The times. [volume] (Washington [D.C.]) 1897-1901, 1901-05-01
SALE OF THE UNION PACIFIC.
Believed That the Vanderbilt Inter-
ests Have Control.


NEW YORK. April 3o-It was believed
in Wall Street today that the contest for
control of the Union Pacific property.
which has been for some time in progress.
with resultant advance of twenty-seven
points in the last two weeks. had been
virtually ended by the success of one OF
the competing bidders. 1t was generally
accepted that the Vanderbilt interest was
the successful purchaser. The company's
outstanding common stock is s95S9l 600;
its preferred stocks, $50 100000. The cessa-
ton of the rise in Union Pacific was fol-
lowed by a great rise in New York Cen
trial. which moved up rs. and in Pennsyl-
vania, which rose ~.
Control of the Union Pacific Railway
has undoubtedly passed in the recent ex-
traordinary active market for the shares.
Even Union Pacific interests today adj
mitted that the buying could be explained
on no other theory than that an effort had
been made to get control of the property.
1t was declared that control had not yet
actually passed. but 1t was admitted that
In the next few days 1t might be developed
that new interests had secured enough of
the shares to place them in control of the
property.
Control of Union Pacific is for SALE,
said an influential authority in the COM
panys affairs today, "at a price-tust as
Is true in the case of any other railroad
except one group, the Gould lines. Con-
troll of those lines cannot be changed, be-
cause an absolute majority OF the shares
of the various companies Is already held
and is in possession Of the estate. Con-
troll Of the Pennsylvania, or OF the New
York Central, could be purchased. If there
were interests to whom 1t was sufficiently
that would be necessary. The present
management of the Union Pacific is quite
ready to hear that somebody has been
able to secure enough of the stock TO en-
title him or them to the control. At the
present time, we do not know who has
been buying the shares.
Wall Street held very generally to the
theory that the Union Pacific has been &C
quired by W.K. Vanderbilt. Mr. Wander
bilt, in 1899. took the unusual course OF
making public denial through the press
of the reports then current that he pro-
posed to combine the Union Pacific with
the Chicago and Northwestern. lie Is now
abroad. but 1t is believed that, with the
conclusion Of the Burlington deal, ne mas
felt the necessity Of protecting the
Northwestern, in connection with me
Pacific Coast, for all time. by uniting the
two properties. In the present develop
ment of railroad policy, this union mas
more advantages and less objections thah
two or three years ago.
Other interests besides Mr.. vanderbilt
are believed to have been endeavorlng 10
seek control of Union Pacific, and II Is
'ests in the market accounts for some OF
the extraordinary movements in the
dealings In Union Pacific shares. Through
the recent deaths of ]. w. Doane and G.
I. Cannon. directors of the Union Pacific,
and heavy holders of its shares. large
amount of stock has been offered from
their estates, and these holdings. II was
said today. had been chiefly acquired by
opposing interests. 1t was said that in
terests in the st. Paul had been buyers,
and that also Chicago interests, like
Marshall Field and NIB. Ream, who
also come into the market as heavy buy
ers. hoping to get voice in the manage
ment II not control of the Union Pacific.