Los Angeles herald., 1892-06-24
TIN RAILROADS,
Consolidation Of the Electric
and Cable Roads.
Will Marvel Take the Los Angeles
!, and Pacific Roads,
Tho street. Railway Companies Cease
sighting and Combine General
sherman Wins the Contest.
Manvel Due Today.


noticed the following note, which wal
all that then could be learned Of most
important transaction:
Among the real estate transfers yes
terday was one from the Los Angeles
Consolidated Electric railway to D. s,
Dorm and j. M. Mckee, trustees, oi
block In the Coronel tract, with the
company 3 railroad lines and franchises,
for consideration Of 50, ,000, 900.
In brief, that transfer means that the
electric and the cable street-car com.
panies have effected consolidation
which was broached some time ago, but
which was contaminated in San Fran
cisco on Monday.
In this deal the electric people are in
the main victorious in the long fight
which has been conducted between the
two companies, for it will control the
new organization which will be effected.
While all the details Of the transsc-
ton have not yet been ascertained, in a
general way it can be stated that con-
solidation has been effected, by which
the electric company gains possession
of all the property, roads and franchises
of the cable company, the liabilities Of
both companies being cancelled and
new securities of the new corporation
to be issued in. the place of the bonds
issued heretofore. The transaction was
hastened by the fact that the cable
company defsulted in the interest on
the frst mortgage bonds, which was
due on the 18th inst, and which made
it possible for the holders Of the securi-
ties to commence foreclosure proceed
ings if they so wished. A number of
these bonds were held by holders of the
electric company's securities.
The cable roads will be maintained as
such for some time yet, but the horse
car lines Of the present cable company
will be provided with electric power at
once, and in due time electricity will be
the motive used over the whole system.
The result will be that the electric COM
pany will possess the most magnificent
street railway property in the west.
It could not be learned yesterday
whether Mr.. J. +. Crank. the able
fnancier who, in the lace Of what to
most men would be- insurmountable OBJ
stacles, has kept the cable road run
ming will remain with the new organ
ization or not. He has, by his execu.
tive ability, kept the cable road in oper-
alton. He took control of it when It
had been absolutely ruined by extrava-
gance and bad management, and has
kept it intact and given the public .
most efficient service.
POSSIBLY ANOTHER KITE.
President MARVEL, OF the Santa Fe,
accompanied by George II. Peck, the
head of the roads legal department, and
General Manager X III. Wade Of the
Southern California railroad. will arrive
here today from San Francisco. sls
Mr.. Marvel comes to make his annual
inspection of the company's lines in
Southern California and to decide on q
deal which. il accepted, will carry out
the HRRALD's ndv0caey OF anew kite
shaped tract for the Santa Fe's seaside
branches, for be will determine whether
to absorb the franchise of the moribund
Los Angeles and Pacific road. If this
should be done, it will virtually give the
Santa Fe . monopoly Of the seaside
traffic, as the Southern Pacific, in that
event, could not begin to compete with
it in number Of trains, variety of
country traversed, and general convent
ence.