The times. [volume] (Washington [D.C.]) 1897-1901, 1899-02-26
THE PLANS OF THE
CROSBY SYNDICATE
May Absorb the Metropolitan
and Columbia Systems.
A Gigantic Street Railway Deal
Now Under NegOtia ions.
The United States Electric light
Company Supposed to De in
the Combine.

1t is announced on excellent authority
that the people represented by Messrs.
Crosby and Stevens of this city are now in
conference with the controlling interests
of the Metropolitan and Columbia rail-
roads, with view TO purchasing the roads,
and that there is a very good chance that
the deal Will be made, and there are also
excellent reasons for believing that the
Crosby syndicate was behind the peop,e
who recently purchased a controlling inter-
est in the United States Electric Light
Company.
If the latter is true, and If the Metro
politan is to be obtained by the syndicate,
it Will then have in its control eight OF
the ten railroads OF the District both of
the electric light and power companies, and
one bank, representing sons thing Ike
S11 100000 for the control of the capital
stocks alone, not to mention the immense
! improvements that are contemplated by
the syndicate.
Rumor goes even further than this over
the operations contemplated by Messrs.
Crosby and Stevens and their associates,
and il seems probable that in the course
of time some of the further floating sur
misses will be verified. 1t is suggested that
the syndicate desires all the street rail-
roads and may soon begin to bid quietly
story to the effect that the Washington
Gas Company is to be absorbed is said to
be less probable, and, in fact, not in the
least likely. The recent high prices paid
for Gas stock are susceptible of a better
explanation in matters of an entirely diff
ferent nature. that may be disclosed at no
very distant date.
The facts as to the Metropolitan Rail-
road situation may be stated on excellent
authority. The Crosby syndicate is willing
TO pay 1928 a share for a controlling in
| terest in the road, and it is understood
even for the entire capital stock. The con-
! trolling interest in the stock is held and
represented by the Weaver family, the
Cammack family, Mrs. Mary T. Letter and
few others. 1t is understood that a great
number of the other stockholders have
| Joined these interests with view to
! selling together at a fixed price, and that
| this price is $225 share. The Crosby
| syndicate is supposed TO be willing to pay
this amount. II may be stated positively
however, that no arrangement has yet
been reached between the syndicate and
the present holders of the stock. Negoia-
| lions have been begun and have made
some progress, but up to this time there
are many points of divergence in the terms
of the syndicate and those of the stock
holders.
The great rise in the price of Metropol-
| itan stock recently on the local stock ex-
| change has been the cause of much COM
ment The price paid yesterday for the
| stock and the convertible bonds was 207
| Not very long ago 100 was considered a
| good price, and last year the stock went
as low as 10i The general explanation OF
| the advance is that the syndicate is buy
| ing stock in small lots as well as negotiat
| ing with the controlling interests. 1t is
undoubtedly true. however, that there is
! large speculation in the stock by the brok-
ers generally for people who believe the
| syndicate will purchase the road.
The Columbia Railway deal is not, IL is
| understood, as far advanced as the Metro
politan. The price at which the deal may
| be made is variously stated at S115 to $3.50
| share There is little doubt however,
| that this road is also desired by the syndi-
cate. The price of Columbia stock has
risen almost as rapidly as that of Metro
| politan recently. Last year it was around
par, $50 a share. Yesterday sos was bid
for the stock and $120 asked.
| The capital represented by these various
street railroads and other corporations
now owned by the Crosby syndicate, or
supposed TO be nearly within its reach
may be seen in the following table. The
| figures may not be absolutely accurate. The
| cost of the total capital stock of the Metro
| politan and Columbia railways at 1925 and
s115 per share. respectively, is given, while
| the entire capital stock may not be alb
| sorbed by the syndicate. Some of the other
| values are estimated: