Kansas City journal. [volume] (Kansas City, Mo.) 1897-1928, 1899-01-18
Two ROADS NOW ONE.
NORTHEAST ELECTRIC LINE TRANS
FERRED TO BROOKLYN AVENUE.
Final Signatures Were Affixed to the
Contract of Purchase Yesterday
-COnsideration Said to
Be $4OO,OOO.

The IOrmal transfer OF the property OF
the Northeast Electric Railway Company
to the consolidated Brooklyn Avenue Rail
way Company took place yesterday at
noon, Secretary E. G. Vaughan, for the
former corporation, met w. II. Lucas, act
ing president of the Brooklyn Avenue rail-
way, at the Northeast Electric's power
house, on Lexington avenue where the
final signatures were affixed to the contract
of purchase and the superintendent ap-
pointed by the purchasing company en-
tered upon his duties.
The consideration for which the transfer
was made is as yet unannounced and the
officers of both companies decline to say
whether the rurnored price of 100000 is
above or below the true figures. The prop
erty of the selling company was capital
lied at se50Ot0 and the company was bond
ed for the same amount. The purchase
included. beside the railway. rolling stock
and power plant, real estate at the eastern
terminus which is valued at $4,000. What
the actual purchase price was will prob
ably not be known. but it is believed that
offers far above the actual value of the
properties were made on each side before
the deal was finally consummated, each
company being desirous Of possessing the
rights of the other, but neither wishing
to remain in the field with the other as
competitor.
The statement of Mr.. Vaughan gives. a
clear idea of the situation which finally
worked itself out by the consolidation of
the two roads. with the Brooklyn avenue
company in control.
When started to New York" he said,
I'VE had already decided. that We must
either buy or sell. We believed that our
road reached the best territory. but its
value could not be realized without an
outlet to the shopping districts and the
half a year past to secure franchises for
the Central Electric were principally to
give us these outlets. The opposition which
we met on Eleventh street. where We
wished to build our most essential connect
ing link, decided us in the final move to-
ward the consolidation of the two roads.
If We could secure the Tenth street line
we had our outlet: If we could not, it
seemed better that the Tenth street people
make a feeder Of our line than that we
ritory. Kansas City is large enough for
two companies. but not for three
Mr.. Vaughan was called suddenly to Ha-
vana while the principal stockholders of
the two companies were wrestling with the
problem of consolidation. and was called
back again as suddenly to assist in the
closing of the deal.
The plans for the extension and improve
ment of the consolidated lines, as outlined
in. The Journal yesterday. will be carried
city grants the franchise to the new COM
pany. The sealed bids for the rebuilding
of the tracks of the Northeast electric,
which have been at the office of the secre-
tary since the first of the year. We're turned
over to the Brooklyn avenue company, and
some of them may be accepted in the work
which will shortly begin
Mr.. William c. Weaver. the former su-
perintendent of the purchased line, will as
sist his successor. Joseph S. Linney. for a
day or two but will continue with the
North American Trust Company at an
increased salary.