The Providence news. (Providence [R.I.]) 1891-1906, 1893-02-10
WHO is IN The DEAL.
The Men Back Of the Purchase of
Union Railroad Stock.
SOME OF THE FUTURE PLANS,
There Are Several Local Men Interested
I'm the Deal-The Onicers Will Proba-
bly, He Local Men, and Some OF the
Stock VIII Remain In Providence.

The contamination on Monday last oil
the transaction by which the unknown
syndicate secured controlling interest
In the stock OF the Union Railroad Com.
pany, left nothing to be known except
the personnel Of the company which was
I expending such n large sum of money.
| Now the News is able to substantially
solve the problem and present the names
! of those who living in Providence have
been most closely interested in and iden-
titled with the purchase from it's be-
| ginning.
Those who have followed the NEws's
comments on this matter from the outset
will be able to judge of the force OF the
announcement made today as confirma-
tion OF the persistent claims in these
columns that home interests would be
protected in the so-called deal
The story is brief, aud is practically as
follows: The purchase OF the Union
Railroad stock has been made by a syn
dicate or gentlemen, led by local capital
lists, among whom may be mentioned
Senator Nelson w. Aldrich, William G.,
Rocker. Marsden j. Perry, Albert T.
Potter, Hon. Henry X. Barker aud Hon.
Samuel u. Colt.
When confronted with the statement
that John ID. Crimmins OF the Metropoli-
tan Traction Company Of New York. and
gentlemen from the Thomson Houston
Company were also Interested, one of the
above would not deny the fact.
Whila io rrohahIa
capital has been subscribed by outside
parties, the management and direction
OF the road will still remain irr Provi.
dence.
The organization Of the new company
when completed will probably not vary
much from the following outline: Presi-
dent, Nelson w. Aldrich; general mana
ger, Marsden j. Perry; superintendent,
Albert L. Potter; counsel, William G.
Rocker.
1t has not vet been decided whether the
other officers will be retained as at pres
ent or not
The board OF directors will consist of
the above gentlemen, Messrs. Aldrich.
Perry. Potter and Rocker, with the ad-
or two Of the New York and Boston
parties.
The policy OF the new company will
conform to the general opinion which
has been expressed during the past few
days, and while not in its detail fully
settled will be based upon the principle
that travel follows road rather than
precedes il.
New lines will be constructed in many
streets not now used. cross town lines
will form an essential feature of the sys-
TEN, and the road will be rapidly pushed
into the extreme limits of ali the
suburbs.
"A fact which the people OF Providence
can contemplate with satisfaction will be
the Capitalization of the road in Ex-
change place instead of Market square.
as soon as the terminal facilities
are advanced far enough to permit of
the change. This will relieve the
congested condition of the street-car
travel at Turks Head and at the same time
furnish direct transportation to the rail- |
road station from all parts OF the city. |
~ 10 sSaSei1 ueCeSsdTy 10 utu JnaJ every |
effort will be made to complete the cleo |
trio equipment at the earliest possible |
date.
The capital to further these improve
ments is assured, was in fact practically |
provided before the purchase was decided
upon. 1t will probably be raised by the
addition OF the Sl,O0O,O0O more capital
now authorized and the issue of as many |
bonds as the equipment and construction
may require. The amount now author
lied is s3,0Co.00o. Perhaps not more than
s, COO, coo in all may be needed
Ii may be noted that the issue at par OF
81, ,COO,OO0 more stock will reduce the price
OF that now purchased to 500 per share.
That is. one new share will be issued to
every two OF the old making the three
shares cost 5000, or $500 each. IL is also
to note the effect OF the tran
Saction on the price of Narragansett
Electric Lighting stock which has ad-
vanced from ss9 to SOS within two days.
IL Is rumored today that Lucian Sharpe
has sold his stock. II this is true the
holdings Of the syndicate will now reach
nearly 1880. oOo