Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-11-23
BUY NORFOLK LINES.
sTREET-CAR SYSTEM OF THAT
CITY CHANGES HANDS.
THE DEAL CLOSED IN BALTIMORE.
Negotiations Conducted by Mcssrs.
John l.. Williams IL Sons, of This
Acquired and That Resort Built Up.

The entire street railway system Of
Norfolk was yesterday acquired by a
syndicate of capitalists, headed by the
firm Of John l.. Williams & Sons, OF
this city. Nearly a million dollars in
cash was paid down as purchase money.
Mr.. r. Lancaster Williams, who con-
Quoted the transaction for the syndicate
returned from Baltimore, where the deal
was consummated, on the S:45 train last
night. He was seen by a Dispatch rep
resentative shortly after his return. and
willingly talked about the plans of the
syndicate regarding the new purchase.
The syndicate. he stated, is composed
of capitalists residing in Richmond, Bal
timore. and Norfolk. He declined to
give the names of any of those inter
ested, except Middendorf, oliver &c Co.,
Of Baltimore, and John l.. Williams &
Sons, of Richmond, but said there was
good deal of Norfolk money In the
enterprise.
TO MEET FOR REORGANIZATION
He stated further that meeting of
the syndicate is to be held in Baltimore
next Wednesday, at which the reorgani-
cation Of the consolidated Norfolk street
railways will be effected and the dlrec-
torate for the ensuing year chosen. The
syndicate virtually owns the Norfolk
and Ocean view railway, also
having some time ago bought up
the bonds and assumed the obli-
cations of that road The affairs
Of this suburban line have been in the
courts for some time but the syndicate
last week won their victory when Judge
Hughes issued a decree ordering the sale
Of the property. Mr. Williams said that
the service and equipment of the Nor
folk street railways and the Norfolk and
Ocean View road will be vastly i'm
proved. The roadbed is already in ex-
cellent condition and needs no improve
ment. The schedules will be changed so
as TO give much quicker service.
OCEAN VIEW IMPROVEMENTS.
Extensive improvements are to be
made on the hotels at Ocean View. 1t
being the purpose of the syndicate to
make that place one of the most attrac-
tive resorts on the Atlantic Coast The
company has recently sold a number OF
sites along the line of the road upon
which cottages will be erected by the
purchasers. The work of building these
cottages will be commenced early in the
spring.
The present directors of the Norfolk
road are Murray A. Werner, of Pitts
burg. Pa; Thomas and William p. Clyde. |
of Philadelphia. and James Fisher, Of |
Baltimore. There will be a change in |
the directorate Of the road, but the new |
officers have not yet been announced.
THE BALTIMORE CONFERENCE.
a special to the Dispatch from Balti-
more says:
"a deal involving 100000 in street
railway stocks and bonds was consum-
mated to-day, when a syndicate com
posed of Baltimore, Norfolk, and Rich
mOnd capitalists formally acquired the
property and franchise of the Norfolk
Street Railway Company. The syndicate.
which is headed by Messrs. Middendorf.
Oliver a. Co., Of Baltimore, and Messrs
John l.. Williams & Sons, of Richmond
net the representatives of the Norfolk
Street Railway Company al the Office of
he Mercantile Trust and Deposit Com
amy where the papers transferring the |
property to the owners were formally
signed and the purchase money paid
,ver.
THE Norfolk Street Railway Company
las a bonded Indebtedness Of 81 900 900
md a capital stock of S10o0.OOO. It is
onsidered a valuable property and owns
very liberal franchise. The new own
RS propose to spend considerable money
the facilities and extending i
he service"
It is understood that there is some
he new enterprise