The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-08-16
Among the Railroads.

People continue to speculate about tho
Seaboard Air Line road-what is it thai
has caused the rise in it's stock?
Yesterdays Baltimore Sun, liz ere
view of Baltimore's Finance from Au-
gust 18th to August 14th," has the follow
| ing:
I'm financial circles the heavy trading
| in stocks of the Seaboard Air Line Rail
way was the leading feature and caused
break in the midsummer dullness
Thursday of last week common stock sold
at 2SA and preferred stock at 1872
Thursday of this week common reached
the top notch price of 34as and preferred
55. These figures broke all previous
records for the stock. There was a
slight reaction Thursday, common closing
at 2Sl2 and preferred at 53A. This I'M
usual activity aroused much interest
among fnanciers, and conjecturing as to
the cause was freely INDUCED in, there
Icing an absence of any definite infor-
nation. Various rumors Were circulated.
The one given the most attention
was that a community of interest ar
rangement is to be made between the
Seaboard, Southern Railway and Atlantic
Coast Line 20 take control of the Louis
Vile and Nashville. Latest reports say
the control will be taken only By the
Coast Line ind Seaboard. The Southern,
it is said, will be granted trackage rights
similar to those it secured over the
Plant System when it was acquired by
the Coast Line. The total sales of Sea-
board Air Line stocks here the past week
amounted to about 900 shares. From
New York came the report that the Sea-
Loard has purchased the Cranes Nest
Coal Company, of West Virginia which
would make the company independent of
the Norfolk and Western"
A special from New York to the Sun,
enumerating what will await Mr.. Morgan
on his return from Europe, has this para
graph:
Southern Legislatures are already in
arms against the Southern Railroad
Trust that John W. Gates has been so
industriously organizing all summer
under instructions from Morgan. Morgan
is expected to put the finishing touches
on that deal shortly after his arrival"
special from New York to the Rich
mond Dispatch says:
'Seaboard Air Line took a rest today
Only about 5000 shares changed hands
The only new report was that the com
pany had purchased the property of the
Cranes Nest Coal Company, of West
Virginia, giving par for stock and cash
and 20 per cent in per cent bonds, guar
anteed by the Seaboard. This acquiSi
ton makes the Seaboard independent OF
the Norfolk and Western
A special from New York to the Rich
mond Times, says:
"a prominent railroad magnate, who is
Interested in the new deal, said tonight
that there is every likelihood that efforts
will be made to induce every railroad
throughout the entire South to join the
combine, which would then place it on
an equal with the Northern Securities
Company This is said to be Morgan's
wish, as he promised to accomplish this
when he first suggested tie plan two
months ago.
The Richmond News heads its railroad
news in flaming type: IS. A. l.. Merger
Seems Assured, though no Report viii
be given out till Morgan's return.
Under that heading it says:
lover q, 900 shares of Seaboard were
dealt in on the Baltimore market yester-
day. and it is supposed that 10000 more
were dealt in on the curb in New York.
.'The reports of the Seaboard entering
the Southern merger are pretty well
founded, although no authoritative state
ment will be issued concerning this until
the return of J. P. Morgan to New YORK,
The great financier is now on the ocean
on his return from London.
I'm New York the reports of the merger
are given highest credence, and 1t is be-
lieved that the sudden activity or the Sc
curities is the result of the reported ar
rangement with the l.. & n. and A. Z. L.
1.-THE stocks we're still strong today,
and it is believed that the prices will
keep rising.
I'm Baltimore and Richmond there are
many demands to know how much nigh
err preferred and common are going
that is. demands for good guesses-tor no
information is being given out by the
officials of the road. A good deal of the
stock is held here. and the holders are
holding it as permanent investment and
not for speculation purposes.
hn ut