The daily morning journal and courier. [volume] (New Haven, Conn.) 1894-1907, 1900-04-03
GREAT ELECTRIC DEAL.
Bridgeport Traction and Other Lines
Absorbed by Syndicate

| bridgeport Traction ana Othef Lines
Absorbed by Syndicate.
Bridgeport, April 2.--It was learned
from an official source to-day that the
formal transfer of the stock of the
Bridgeport Traction company to new
syndicate would take place in New York
o-day. 1t is understood that the new
| syndicate is made up of A. III. Miller
and his friends, and Is not the Connect
lieut. Lighting and Power company as
was at first supposed.
| The Bridgeport Traction company's
system has been absorbed and is now a
part of an enormous syndicate which
proposes to control the network OF
| street railways in the state. The new
| aggregation will include the Bridgeport
| Traction company, the Westport and
| Saugatuck Street Railway company,
! the Shelton Street Railway company,
| the Milford Traction company, the
waterbury Traction company and the
Central Railroad company of New
Britain. The syndicate has already ac-
qured several electric lighting plants,
and it is proposed to absorb a portion
of the New Haven street railway ser
vice.
At the Pequonnock National bank in
Bridgeport Saturday $4,000 changed
hands in transaction of stock of the
Bridgeport Traction company This
money was paid for the stock held by
r. ia . 1,i.-
friends. The shares were transferred
in blank. The ostensible purchaser
was Andrew Radel, president of the
Bridgeport Traction company, the
Shelton Street Railroad company and
the Westport and Saugatuck Street
Railroad company. Colonel Heft alone
held 1000 shares Of the companys
stock.
To-day the balance of the shares OF
stock of the Bridgeport Traction COM
pany will be signed over; the transac-
ton may also include the transference
of the stock of the other two companies
and also the Milford Street Railway
company Like the local company, these
companies are to be absorbed by the
gigantic combine.
All of the stock held in Bridgeport has
been sold and the holders have accepted
a deposit to bind the agreement. The
principal stockholders, besides Mr.. Ra-
del and Colonel Heft, are General T. l..
Watson, who is secretary Of the oompa
ny; Henry Setter jr., and David +
Read, both directors.
The roads in the Bridgeport section,
which all connect with the local road,
are being absorbed in the gigantic COM
bine. The combine is the merging of
the A. M. Young Syndicate of Water
bury into the Connecticut Lighting and
Power company, which was created by
the last Legislature. Mr.. Young is
president of the latter company, whose
scope is the absorption of all the pur-
chaseable electric lines in the state as
well as lighting and water companies.
1t is the most colossal scheme of the
kind ever engineered in Connecticut,
The company already controls the
Norwalk Tramway company, the Wa
terbury Traction company, the electric
roads in Torrington and Winsted, as
well as various water and lighting |
plants. When the present deal is COM |
pleted the company will own direct |
trolley route from Woodmont to the |
Stamford line and route almost the |
entire length of the Naugatuck valley. |
The New Britain Central electric line |
is in possession of the company and |
line may be run between that section |
and the Naugatuck valley,
The Bridgeport Traction company is |
capitalized at S2,000,000, divided into 20. |
BOO shares. The par value is 500. 1t |
now operates $500 miles of road, going
four towns, Bridgeport, SIAM
ford Fairfield and Westport. The road
a new enterprise paid a per cent. div
idend the first year. During the past
two years 1t has paid 10 per cent. on the
money invested The bulk of the stock
has been sold between so and rs per
cent Of par.