Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-05-19
Roads WIFI steel,

~ strong syndicate Of Baltmoreans
associated with n number of Ports
mouth financiers, among them Messrs.
Wool, Maynard Watson and Phillips,
nave purchased the stock and bonds
oil the Port Norfolk electric railway,
now under receivers hands, and in
the Jurisdiction of the United States
Court of this district, ana propose to
continue the receiver until such time
as they see fit to foreclose. il in the
meantime such arrangements cannot
be made with its creditors as will pre-
clude amy such necessity.
ROAD SOLD WEDNESDAY.
The deal was formally closed in Bal
.iihorc Wednesday. and the board of
directors and new officers elected This
action, though pending for over two
months, has only recently shown posi-
Dility of success, owing to the badly
tangled state of the roads finances
The stock is valued at $50, 900. and the
bonded Indebtedness at $500, 900. \ meet
ing OF directors viii he held here early
next week.
HISTORY OF ROAD.
The Port Norfolk road was built and
organized by Mr.. NJ. w. Mason. At first
IL was horse car line. That was some
seven on eight years ago. About four
years ago it was converted into en-
electric line and extended to Primers
Point now its terminus the ferry be-
tween Norfolk. Berkeley and Ports
mouth being it's beginning. The entire
length Of the line is about nine miles.
single tracked. with turnouts and sid
inGs at the power house. situated at
Port Norfolk. j is not in any way con-
nectod with the Portsmouth street rail
way.
TWO SfNDICATES BOUGHT OUT.
in December. 1898. it went into The
hands of receiver (AIr, i. w. Leigh
the reason at the time being given as
Internal strife. \ portion of the bonds
ana stock was reported to have been
purchased by well known syndicate,
represented by MIR. Thomas w. Shell
ton, of this city The other bonds We're
all pooled with and represented by Mr..
NJ. w Decker. of New York
1t is understood thpt the two syndi-
Gates sold to the Portsmouth and Balti-
been recently formed with the purpose
OF rcorganiZing the company and i'm
proving the road.
ONLY PART or THE MOVE.
1t was rumored on the streets yes
icrday and traced to good sources, that
u combination had been formed which
would include the ferry, PORT Norfolk
and Il new railroad linc, 10 J.. b.,'t
That is to say, n combine of railroad
ccni @ lions ana trl?s.ars. the law rcal
LeinS from some point Cn the Port Scr
fox Line TO Pig POM, AMI ~ favor
o" tbs ii is understood that the frau
chiscs covering this territorial expan-
sion have been gathered up lately b.
Il syndicate with a view to this move.
II is further understood however, that
the only interest in this colnbtn. which
HE syndicate purchasing tho Port Nor
iolk limo would have, OF do have in
Tins is the ferry ana Port Norfolk line
from portsmouth Ia Primers Point No
Nerification Of these latter rumors cnuI1
De gotten last night, as both Mcssrs
shelton and Decker were away. and
the Port Norfolk people woul1 nor
talk
AROUND THE ROADS.
7: IS DcfTCvC7 How c-v7-T- I'M IN
near future some Interesting raiINov
developments may be expected Mt The
hands OF a large railroad syndlcate. and
tho betting of Hampton Roads with
rail and ferry is a question Of only n
brief time.
VEST NORFOLK ABANDONED.
The Port Norfolk Railway proptrlv
Will be improved and a ton to fifteen
minutes schedule adop-ed at once. tim
terminus Of the railroad heing c,n;in-
uei AZ Pinner's Point. It is also IN.
Gers tCoG that the Port Norf,li, road
VIII not cross the West Norfolk ridge.
& q n s: s::: ::.; :s: ): : q.