Evening star. [volume] (Washington, D.C.) 1854-1972, 1927-01-28

There are only 33s.424 shares of
common stock outstanding. and the
daily sales this week have ranged
from $1,000 10 115. 900 shares. Since
the first of the year the total trans.
actions have been several times the
outstanding common stock capitalize
ZION of the road
Formal calls from purchasers for
delivery Of common and preferred
shares have been served on brokers
and found many short OF the stock.
Unless delivery should be made to-
day. purchasers announced, the out.
standing shares would be brought in
under the rule" as provided in the
OF non.delivery OF stock.
Stock bought under the rule" is
acquired in the open market by the
stock Exchange authorities at the ex-
pehse OF the brokers who have as
suned delivery and Is then transferred
TO the purchasers
wheeling and Lake Erie. which has
advanced vigorously for week. rose
further when shorts tried to cover.
IL closed yesterday at 55Iz, after a
net advance of 29s points for the day.
More than the entire capital stock
mas been turned over i'm the last week.
quotations have advanced q points
since January 3.
Rockefeller Holds Control.
Bankers representing Leonor F..
Loree, who Included the Wheeling &
Lake Erie in bis plan for a NTH trunk
line system now on file with the Inter
state Commerce Commission, are be-
lieved In Wall Street circles to have
slowly accumulated shares in the
a
in the Lehigh Valley.
Despite this reported accumula.
ton, John u. Rockefeller is still
credited in Wall Street with holding
control. Other classes of stock have
no voting power until he secures II
per cent back dividends on virtually
all of the roads prior lien stock
which he owns.
1t is believed in some quarters that
Mr. Loree and his associates have
already reached terms with Mr.. Rookie
Teller and are buying the junior
classes of stock prior to an annot4sstc.
ment of plan for taking over the
road.
Recalls Northern Pacific Corner"
The battle of the moneyed titans
for the control of the Northern Pacific
Railroad in 1901 led to the biggest
Corner in stocks that Wall street
has ever known. Stocks of Northern
Pacific scared to 81 900 a share and a
panic swept the New York Stock Elk
change. Trading in stocks was in a
frenzy and many exchange houses
faced failure, but were saved when the
warning banking factions agreed to
make no calls for Northern Pa
cific stock on that now memorable
day-May Q. A $4,000, 900 money
pool hastily formed by the banks
helped tide over the crippled firms and
shorts, unable to cover their commit.
mentS.
The financial chieftains who led
that battle tor the ownership of
Northern Pacific are now dead. They
were James J. Hill, Edward Fl. Harri.
man, Jacob Schiff and ]. Pierpont
Morgan. Believing that the control
of the Chicago. Burlington & Quincy
by the Northern Pacific would prove
hurtful to the Union Pacific, Harri.
man made a fruitless appeal to par.
ticipate in the purchase. Nothing
came Of the appeal and soon Mr.. Schiff
of Kuhn, Loeb & Co. announced that
he and his friends had obtained con.
troll of the Northern Pacific.
J. Pierpont Morgan. then in France
cabled back to purchase 150, 900 shares
In the open market. The floating SUP.
ply was absorbed, and many traders