Evening star., 1898-07-15
CITY AND SUBURBAN ROAD
New Name for lexington and Soldiers
Home and Allied Lines
Action of the Company Looking to
Equipment With the Electric
System-Tke Details.

After the meeting of the stockholders Of
the lexington street railroad and the al
lied lines yesterday, when the purchase of
the lines by the lexington was agreed up
on and the name Of the latter road chang
ed to the City and the Suburban, in ac-
cordance with the act Of Congress approv-
ed June q. 1898, certificate was placed
on file in the Office of the recorder of deeds
announcing the change in the Name. As
soon as the deeds of sale of the railroad
in the District and the section in Mary
land can be prepared they will be placed
on record, both in this city and In Mary
land. When the. new corporation, thus
formed from the three companies and now
known as the City and the Suburban Rail-
ROAD company. comes into formal possess
sion of the property, which the stockhold-
ers at the meeting yesterday decided to
sell, tEen 1T will be in a legal position to
give the security for the proposed mort
gage which is to be secured on the entire
property of the company
II Is tne expectation of the president of
the company, Mr.. o. T. Crosby, that all
these details will be completed some time
next week. In the meantime bids for do
ing the proposed work in equipping the
nnes OF the company, well as for sup
plying material, have been received and
Will be considered. SO that it is probable
that active operations can be begun at
an early date
AS is well known, the law which was en-
acted at the session of Congress Just Clos
ed authorizes the company, not only to
purchase the two roads mentioned but
requires it within twelve months Of the
completion of the proposed purchase to
equip the portion of the lines within this
CITY with the underground electric system.
Inc portion OF the road outside Of the
city limits is to be equipped with the over
head system.
Line to Berwyn.
AT yesterdays meeting of the stockhold-
ers of the company 1t was decided to pro-
vide the money for the construction Of the
road to Berwyn, Md. although the COM
pany acquired the right of way as far as
Laurel, Md. 1t was announced that the
building of the section to Laurel could be
determined at some future time and that
additional money would have to be OBJ
tanned to meet the expense.
resolution was adopted for the p1lr-
chase OF what is known as the Maryland
and Washington railroad, which is that
portion of the line extending from 4th
street st out Rhode Island avenue ex-
tended to the District line. The considers
tlon named was 100000, of which amount
SonOUO Is TO be in stock and 500, 600 in
Donos or the new company. For the sec
ton or the line formerly known as the Co.
Iumbfa and Maryland or the Maryland
II faction Company, which extends from the
District bounds to Laurel, Nd, 1t was
agreed that the sum of s69S 600 be maid.
or which amount S59S.oO0 Is to be in stock
Oh the new company and S1O0 600 in bonds
1t was furth r agreed to authorize an is
sue of 100 bonds OF $IOCO each, the total
being I,I50,G00. and that the proceeds of
the sale of these bonds be used to nav for
the properties which were to be purchased.
TO retire 100000 in bonds of the Eckington
raiiroad, to pay the accrued debts of the
receiver, and to pay the expense of equip
ping the entire road with the underground
ana overhead electric system.
BOND IssuesPlaced.
1t was announced that the Baltimore
Trust and Guarantee Company had agreed
to take the entire proposed issue of bonds,
which was to be secured by mortgage on
the property of the road, and that the
price would be eighty-five cents on the
dollar. The net yield of the proposed loan
to the company will therefore be 81 T23. $50.
1t was stated that 1t would require half
a million of dollars to retire the bonds Of
the several companies, including those of
the lexington, and that the debts of the
receiver Of the lexington road amount to
about $4,000. On this basis 1t is estimated
that there will remain of the proceeds of
the bond Issue about 81 $50, 600, which will
be available to equip the road with the new
motive power.
In regard to the amount of stock to be
issued no definite action was taken, but it
was stated that the stock of the lexington
and that of the other companies would be
exchanged for the new stock.