The Scranton tribune. [volume] (Scranton, Pa.) 1891-1910, 1894-08-02

After nearly two months OF rumors
and deals the electric railroad lines
and property of the Carbondale Trac-
tion company and the Carbondale and
Forest City Passenger Railway COM
pany were sold Yesterday to the Lacka'
wanna Valley Rapid Transit company.
This announcement is of peculiar inter
est to Scranton people from the fact
that the Carbondale lines extending
from Forest City to Archibald, the
Scranton Traction company's city
system, aud the latter's line extending
toward Pittston, make possible 30
mile connection between Forest City
and Pittston.
During Mr.. Archer's regime as gen.
| ersl manager of the Scranton corpora.
ton, arrangements We're made with
| Lemuel Amerman and L. A Watres
and the gentlemen associated with
them, whereby the Scranton Traction
company is running its cars on the
roadbei and rails owned by the gentle
men mentioned toward Pittston. The
agreement was that the work was to
be pushed during this summer and
autumn so that early in the winter u
service would be in operation between
here and Pittston, and at late hour
last night it could not be learned that
| this agreement had been CHANGED.
SCRANTON COMPANY RUMoR
1t ia intimated that tho S crantou
Traction company is behind he Car
bondale sale yesterday and will event.
ually control the entire electric Car ser.
vice between that city and Pittston.
In this connection it may be mentioned
that Attorney Horace d. Hand. of Jes-
SUBS & Hand, who are the attorneys of
the Scranton Traction company, has
been retained a. the attorney Of the
Lackawanna Valley Rapid Transit
com pany
''There were two syndicates after the
road" said yesterdays Carbondale
Herald, lone being represented by
William Walker of Mayfeld and J. d.
Stocker Of Jermyn; the other by John
w. Aitken and H. B. Jadwin OF this
city. Mr.. Aikens secured an option on
Il controlling interest Of the stock and
managed to secure the road. At the
meeting of the stockholders, W. T.
Sadler, jr, resigned his position OF
general manager, and Millard F.
Thompson resigned as treasurer. The
designations of Directors H. H. Bee
then. Charles H. Mullen, W. F. Sadler,
NJ. f. Thompson. of the Carbondale
Traction company, were read and
accepted"
THE reorganization then took place
and the following officers were chosen
President, H. B. Jadwin; secretary
treasurer, j. NJ. Nicol. The following
were chosen to fill vacancies in the
board Of directors John w, Aitkin, H.
B. Jadwin, j. NJ. Nicol, Z L. Corey,
Uniondale; Il. j. Brennan. and ]. D.
Stocker, J. NJ Williams, and William
Walker. members of the old board
held over.
TERMS OF THE SALE
1t is said that $4,000 was paid for
the line or in other words that 800 600
worth of stock was purchased for that
figure, 500. 600 being allowed or reser
we'd for payment of the debt of the old
company 4 bond of $50 coo was also
given to the new company to protect
them from any clgims against the old
company
A TRIBUNE reporter has been in
formed that the conditions Of the
transfer of the property are based on .
900 year lease at an annual rental OF
$1,000: the Transit company to as
sume all the bonded inda btedness, to
relieve the former from all claims for
damages, to keep the buildings insured
and the road and its equipments in
good order.
There were present at the meeting
Judge W. f. Stadler, of Carlisle; w. f,
Stadler, J. w. Astken, II, B. Jadwin,
d. ]. Duncan, H.J. Brennan, S. Singer
J. NJ Nicol, OF Carbondale; Charles
H. Mullen, Of Carlisle; w. M. Eshler,
OF Philadelphia; Edwin E Corey. o,
Uniondale: William Walker, MaYfi9ld
j. D. Stocker, Jermyn; J. NJ. William:
and Attorney Horace E. Hand, oI
Scranton. W. B. Gritmon, of Carbon
dale. was also present as notary public
MA JoRITY OF THE STOCK.
Messrs Stadler and Mullen held thf
bulk of the stock of the Carbondale
Traction company, the former voting
421 shares and the latter /, 500 shares
After the adjournment Of the meeting
u transfer Of the majority of stock o
the company was made by these gen
tlemen to Mr. Aitken, who is presiden
of the Rapid Transit company,
1t is generally understood at Carbon
dale that the present company repre-
sents n syndicate of New York, Bostol
and Philadelphia capitalists.
The Carbondale Leader says:
The Rapid Transit company's road.
when completed according to the present
plans, will number twenty-four miles Of
track and be one of the most extensive
electric lines In the country. In tht
negotiations for the control Of the Trac
ton company's line, Mr.. Aitken has me'
aud overcome many di fliculiies, and th
fight" as 1t is called, has been a stubborn
one. 1t has been known for some timt
that the old company has been axlous II
dispose Of the road, and this mornings
cash payment throws it into the hands ol
Mr.. Aitken as president and general man
ager Of the Transit company and the
syndicate which is behind him.