The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1902-08-15
Among the Railroads.

| ihc aCClFIIy IN trading on the local
Stock Exchange yesterday was above the
ordinary for this season of the year and
most all of the sales were at advanced
| prices. The market closed firm. AT both
| sessions dealings in Seaboard Air Line
Railway stocks were the feature and over
10000 shares changed hands. The ma
nipulation of the past few days was kept
up and buyers made quick sales at short
profits. Common opened at SO Is, up
! IL, advanced to "a 3-S and closed at
33 "a. The preferred stock kept pace
| in the upward movement opening at
SO IL, an advance of SIS, sold to So and
| closed at 81 SIS. The top prices for
these stocks broke all previous records.
| The New York market was closely fol-
| lowed in the trading. Several New York
banking houses were credited with buy
| ing stock. With the unprecedented &C
tivity in the stocks and the management
of the Seaboard remaining entirely 81
| lent all sorts of rumors are being cir
| culated One that is given more atten-
| tion than all others emanated in New
| York and is that the Atlantic Coast
Line, Southern Railway and the Sea-
board have agreed upon a community of
interest plan to Jointly take the con-
troll of the Louisville and Nashville, now
| held by J. p Morgan & Co.. and to guar
antee per cent upon the stock of that
company. Whatever there may be in the
rumors there is belief that some impor-
| tant deal is going on
The Suns New York letter said
'"The market closed somewhat heavy
and very irregular. Another sharp ad-
vance in Seaboard Air Line shares on
the curb, with heavy transactions, was
accompanied by reports that an arrange
ment has already been made for some
| sort of merger, or at least a trathc. be-
tween this company and other Southern
| railroads. The common stock advanced
about . points, to "a 1-2, and the pre-
ferred IA like amount to So IL, at mid
day. Last week the common sold around
?S and the preferred at As.
much of the buying came from bank
ers identified with the Seaboard man
agement and many persons attributed the
rise to manipulation, taking advantage
of the numerous merger stories IN or
DER to create a market for the Seaboafd
stock. which had been inactive Tor
long time Reports of proposed merger
with the Southern Railway and the Al
lantic Coast Line met with denials today
from those supposed to be in a position
TO know the facts
dispatch from New York to the Rich
nond Dispatch says there was Tumor
TO the effect that the Pennsylvania Rail
road buying to foil the reported Gould
move to secure representation and make
a traffic agreement for an outlet over
the Seaboard. Gould buying being con-
tinucd with the object set forth above
in view.
The Wall Street Journal said yester-
cay:
1T is almost an open secret in the
street that the Seaboard made a nld LOT
tho Gates holding of the Louisville and
Nashville, which was not accepted IN view
of the attitude of the Morgan interest
hut il is quite possible that negotiations
NAV have been renewed upon another
basis"
The Richmond News, usually close to
;he mark as to Seaboard plans, said yes
terday:
"Repeated rumors of the Seaboard, the
l.. &, N. and the A. c. L. getting TO-
gether and finally becoming an important
mart of the great railroad merger OF the
South could not be verified. President
John SHELTON Williams has nothing 10
saw at present, an attempt to get soiue
confirmation or denial over the lchs-
distance phone to New York being frult-
less.
.,Tbere are many holders of the securl-
,ioe hove and all of them are hanging on
N tbeir shares for much higher prices
A gentleman in Raleigh last night was
talking of the activity in Seaboard Sc
&c a
nikestaff. The Seaboard. Southern ana
Atlantic Coast Line will shortly De one
cornoration. That is what the rise III
the stocks of the Seaboard means. anu
the stock is going to keep going up l.
has only about half as much STOCK anu
bonds as the Southern, and 1t VIII 30 W
par under the merger which thlhh 10
practically completed. j do not loon "
see any announcement of merger Sooh'
The laws of Georgia and the CohStllu-
ton of South Carolina prevent thal' pu'
it will be practically merger an Tue
same and will be a merger IN all re-
spects except in name. Yes, Sn' you
NAV nut it down that the -FOUR great
Southern systems-Southern, Scapoalu'
Atlantic Coast Line and the LoulSNllle
and Nashvile-are now pfacIcally on0
system 1t may take ten years iol INC
actual merger to be contaminated put
if has already virtually come. You thlnk
am mistaken? Maybe so, but you wait
and see. Inside of ten years every ran
road in America will be combined IN
three or four companies. And then those
three or four companies will comDlhe.
And then-welI that's another story
Seaboard Air Line preferred STOCK mas
gone I'm from As to So within the past
two weeks. The common, within the same
times from % to 80. Wednesday baltl-
more Sun said: "Seaboard Air Line SIochs
constituted the leading feature OF the
market today. The demand FOR them
was larger than on any previous DAY lot
a long time, and prices rose Sharply IN
consequence. The common opened Is
higher. at 315s, and on purchases OF
nearly 5000 shares the price advanced
to 325a. Initial sales of the preIerreu
stock were made at 51B from which the
price steadily rose to 5Sas, an advance OF
pa points over the closing figure Oh yes
terday. The buying was said TO De Oh an
excellent character.
In another place the Sun said: lhere
Yesterday