The morning news. [volume] (Savannah, Ga.) 1887-1900, 1897-02-05
NO CONSOLIDATION IN SIGHT.
TRACTION co. AND PARSONS LINES
TO REMAIN INDEPENDENT.

President Myers Says There Never
Was Any Agreement as to "a Con-
sOlidatiOn of the Electric Railway
With the Parsons Interests-Ihe
Existence of such an Agreement
Said to Have Been the Reason Mr..
Hartman Did Not Bid Higher mt
the Sale of the Road.
The prospective Improvements upon the
property of the Savannah Traction Com
pany formerly the Electric Railway Com
pany, have not begun yet. President Her
man Myers Of the new company said yes
terday that ne had several offers of sites
on the river front for the location of a
new power house and a decision would be
reached in the matter soon.
Mr.. Myers was asked if any
ellort Is being made or If there is any in
tentlon on the part of the new company
TO consolidate with the Parsons lines and
mus put all the street railway lines in Sa-
Yannah in one company. The reason that
Mr.. j. n. Hartman representing Mr..
George Parsons, did not make higher bid
Tor the property Of the Electric railway
when II was sold at auction recently by
order or the United States court, was that
an agreement for a consolidation had
been entered into between Mr. Myers and
Mr.. Parsons. Some time last November
Mr.. Myers met Mr.. Parsons in New
York II was stated and an agreement was
entered INTO by Wnicn a consolidation was
to be effected, including all the street rail-
way properties in the city. million and
half dollars of bonds and the same
amount Of stock were 20 be issued by the
new company. Mr.. Parsons was TO have
the controlling interest being given
small majority of both stock and bonds.
After having bought in the property, how
ever, Mr.. Myers and his associates, 1t was
said, declined TO fulfil the agreement.
Mr.. Myers declared that this was all
20 IA go
bought in under any such agreement
said he. There is no deal in effect with
Mr.. Parsons that / know of ana If there
were such a deal l think | would know it.
The property was bought in by the ma
jority bondholders with the intention of
reorganizing it on the lines already an
rs there any deal for a consolidation
in progress now?" Mr.. Myers was asked.
None that l am aware Of" he replied.
Such deal could not go through with
Mr.. j. S. Collins, the former president
of the Electric railway, and now man
ager of the Savannah Traction Company,
was Informed of the report, and like Mr..
Myers, said it was news to him.
There VIII be no. consolidation Of the
tell you why" and he exhibited an agree
ment entered into by the Savannah bond
holders of the Electric railway, who Wece
members of the majority syndicate,
agreeing to act as unit in all matters
pertaining to their interest. Mr. Collins
and Mr. Myers were down on the list as
the largest bondholders. Those signing
The paper compose a majority of the syn
di, ate which bought in the property.
showing that there was wheel within
a " heel
There can be no deal without am a
party 20" said Mr.. Collins. and if there
are any efforts to make a deal | am not
Idrty to it.''
If Messrs. Myers and Collins do not
want to make "A deal it is evident that the
Nashville people do. Mr.. J. II. Fall and Mr..
T. w Wrenne. representatives of the
Nashville interests and directors of the
new company, have been here since the
sale of the property, Jan. >, and have FREE
quent conferences with Mr.. Hartman, rep
resenting Mr.. Parsons. 1T is supposed of
course, that their object is TO effect a con-
solidatiOn of the two properties.
The street railway business in Savannah
has been a losing one to the Nashville peo-
pie ever since they entered into il and il
may be that they want to get out. That
arrangements they may make for their
own interests is none of the publics bust
ness but the public is considerably inter-
ested in knowing If there is to be or Is
likely to be a consolidation Of all the street
railway lines in Savannah under one
head