The times., 1899-04-06
RAILROAD PURCHASE
ABOUT COMPLETE
Majority Of Stoekholders Agree
to Terms of Sale.
Circulars to the Metropolitan and
Columbia Holders.
The SteNens-Croshy Syndicate to
Pay the Money when NeEotia-
tiOns Are Perfected.

railroad electric light syndicate for the
purchase of the Metropolitan and the Co
lumbia roads was yesterday formally sub
mitted TO ali the stockholders in a circular
from the officers of the roads, stating the
syndicates terms. The holders of a ma
iority of the stock of both roads have al
ready signed an agreement TO sell their
holdings, and the transfer is thus assured.
The only important step now remaining to
be made is the deposit of the purchase
money by Mr. Stevens, and as to the
ability of the syndicate TO raise the funds
no one seems 10 have any doubt.
The nature of the circular to the stock
holders was described in The Times several
days ago. Two documents are included,
one signed by the officers OF the roads
telling of the offer of the syndicate and
the other a stockholders agreement TO
sell. embodying particulars as TO the meth
cd of depositing stock, and as TO the pay
ment OF the purchase money. The first is
as follows:
Washington, u. G., March 20, 1899.
To the Stockholders OF the Metropolitan Rail
road and the Columbia Railway Companies:
Propositions have been made by Mr.. Frederick
| c. Stevens 10 buy all the stock OF the Metropoli-
| tan Railway Company at $3.50 share and all
! the stock Of the Columbia Railway Company at
! $50 share. The undersigned being well ac-
| quainted with the affairs of the two companies,
have severally agreed to sell their stock 20 Mr..
Stevens
The offer and agreement of Mr. Stevens will
| be shown TO any stakeholder application to
| G. b. Coleman, Secretary of the Metropolitan
| Railroad Company, or Thomas j. King, SecTe-
| tary of the Columbia Railway Company, to
the American Security and Trust Company.
Enclosed you will find the form for agree
| ment 10 sell your stock. which, il you think
| proper. you can sign and return at your early
| convenience TO the secretary of either Of the
| companies named.
The stock is deposited with the American So
| curity and Trust Company under this agreement,
Negotiable receipts certificates will be issued
therefor by the Trust COMPANY Respectfully,
Nathaniel Wilson, f. G. Davis, 4. B. Coppes,
| John Cainmack, G. W. Moss. r. d. Weaver,
Theo J. King, Stockholders Of the Columbia
| Railway Company.
| R. d. Weaver. s l.. Phillips, A. b. Grunwell
Nathaniel Wilson. 5. Thomas Brown, John
Cammack, ". B. Gurley. c. r. Spence. John
| JOY Edscn, Stockholders of the Metropolitan
| Railroad Company.
The stockholders agreement follows
We whose names are hereunto severally sub
| scribed. stockholders, or the duly authorized
| agents or personal representatives OF stockhold-
ers of the Netropclitan Railroad Company and Of
| the Columbia Railway Company of the District
of Columbia, each for himself, and not one for
the other, hereby agree in consideration OF the
| terms of a certain memorandum signed by Fred
| erick c. Stevens and dated March % 1899. and
| lodged or to be lodged with the American Sc
| cuTty and Trust Company OF Washington. Dis
trict ef Columbia. TO sell to the said Stevens
the number Of shares of capital sIocS of the
| said Metropolitan Railroad Company set oppo-
| site respective signatures hereto. at and for
| the price Of $3.50 per share with interest as
| provided in and by the agreement herein psFtic-
ularly referred to- and also to sell said Stevens
the number of shares of the capital stock Of the
| Columbia Railway Company set opposite our re-
spectiye signatures hereto At and for the price OF
| $50 per share, with interest as provided In and
hV he hero rl-
| The shares set opposite respective names Of
| the capital stock OF said companies not to be
| sold separately, and unless tho shares in each
| OF SAID companies are taken and paid for the
shares in neither shall be sold or disposed OF ufi-
| der this agreement
And we further agree, after said stevens has
| deposited said SUN Of money, - provided in said
| agreement. the stockholders Of the said Metro
| politan Railroad Company and OF the Columbia
Railway Company shall deposit the shares Of the
| stock specified in this agreement with the said
| trust company, on or before the first day uf Nav
1899, TO be disposed OF provided in and by said
agreement. and the said shares Of stock and each
| OF them shall, when deposited, he duly signed
| IN blank, and shall, II and when the
transferred TO the said Stevens, be ,iuy stamped
| thereof.
Al such time and when the said Stevens
shall have deposited with the trust company the
full amount OF the purchase price of the said
capital stock OF the Metropolitan Railroad Com.
| pany. and Of the Columbia Railway Company
then the said trust company Is hereby authorized
and Instructed 20 deliver the said shares Of capi
tai stock SO deposited with them to the said
stevens or his order, and to MAKE such account.
ing and payment 10 the deposition. Of the said
certificates Of stocks as they severaIly by writ
ten instructions, shall direct.
The signers of the circular are among
the largest holders of stock In the two
roads in addition TO being officers. As
stated in the document these gentlemen
have all agreed to sell out their holdings.
The following are the amounts of stock
held by each as the figures are given in the
recent annual reports of the roads to Con-
gress:
.,,,d, Columbia Ii R1ilway-Natlaniel ,3 Wilson 2s5
shares; T. g. Davis, 80 shares: A. y. Coppes
~ shares; John Cammack, 1883 shares; e: "
Moss. l0G shares; II. d. Weaver 2s shares: The
dore j. King, % shares
Metropolitan Railroad-R D. Weaver On
shares: ;. /. Phillips 73 shares; A. b. Grunveli
20 shares; Nathaniel Wilson, Sj shares: s
thomas thomas Brown, 28o shares; John Ca,nmack sl3
li2 shares; John JOY Edson. % shares
: These holdings are not alone nearly a
majority OF the stock, but several OF the
gentlemen named control large blocks
owne1 by families and friends In addi-
ton TO this number Of other large hold
ers yesterday signed the agreement to sell
me general disposition of stockholders is
IN favor OF the transfer, al the syndicate :
? PiI'eS' winch are considered advantageous
and IL Is probable that almost the entire
stock OF both roads will be sold.
The Metropolitan and Columbia stocks
we're very active on the local Stock EX
! change yesterday, as result of the issu-
: : ance of the circular. Metropolitan was
sold in considerable blocks, and il is in
teresting 10 note that although the price
: was bid up point or more II was never
within 50 Il share Of the syndicate's offer
The bidding for Columbia was spirited but
none was offered lower than $50 share
, the syndicate's price, and no sales were
made
. The probability that the syndicate will
have acquired the two railroads in a few
weeks now leads to much discussion in the
street OF the future OF the immense system
, of street railways thus TO be brought to-
I gether. The Stevens Crosby syndicate is
3 operating on the same plan as that pursued
in many other large cities during the last
/ year. 1t is even believed that the capi-
talists represented by Messrs. Stevens and
Crosby are connected with other similar
n consultations. The system of roads
2 brought together in Brooklyn y Y. has
many points in common with the new
/ Washington system. and it is stated that