The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1902-05-26
UaU IHULLl DAHL
Rumors Of Consolidation
That Would Control Roads
in Essex, Hudson, Pas
sale, Union, Bergen
and Somerset.
Holding COMPANY TO BE- ORGANIZED
Local Men Said to Be interest
ed as Well as Those Of
New York President
Young's State
ment.

Another big trolley deal is runlored 20
be in progress, and any day soon the
plans viii be made public Briefly the
companies said to be In the combination
are the North Jersey, white Line.
Central Jersey and Orange and Passdle
Roads.
The plan as it is reported by one who IS
generally regarded as a high financial
authority, is TO organize securities CONF
pany under the New Jersey taws tostake
over the holdings of the promoters of the
enterprise in the various companies TO
be combined, until a merger can be made
OF the several corporations it is proposed
to consolidate.
a consolidation of the lines Of the cor
porafions above named would mean The
placing under one controlling manage
ment of all the trolley roads in Essex.
Hudson, Passaic Union and Bergen coun-
ties, and portion Of the lines in Somer-
set.
1t is said that the promoters OF the en-
terprise include number of men closely
identified with some of the biggest hnanT
cial and Industrial corporations of the
State and it is intimated that one or tive
great corporations of neigsnboring States
may be interested in the proposition
1t is said that tae first step toward the
bringing about Of the suggested combifaa7
ton vii. be the organization Of holding
company. under some such name as the
New York Securities Company. This COM
pany viii. be New Jersey corporation,
but viii do business outside the State az
well as in New Jersey. and it is suggested
that other than trolley interests may be
merged through it, j the same way as
merging of railroad interests has been
accomplished through the instrumeTtaiity
Of the Northern Securities Company Of
New Jersey.
An intimation of the plans of the pro-
posed syndicate was given in the local
market today when there was general
stiffening in the asking prices of trac-
tion securities, said to have been due to
pending negotiations between the agents
OF the proposed securities company and
the present arrangements and owliissg
companies of the several lines looking to-
ward the capture at prices considerably
in advance of prevailing market quota
tions of sufficient stock in each to give
the new combination a control of the diff
ferent properties and roads named.
The offers of the promoters of the pro-
posed syndicate, as told today. are 35 for
North Jersey common stock, p to rs for
White Line holdings and 30 for Central
Jersey securities These offers are from
five to twelve points higher than today's
quotations for the stocks referred to- and
were made, it is said, only on condition
that sufficient holdings would be trans
ferred at the prices named to give the
purchasings interests control of the cor
porations
1t is said that the offers made to the
three companies named have not been
accepted, and that the persons now hole-
ing controlling interests in these com
panies have asked from 10 to Is points
more for their stocks than has been offer
ed In making the demand, it was urged
by the present holders, it is said. that.
while the price asked was in advance Of
The present ratings, the controlling IN
terest and control of the roads was worth
more than the bare equity in the stocks
Local men who are said to be identihed
with the suggested combination, refused
this afternoon to either deny or confirm
the rumors of the proposed consolidation,
but did so in such way as practically
to verify the statements that such
scheme is in contemplation.
One Of the stories being fold of the
proposed deal is to the effect that the
Metropolitan Traction Company people of
New York are interested, and another is
that it is intended to ultimately include
the United Electric Company and the
Central Electric Company in the general
combination.
President E. F. c. Young of the North
Jersey Street Railway Company had his
attention drawn to the rumor and he
merely remarked
Il have no knowledge of this or any
other combination Of the companies YOU
name"