Evening star., 1899-03-01
THE RAILWAY DEAL |
Further Details Of the Transfer Of
Two Local Lines.
NO PRESENT CHANGE In MANAGEMENT
Feeling of the Owners Upon Re-
Iinquishing the Property.
QUOTATIONS. OF STOCK

The details of the transaction mentioned
in yesterd sy's Star by which the control of
the Metropolitan and Columbia street rail-
roads will change hands are not generally
known, and even in well-infOrIned circles
there is a lack of information in this par
ticular, which just now is of much public
interest. AS far as can be learned, there
has been no deposit of money made as yet
to bind the transaction; but it is under
stood that much the same course will be
pursued in closing this deal as was the
case in the recent sale of the United States
Electric Lighting Company.
The shares of stock belonging to the in
divdual stockholders are to be deposited in
some bank or trust company to be desig-
mated, for which the owners will receive a
receipt. A period Of settlement will be
named which will probably be thirty or
sixty days and before or at the end Of that
time the money will be available for all
those who wish to sell their stock. Upon
the presentation of the receipts of the stock
at the depository checks will be given for
the amount.
1t is expected that the present officers
and directors will remain in charge of the
management of the company for some time
to come. AS the readers of The Star are
aware, the negotiations which are thus
stated to be finally closed although to
avoid any quibbling over words it may be
added that the merely formal steps are yet
to be taken, have covered quite a period of
time the delay being occasioned by the
difficulty in reaching an understanding as
to some of the details.
DisPOsihg of Surplus.
For example, there was the question of
disposition of the surplus, which in the
case of the Metropolitan is said to amount
to about s15o,eo0. According to some, the
decision reached on this point is that this
money is to be paid to the stockholders
prior to the formal transfer of the prop
erty- II this Is done then the payments
Will amount to about $50 per share, which
Will make the stock stand to the present
holders in the transactions at about s232. 30
per share.
1t may be said that those in control of the
Metropolitan road entered upon an arrange
ment for the sale of this property with
great reluctance, the disposition with
most Of them was to retain in their own
management a property with which they
had been 50 long identified. It was felt
however. that the offer made ought not to
be rejected from the standpoint of their
own interests. 1t may be said that they
look upon the change a parting with
something in which they have taken an in
terest beyond that of its mere value as an
Investment. They believe that they have
gwen an excellent service to the public and
at the same time kept the property in good
condition and treated the employees liber-
ally.
Quotations Today.
AS an incident in this transaction it may
be mentioned that the quoted price of the
stock on the local exchange declined today
to SID bid from s226. which was the high
est figure so far reached, and which was
the quoted price yesterday. A sympathetic
change occurred in the prices of Columbia
stock, as the bid today was Sill, while yes
terday ii was $124.
Some people claim there is no connection
between the quoted prices of these secur-
tiles and the price of gas stock. Neverthe-
less it may be of interest to state that gas
stock today reached it's highest figure On
the local stock exchange $50 bid per share
was the quotation.