York Sun has the following
to say about the report:
Further rumOrs regarding the
Southern railway interested Wal
street yesterday. The price OF the
preferred stock reached its highes,
mark, dGE en- sales a~gGrogating %, SOC
Siol Col u gam " ODC-Iihll pOlnL. Iran
sactions III southern common reached
a total OF 1920 shares with com,
parativcly little ilu~ctuatiOn In price,
In addition to persistent report tina,
there was heavy buying OF Southern
railway shares In the interest OF the
, pennsylvania railroad were rumors
(, that the voting trust formed by j
liermOnt Morgan when he reOrgani1el
, the Southern system, WAS to be dis
solved, and also that an iron.claG
agreement To maintain rates had beer
ehterc- into by the Southern railway
company and the S3aboard Air Line
Ihls lastrumor was generally regarded
rs having some foundation in fact.
president Samuel Spencer OF the
southern railway system, who has JUS
returned from an extended inspccIior
trip over the system, had nothing tC
say o rumOrs or possibilities
Other persons connected with South,
ern railway interests while ADMITTING
that the course Of the market showed
that somebody believed hat the com
pany's stock was worth buying, sale
That no new interest could como into
the management without the consent
OF the voting trust. The latter is ter
mlnablc at the discretion Of the trus
tees, who wore reticent regarding thcil
plans. According to Stock Exchange
gossip, Mr.. Morgan is preparing to dis
solve the trust for practically the same
reason that caused the recent deter
mination to dissolve the Northern
racitic voting trust, !. c., the %inancia
rehabilitation OF the property and it,
establishment on u 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 the Southern.
passenger and freight business between
New York and Washington goes over
the Pennsylvania railroad, and In rate
matters tho two companies have prac
tically u mutua. interest"