Show I CONSOLIDATION SOLI NOT I Pacific to Be Oper Operated Operated as Before 4 I SYNDICATE AJ TER MORE ROADS t Paid Seventy Re Millions for Southern Pacific Stock Stok Sto l New Torts Y Yu Feb Z LIt It ma noa r be state a y that while Che be Harri Henri T i XI I f the t B and aM Speyer stock in inthe Inthe the tI Southern Pacific k R Js is not in contemplation to Jo the tb two lines bu ut to ta see Me that tind they we ure e worked in harmony and aad to stop No Xo c change e in inn the personnel of the of officers Score is ill in la contemplation c It was learned on the best authority today that the amount of o ock t involved ohe ed edin in the purchase of the Southern Pacific j I constitutes of the entire entice out outstanding outI standing shire share capital of or over I This lOtte is in near Del an absolute abs lute majority as could be secured red and constitutes the entire holdings of the Huntington ton es estate en enI I tate aad the syndicate formed bj by Si Spry y yer I er ft II Co last hut t April to take over the I holdings bold of the es as t r This Thin s gives Mr Harriman and Kuhn KuhnI Loeb Lo b ft a Co control C of the management man ement I as there are no other large farse blocks of stock outstanding The purchase it W was stated today was waa made mate entirely ea irely for the benefit of the tho thoI th I i Union Pacific Paci to protect that corn coni I connect CODDe ton on with win San Francisco 1 which bleb would be in jeopardy in the pos poe possibility of tile the Southern Pacific coning coming comm j I Into hostile control White While the actual terms at alch lob the Huntington Hun on and Spryer Speyer yer holdings holding passed to Mr Herri Henri Herriman I man mean and Kuhn Loeb Co could not be learned Ded lea today it was stated that the transaction had to t be quickly car ear earned carried rind ned out oat and aad it was intimated that the new syndicate 87 used its Ita credit to 10 com corn complete plate the purchase In this connection the ate increase of in ill the loss loan account of the New York banks this week may be significant st I The question 1 of OIL permanently financing the has not yet been taken takes the conditions under which the pur purchase purchase purchase chase was concluded C not making it pos poe possible sible to any anti plans I The aI c and aDd Express a says The Southern P deal represented ant an I of all ail of or which was wu waspaM paid paM III m cash The operation however extended o over er several weeks week The Th j I Huntington stock was Wa taken up and paid Dald for tor early in January Another Big lUg Combine i While the U purchase of the Southern Pacific to Ja the greatest deal that has so 80 Car far been announced there to is another I great greet alliance hatching which will carry crry the community of interests one I step farther furtey run It can C be stated on au authority that tha the Atchison is ill to be beI brought into close e harmony whOm the I Southern and Union U ion Pacific in precisely pre l ely elythe the same liable wa way as the Hew w York Central and Pennsylvania a have June joined hands ban thereby ending erding for tor ell eli a time the chances chanch of rate disputes between the two coOl com companies males Furthermore a great south southwestern western combination cona Is in being quietly formed will take in some ome or all I of these systems Atchison St Louis LouisSan LouisI LouisSan I San Missouri Kansas 8 Texas II in lri Pacific and aad Texas Pa Pacific elSe ift The 1 ison is w 1 to be the main stem of the tile second big system and it will have an entrance into both Chicago end nd tj Sn n Franciseo rano s o VIlIl street has h it that the greater I P Pact system em will have a lean leaning leanI I lug ing towards to connections and that William K Vanderbilt is un understood under der to toile be ho the chief factor facter fact behind E H B Harriman if U se s the deal marks the t consummation of a a great t Vanderbilt system Slalom from flOlD ocean tc to ocean Predictions Predictions HODS have teen been made ninde Tor or a long time that a merger of the Union Pacific and Northwestern is a not ao far fg off 0 SAX SAW VIEW No Change ia the Operation of the theR Beads R San Francisco Feb 3 President C CM CM Chr M hr Hays of the Southern Pacific P com coin company pany pan when wh asked if he tie thought the sale of time tile controlling interest t id lit I the company to tOme the Harriman syndicate would woud aad Me to important changes of oft management gent t or policy said Continued d on OK Page 3 3 c HOT OT I HiDeD Continued fro Page P ge 11 1 r rI t 1 I 1 see aee no n po of 01 f anY i kd f d change in Southern na Pacific alfs f to fO fOr for far r ea s the public c interest iso iseo ei What difference uee doss does it to th the lie public whether a ran rail 1 I hr i owned by one nan nn or whether it ii ot ofir stock be heM held by dIfferent rent tY n t ea EJ e elong long as it is 1 mans ma 2 rod td in ia with a abroad broad and lib rat 7 hit hl conserves the best Inte e eUr ts of tM tIR public cs as much as a the mt rests of the stockholder T Co o not oi for OilY any startling ta ha as b z a result of the tile change of or n r lp The Pacific will r o very much modi as s h It no change h hd d t 11 vaen kea p pre e eTs Ts interests in a c sense are pretty petty well defined d and are rot ot to be disturbed by eny ny new or revo yo 11 ary cry policy polley In fact I do not took look or any material eba e of policy San Sea Francisco Francia and d California C will wUl not nat per perceive perceive calve by any 11 outward indication th thet t there ha ba has seen been a change claa e of ot ownership ou r Ido I not think the t e le Ic mean mea on oi set t of offices for the Union Pacific and Southern pacific The two roads reads are big Mg properties and can bet best be he bandied lland by separate sets seta of officers o as at present Referring to his bis own position po Mr r Hays said he had no reason naOn r to J suppose that it would be disturbed He lie said aid he be was nun on terms tenDs of friendship with the announced eed members of the purchasing syndicate and spoke highly of Mr ability as a railroad man maD President Pre Hays t pe the night in lila his private car at Oakland and started this morning on a tour of inspection Ins of the western division of the Southern Pa due ellic William H Crocker s of the big deal said aId ld The Venders Vanderbilt rail railroad railroad road and steamship t p interests interest will now ow have a direct line between Hamburg and across the American continent Wh Whatever th the do they do well and end if it is possible to improve ne the tM service of the Southern Pacific roads the new controllers will do it With Vitia the dee increased connections of the Southern Pacific San SaIl Francisco stands in a fair way of rapidly improving trig ing 1 in iD importance as ad a shipping point Third Vice President J C Stubbs of the Southern Penile Pacific who ho is a warm ann personal friend of Mr Ir Har Harman Hatman man sa says s the change of or ownership of the road was as big a surprise to tH 11 him as it was as asto to the other officials o of the road It Sit is te expected that H E S aun will m retire tire as a director and first vice v president of the company at the Uie an au anual ual meeting In April next Best According to C P i will his widow was left two thirds of vf h his s Southern 8 Pacific tok Mok k a and id his nephew H K H B n the th remaining third In round numbers JlII the late magnate t thad had MO of tt t the e shares of Southern Pacific stock H E Hunt Huntington ington s portion was WaB therefore X shares On the supposed basis 8 of 55 a hare abate he gets I Mrs t P Huntington on oa the same e baste basis realized realised J j |