Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-11-22
THE BELT RAILROAD
Plans Of Those interested in the Option Given
in Baltimore.
Uncertain About the Fate Of the Belt
Line When the Street Railroad
System Change. Hands.

1t Is understood in this city that the
negotiations which. as stated i'm The Star,
have been in progress for the sale of the
street railroad properties in this city and
In Baltimore controlled by the Elkins-
Widener and Dolan syndicate are still in
progress, and have reached such a state
tnat an option has been secured on the
entire property. This includes a street
railroad in Baltimore. the Columbian end
Maryland railroad. the proposed electric
line between Baltimore and this city, the
lexington and Soldiers Home railway and
the Belt railway in this city.
1t Is thought by some that the outcome
OF the legal proceedings that have been in
stituted Will be that the road will be bought
In by the bondholders and will be carried
on under their management until the prop
erty Is placed in a condition that may be
regarded as more favorable for sale than
Is the case at present. OF course. there is
the usual gossip in regard to the purchase
of this road by one or more of the large
street railroads Of the city, but it is not
definitely known what will be done or ex-
actly what interest will put in appearance
when the time comes for the property to
be offered for sale II such a result is final
ly reached
There Is not very much known here as
to who the parties are that are behind
these negotiations. It is believed, however
that transaction of this character Is seri-
ously being considered, and a man who IS
supposed to be interested in the enterprise,
in talking with a resident of this city. said
it had not been decided as yet whether
the Belt road would be included In the
purchase or not.
1t has generally been understood here
especially since the proceedings were in
Stituted by the bondholders Of the Belt
railroad, to get authority from the court
for the sale of the road on account of de-
fault of interest. that the syndicate owning
the controlling interest in the road, as Well
as In the other roads mentioned, did not
desire to retain the control Of the Belt road.
and were, therefore, intending to allow the
road to be sold.
A Different Situation.
If. however. the control of the system
above referred to passes into other hands
and the new owners desire to retain the
controlling interest in the Belt road the
situation, it. Is thought. will be consider
ably changed. 1t is rather expected that
the court will issue a decree directing tire
sale of the road, in accordance with the
request Of the bondholders. In that event
1t Is believed by some that the bondholders
Will purchase the road.
This conclusion is based on the suppose
ton that there will be no ether purchasers
in the field who would be willing to give
for the road what the bondholders think
tnat 1t Is worth. He viewer, il the Baltimore
syndicate that has been formed as al
legged, for the purchase of the various prop
critics. should conclude that the Belt road
would prove to be a desirable feeder to the
system OF street railroads under its con-
troll, then in the event of a sale being de-
creed. 1t is argued, there would be a bidder
in the field who might relieve the bond
holders of the responsibilities of buying in
the road.
To Prevent a Sale.
1t is also thought possible that II a con-
clusion is reached favorable to the reten-
ton OF the Belt road that possibly the hold
ers of the option on these railroad PROPER
ties might decide to pay up the accrued
interest on the Belt bonds and thus pre-
vent the property from coming under the
auctioneer's hammer. II Is expected that
a hearing will be had the latter part of the
month In the suit instituted by the bond
holders. 1t is believed that in the event a
sale Is ordered in addition to the bond
holders as bidders a syndicate is being
formed for the purchase Of this property.
The Attorney Objects.
The Commissioners this afternoon sent
to President Randle of the Capital Rail-
way Company a copy Of the opinion Of the
attorney for the District upon the COM
pany's application for permission TO ex-
tend its lines from Monroe and Harrison
streets, Anacostia, to the Havemeyer prop
erty beyond Good Hope. After citing the
several laws governing the case Attorney
Thomas recommends the refusal of the
permit so far as the location of tracks or
Harrison street and Bowen road il con-
cerHed