The times., 1899-05-16
Sale OF The GREAT
FALLS WATER RIGHTS
Absorbed by the Crosby.Stev.
ems Syndicate.
Electricity to Be Generated Up the
Potomac.
New York Street Railroad Magnates
Thought to Be Intcrcsted in the
Washington consolidation.

The Great Crosby-Stevens syndicate is
to run its railroads and furnish the city
with electric light and power from power
generated at the Great Falls. The pur-
chase of the Great Falls water power
rights and of 500 acres of land on both
Saturday. with the exception of a few
minor details which may now be said to
have been disposed OF entirely.
Negotiations for the purchase of these
water rights have been under way for sew
eral weeks, as was stated in The Times
exclusively a month ago. The rights were
owned by the Butler heirs, consisting OF
Paul Butler, General Ames. of Massachu-
sets, and their families. Senator Chandler
has represented these gentlemen in the
negotiations. The syndicate has been rep
resented by Mr.. Needham, formerly OF the
law firm of Needham & Cotton, New York
The price paid for the rights is said 10
have been s350.e00. The deal was nearly
completed several days ago except for the
examination of titles. IL is understood
that the Butler title was not wholly clear
originally, but that the lapse OF time since
it was acquired has been sufficient to quiet
the title. and the syndicate considers it
entirely satisfactory.
The purchase OF the property was made
sooner than had been expected by those
who were familiar with the negotiation.
Another party has been interested in OBJ
tanning the same rights and it is sup
posed that the syndicate quickened its
operations for this reason.
The plan of the syndicate is that the Po-
tomac water power shall supersede the
Gf rF,VV In ,t tIn ola at,fa
plants for generating electricity. and this
Will be done as soon as possible. The
steam plants will be held in reserve for
emergency, and it is thought possible that
one Of them may be abandoned entirely as
soon as the water power plant is in full
operation. The Great Falls Railway is to
be extended to the Falls as soon as pos
sible and the electric ccnduits will be
brought into the city along tie line of this
railway. Engineers are now working on
plans for the best way to generate the
electricity from the water power
The syndicate will now own everything
that 1t has been supposed to desire in the
District except the Washington Gas Com
pany and the Capital Traction Railway.
All of the public franchises are in the
hands of this one set of capitalists with
these two exceptions.
The confident prediction is made by
people familiar with the affairs of the
gas company that the deal will not be
carried out. For several days 1t has been
the opinion of people who knew the
strength of the opposition that the prr-
chasers would have much trouble in Sc
curing control of sufficient stock. The
meeting OF the opposition stockholders last
Saturday developed very large strength
as was stated in The Times. 1t is now
learned that several other large holders
who have deposited their stock will with
draw 1t If this proves necessary TO prevent
the contamination Of the deal. II is also
understood that various members of the
committee of directors that signed the
agreement TO sell and sent out the circu-
lar are now very much dissatisfied with the
way the deal has developed and desirous
OF calling the entire matter off.
The talk of the possibility that the
Capital Traction Company will be pur-
chased by the syndicate eventually is again
the subject of much discussion in Street.
An offer was made for the company some
time ago, but at such a low figure that it
was not considered. The syndicate still
wishes TO own the road and, it is said. that
negotiations are again on foot in a tenta-
tive way. The sudden activity in Capital
Traction. stock on the local exchange yes
terday, and its advance in price several
points after its recent weakness, are con-
sidered most significant in this connection.
n. II. Ereeiand. President of the Metro
politan Traction Company; George w.
Young. President OF the National Mort
gage and Trust Company, and Charles A.
Lieb all CT New York, the lattsr one of
the chief men of the great railway, light,
and automobile syndicate which Is carrying
on It's immense operations in this city, and
L. Z. Pearson, G. B. NJ. Harvey, George
W. Bacon, and H. D. Benner, other impor-
tant New York financial people have been
in the city for several days inspecting the
properties of the syndicate. The entire
party went over all the lines Of the syndi-
cate and also inspected the electric light
plants. They had conferences with Messrs.
Stevens and Crosby also. The party have
now left the city with the exception of
MIR. Lieb. but they have left a large and
interesting rumor behind them in the
minds of business men here. The sug
gestion is made that the millionares known
as the Metropolitan Traction party in New
York are the hackers of the Stevens
Crosby syndicate here. There has been
much surmise as to TIE identity of the
people behind the syndicate. but up TO
the present time no actual knowledge has
reached the public.
II VIII be remembered that Mr.. Young is
President of the New York Trust Company,
which is the headquarters and financial de-
pository of the syndicate in New York,
and that he is acknowledged to be one OF
the chief members OF the syndicate. Az
other matter which makes the visit OF in
spection Of Mr.. Vreeland and his friends
particularly interesting is the rrmor cir
culated in New York recently that the
Metropolitan Traction Company has pur-
chased the Fifth Avenue omnibus line, and
will replace the old-fashioned omnibuses
now running in Fifth Avenue with automo-
biles. The line was sold a week ago but
since that time it has not been learned
! positively who is the purchaser.
Mr.. Lieb was seen last night at the Ar
! lington in regard TO the plans of the syn
dicate I'VE believe" he said, that We
| have begun operations at a propitious
time. at the beginning of period
of great prosperity for Washington
as well as for the country in gen.
eral. The financial interests of the coun-
try are more than ever convinced thai
are embarking in immense undertakings in
a way that no one would have dared a few
years ago. One result OF this boom every
where. however. has been n hardship for
| US. We have had to pay very heavy prices
for our iron and steel for our construction
even exorbitaBt prices. And also 1t ha.
been almost impossible to have any rails
of structural iron delivered on time or at
any time. We have had TO wait for weeks
and months and have been badly delayed
ponj man