El Paso daily herald. (El Paso, Tex.) 1881-1901, 1900-11-14
HOPE is DEFERRED
Flooding Mules Are Good
Enough For Fl PaSo
A LON W AY OF f
There Will Pc No Trolley Line In
This City For Many, Many
Months.-Streef Railway DireC-
tors Net Last Night and Forum
lated HanaGa pOliCv


car system are again crushed.
The Chicago company. which sur
veyed the city and investigated the sit
uation. has fled from the field and the
old company at its several meetings
this week has decided that an electric
line would not pay.
This however, is not the only thing
in the way. for some of the members
of the board of directors of the Santa
street line have refused to consent to
the change to electricity unless the line
be allowed to remain on Santa Fe
street.
The company held a meeting last
night at the Sheldon hotel and after
discussing the situation thoroughly
| decided not to convert the lines into
an electric system just at present. but
did not determine to drop the question
altogether. as stated in the Times this
morning. There is some trouble brew
| ing among the heaviest stockholders of
the company. which cannot be set
tied without a compromise. which the
different members are not willing to
make at present.
The following report of the presi-
dent. General Mills. shows that the
conmany has been contemplating
change for some time:
NEW YORK. n. Y. Jan. 90 1900
We. the undersigned. stockholders
! in the FL Paso Street Railway compa-
1 ny. Of FL Paso. Texas. hereby agree tn
purchase the road advertised to be sold
at the Court House in the city of FL
Paso. Texas. on the sixth day of Feb
ruary. 1900. each holder of stock to
contribute To that purchase the
amount in money necessary for the
purchase proportionate to the number
of shares he holds and 20 allow other
holders of stock. who are not able To
share OF the purchase money; failing
in which to pay their proportionate
share OF the purchase money: failing
to do so the shares will be distributed
to the purchasers who do pay their
proportion.
We mutually agree that as soon af-
ter the purchase as practical to enter
into a consolidation with the three
other street railroads now organized
and in operation in the city of Ell Paso
Texas. and the city OF Juarez. Mexico.
having separate charters and organi-
cations as follows:
"El Compania del Fierro Carril Ur-
bano v Puente." of Juarez. Mexico:
THE Santa Fe Street Railway Co.
of FL Paso. Texas:
FL Fierro Carries leblanc de Gu
did de Juarez." of Juarez. Mexico.
On the following basis of mutual in
terest on the control in the real per-
sonal and mixed properties. rights.
charters and franchises of said COM
pany and in the conduct expense of
maintaining and revenues of the entire
consolidation. This basis being a pro-
portional interest arrived at from re-
spective franchises location and
length of roads and the net proceeds
of each road for a period of five years |
from July 1. 1894. to July 30. 1899. at
assumed valuation of the four roads
of 100000 L.. S. gold. This is to say
that the FL Paso Street Railway com
pany have an interest in the CONSOLE !
dation valuation of $4,000 of ssh
600: that the Compania del Fierro |
Carril Urbano Puenet have an inter
est in said consolidation of $50. 600: !
that the Santa Fe Street Railway COM
pany have an interest in said consol- ;
idation of $4,000. and that the Fierro |
Carrilles Urbano de Ciudad de Juarez |
have an interest in said consolidation !
OF $4,000 (all value in this agree
ment based on u. S gold. and that
thereafter each holder of stock in each !
respective road who participate in this
agreement have an interest in the
consolidated valuation of 5000 900 !
proportionate to his interest as a |
stakeholder in the different roads. and
that the subsequent distribution of
distributed to each holder in that pro-
portion. and that this contract OF con-
solidation between the four separate
roads when fully accomplished by
all the parties in interest shall
be continuous with the charters of said
roads respectively.
The consolidation when effected
shall be controlled by president and
five directors. who shall appoint n gen.
eral superintendent. The five direc-
tors to he elected for three years by
ballot OF the stockholders. the first
lection to takep lace as soon as prac-
teal after the consolidation each
stakeholder to be entitled to one vote
for each 800 held in the $500 900 in
the consolidation. but no one shall be
elected director who holds less than
$4,000 in stock in the consolidated
company. The president Of the consoI-
idated company shall hold his office
Tor two years and shall be elected
from one of thed irectors by the di-
rectors. but no director shall he ELI
siblc for election as president who
holds less than 50 900 in stock i'm the
consolidated roads
We further agree that upon the ac-
complishment of the consolidation
hereinbefore mentioned to use orr best
endeavors to- bond the entire CONSOLE
dalton. using as much OF the cash as
is necessary To convert the consoli-
dated roads into an electric trolley
system and distribute the remainder
Of the cash among the stockholders
who subscribe to this agreement pro
portionately. and falling we further
agree to contribute proportionately To
our interest in the consolidation mon
ey sufficient tn convert said consoli-
dated roads into an electric system at
the earliest date practicable.