The times., 1899-03-18
THE DEAL COMPLETED.
Sale of the Metropolitan and Column
bin Reads Closed.

Sale of the Metropolitan and Column
bin Reads Closed.
1t is stated on the best of authority that
the consummation of the deal for the sac
of the metropolitan and the Columbia rail-
ways was reached yesterday. The trans
action has now gone so far that the own
ership of the control of the roads has
passed practically into the new hands. and
there can be no slip. 1t is stated that
the Metropolitan stock has been bought
for 1925 a share and the Columbia stock
for $50 a share.
The sale of these two important ra lways
has been pending for several weeks. as has
been stated in The Times heretofore on
several occasions. An agreement as to the
general plan of the transfer was reached
two weeks ago, but minor details prevent
ed the closing of the deal at that time, and
many people feared that it would fall
through entirely. 1t is said that one mat
ter on which an understanding could not
be reached at that time was the price to be
paid for the Columbia stock. 1t is now be-
lieved that the sale has been well nigh
certain from the first, despite the state
ments made in some quarters that no deal
was in existence, or even in contemplation.
The transfer is the largest ever made in
Washington. The total capital stock OF
the metropolitan Railway alone at s225 a
share, the price named, would be worth
Si.5G0,oOG, and it is understood the agree
ment stipulates that as much stock viii be
taken at this figure as is offered. The Met
ropolitan is wealthy road, and its earn
ings have been phenomenal since the un-
derground electric system was installed
so that the price paid by the syndicate is
not considered too high. The net earnings
of the company for the year 1898 were %
per cent of the capital stock
metropolitan stock tumbled in price last
week when denials of the deal were cir
culated. 1t reached $3.50 a share on one
day. Since that time the price has been
climbing, evidently owing to inside buying.
Yesterday 213 1-2 was bid for the stock.
though no sales were made Columbia
stock has also been eagerly bid up in price
during the past week. 1t has changed
hands during the past few days at I25 and
120
uetdiS u lue transfer or inc
roads will probably be announced in a few
days. II is understood that all the large
holders of the stocks of both companies
have put their holdings into the slle al
ready, and that the minor owners will be
allowed to make a deposit as soon as they
see fit Nothing can be learned as yet as
to the date when the new owners will as
sumo the active management of the roads
or as to the scope of their future pans.
There is excellent authority for the h.,
lief that the Stevens Crosby syndicate was
not the recent purchaser of the west ha
of square 63S, the old ball grounds ON
North Capitol Street between and G
Streets. As stated heretofore this prom
erty was sold by Chester A. Snow to a Bal
timore gentleman, unknown in this citv
for S225,o0O. 1t is understood that ether
portions of the square have been sold so
although the deeds OF sale have not as vot
been placed on record. RuInor connected
the syndicate with the purchase of the
property. probably simply because il was
not known who else would have use for II