Los Angeles daily herald., 1888-11-01
NEW MANAGEMENT.
The l.. A. Gable System Change,
OEnership.

The l.. A. Gable system Changes
Ownership.
Mr.. G. B. Holmes, of Chicago, has
been at the Westminster for several days
attending to matter of business of con-
siderable Importance to the growth and
prosperity of this city. Mr.. Holmes is
president and superintendent Of the
South Side Gable Street Car system OF
Chicago, and also president of the vari-
GUS companies which operate lines in the
cities of Indianapolis, Davenport and
Rock Island. Chicago was the first OF
the Eastern cities to adopt the cable sys-
tenn which had been in operation for
sometime on the Clay street hill in San
Francisco, and Mr.. Holmes was one of
the first projectors of that enterprise.
A representative of the HERALD called
upon Mr.. Holmes last evening and found
him quite willing to talk OF the errand
which brought him and his two co..
leagues, L. L. Coburn and r. H. Flem-
ming, to this city.
"There was rumor, Mr.. Holmes"
said the HERALD man, "that a Chicago
syndicate was contemplating the pur-
chase of the Los Angeles cable railway
system. Are affairs in such shape vet
that you can say anything about the
matter?'
"The rumor was entirely correct"
answered Mr.. Holmes. 1--WE learned in
Chicago that number of the stockhol-
ders of the line were willing to sell out
their interest and it was thought best to
look into the matter. We came out here
10 see if the investment would be a salts
factory one, and we concluded that it
would"
"Then the sale has been completed ?"
cit was done to-day and two-thirds of
the stock of the Los Angeles Cable Car
System is now owned by Chicago
capitalists"
''Who are they?''
"The list is a very large one but
among the principal purchasers holding
more than 10000 shares are Samuel
Floursheim, G. l.. Currier, J. j. Mitchell,
]. G. McWilliams, L. L. Coburn, G. B..
White, j. H. Swan, NJ. B. Hall, Benz
Allen, r. H. Flemming, J. H Gillette,
I. E. Wells, A. Geddes, VIM. Monroe,
estate of Geo. Armour, Robt. Warren,
John B. Drake, Norvin B. Ream, w. w.
Kimball, G. H. Wheeler, j. H. Dwight,
w. F. Cobb, Chas. W. Wheeler, Chas.
II. Morse, ]. G. King. Reid & Murdoch,
Judge l.. B. Otis, Henry, w. F. and
Albert Keep, Samuel w. Allerton,
Hibbard, Spencer & Bartlett, Sprague,
Warner & Co., Charles L. Hutchinson,
George B. Marsh and G. B. Holmes.
The, represent collectively something
like two hundred and fifty millions OF
dollars" said Mr.. Holmes. Altogether
there are fifty men concerned in the pur-
chase and each of those fifty henceforth.
if not before will be good friend to Los
Angeles. The investment has an indirect
value to the city, it seems to me, OF con-
siderable proportions for the success of
the road depends entirely upon the
growth and prosperity of Los
Angeles. There is no form in which
an investment of foreign capital could
take place which would more completely
ally the investors with the interests of
the city. Being for the most part men
of wealth and prominence, their concern
for the welfare of the city will be of
practical value in increasing its good
fortune in the future. Having looked
the ground over pretty thoroughly, we
consider that the outlook is all right,
and that your boom here is based on
too solid conditions to be evanescent."