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About the Future of the Western New York Pennsylvania. A financier, whose name is not given but who is represented as having fig ured in numerous big deals, is quoted as follows by the Pittsburg Post on a sub ject that is just now of some local inter est: “No, I do not think there is any like lihood of the Pennsylvania attempting to secure control of the Western New York Pennsylvania, notwithstanding the rumors to that effect that have been flating about for several months past. In the first place why should the Penn sylvania want the other road? It already has a line to Buffalo — the Allegheny Valley and connections—and has no especial need for a second one in that direction. Secondly, consider the expense. The Western New York Pennsylvania is carrying 38 000,000 in first mortgage bonds, $20,000,000 second mortgage and is stocked for $20,000,000, a total of nearly $30,000,000. Consider what a vast outlay it would thus take to secure control of that line, more money than the Pennsylvania cares about investing in a road that would be of no particular use to it. The fact of the matter is, that every time a block of 800 or 900 shares of Western New York Pennsylvania stock changes hands in Philadelphia in the course of ordinary trancctigna on ‘Change’j somebody immediately jumps to the conclu-ion that the Pennsylvania is after it, which is foolishness.” ‘The idea that the Pennsylvania would have no use for the Western New York and Pennsylvania and that it would be of no particular value,is nonsense and quite as absurd as the statement that the Pennsylvania now reaches Buffalo via the Allegheny Valley and its connec tions. Why not and that it also gets in here through its Northern Central con nections with the New York Central at Canandaigua. Suppose they should be a break in the relations between the Western New York Pennsylvania and the Allegheny Valley. Of what value would the latter then be as a line to Buffalo, except for a groutshorn route to Oil City via the Lake Shore? And there is a much better connection with the Lake Shore from Pittsburg, at Youngstown. That the Pennsylvania is monkeying with the stock of the Western ew York Pennsylvania is not at all probable, but that it may be steadily toading up with the bonds would be more likely for reasons quite obvious to any one familiar with the Buffalo road, who is a close observer of evenia and under stands the arts of railroad financiering. —Buffalo Courier.
Newspaper Details
Olean Democrat
Olean, New York, US
Thu, Mar 17, 1892
Page 16
Full Page
Clipped by
Anonymous
USA 20 Jun 2026
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