Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-05-29
MORE RAPID TRANSIT.
The p, A. & NJ. Will Increase Its
Capital, Reorganize and
BUILD A TRACTION RAILROAD.
Reduction Of Fare From 6 to 8 Cents to Go
Into Effect at Once.
SUSPENSION BRIDGE TO BE REBUILT

The directors of the Pittsburg, Allegheny
and Manchester road met yesterday morn
ing, and decided to reduce the fares on al
the company's lines from to cents. The
new rate goes into effect to-day.
In the afternoon the stockholders of the
road met. and a large majority decided to
reorganize the company, increase the capital
stock and change the name. The only per-
sons who have not yet signed are A. M.
Byers and Fred Gwinner. These gentlemen
were not at the meeting, but the others think
they will be satisfied when everything is
properly understood. About 20 stockhold-
ers were present, though C. L. Magee and
George B. Hill were absent, but were repre-
sented.
Fred Magele, after the meeting. stated that
the company could not be organized unless
Messrs. Byers and Gwinner signed, but the
other stock feel sure they can go
ahead without their consent. Out of 1000
shares these two gentlemen control 461.
Commodore Kountz, after some details
had been explained to him which he did
not understand, signed the paper, and his
], 800 shares went to swell the vote of the
majority.
REoRGANIZ1NG THE ROAD.
A committee on organization, consisting
of Fred Magee, Commodore Kountz and
John H. Dalzell, was appointed. This
committee will meet at G. L. Magee's office
today to decide on a plan for the election
of Board of Directors. As soon as this is
done the new company will be organized,
or rather the old Pittsburg, Allegheny and
Manchester Company will be merged into
the Pittsburg and Allegheny Traction Road
Company.
The capital stock of the company was in
creased to So, 0O0, 900. Mr.. Uttiles Baird,
days all the details of reorganization would
be completed, and the contracts for an cleo
trio road would be let. This means that by
next winter there will be another rapid
transit line to Allegheny. Mr.. Baird
thought that Messrs. Byers and Gwinner
would be found in line when the proper
time came. He thought Mr.. Byers was too
good business man to hinder the progress
of the city, or not to 60 into company that
will increase his dividends.
THEY WILL GO AHEAD.
In any case he couldn't see how these gen.
tlemen could hamper the company. The ma
jority had decided to go ahead, and he
doesn't think it possible that small minor
ity can block the work. He also stated that
there was no opposition to Messrs. Byers
and Gwinner. Some of the other stockhold-
ers were mad because these men were not
present, and one claimed that they were try
Ing to squeeze the company to buy them out
at good figure. Every stockholder who
holds share in the old company will have
eight in the new one.
In this connection it may be said that the
stockholders of the Sixth street bridge will
meet tomorrow to vote on an increase OF the
capital stock of the company for the purpose
of erecting a new bridge for the accommoda-
ton of the Pittsburg and Allegheny traction
road. Superintendent Chapman stated that
the present bridge was inadequate, and it
was lound that it would cost almost as much
to widen it as to rebuild it, and even then it
would be an unsatisfactory structure.
REBUILDING THE SUSPENSION BRIDGE.
He said the stockholders had no intention
of impeding the progress of the city, and all
the interested people that he had talked to
were in favor of building a new bridge.
About year or SO ago the company, at
great expense, had the bridge examined by
a competent engineer. He pronounced it in
good condition after thorough inspection.
The big cables RAINING back into the walls
were uncovered, and though little rusted,
we're still in an excellent state of preserva-
tion and as effective as ever.
The stockholders at this meeting will de-
eide on the style of bridge to be erected. and
how much the capital stock will have to be
increased to build it.