The times., 1901-05-01
SALE OF THE UNION PACIFIC.
Relieved That the Vanderbilt Inter
ests Have Control

NEW YORK. April 30.-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 s95, ,991. eco;
it's preferred stocks $s9, 100000 The cessa-
| ton of the rise in Union Pacific was fol-
lowed by a great rise in New York Cen
trail, which moved up rs. and in Pennsyl-
vania, which rose AZ
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 IL might be developed
| that new interests had secured enough of
the shares to place them in control of the
property.
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 ajority 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
I ork Central, could be purchased, If there
were interests to whom it was sufficiently
valuable to induce payment of the price
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 ac-
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. He is now
abroad but ii is believed that, with the
conclusion of the Burlington deal, he has
felt the necessity of protecting the
Pacific Coast, for all time by uniting the
two properties. In the present develop
ment of railroad policy, this union has
more advantages and less objections than
two or three years ago.
Other interests besides Mr. Vanderbilts
are believed TO have been endeavortng to
believed that the conflict of these inter-
ests in the market accounts for some Of
the extraordinary movements in the
dealings in Union Pacific shares. Through
the recent deaths of J w. Doane and G. |
I. Cannon, directors of the Union Pacific, |
and heavy holders of its shares a 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 NJ B. Ream who |
have been associated with Mr.. Doane, had |
also come into the market as heavy buy |
ers. hoping to get voice in the manage |
ment If not control of the Union Pacific