Omaha daily bee., 1902-08-14
OFFER FOR STREET RAILWAY
Eastsrn Capitalists Ready to Buy At Ninety
Gents On the Dollar.
LOCAL STOCKHOLDERS VOW CONSIDERING
while No Options Have Been Given
~ is Probable that stock WIN
Soon Pass late Hands
of Fasteners.


The Omaha street railway has not been
sold to New Workers. no deal for a sale tc
take effect on September 1 has been made.
no enc holds an option on the stock and pe
offer Of 90 cents on the dollar has beer
made for II. All Of these statements,
made in an afternoon paper yesterday. are
untrue, but Il Is a fact that the negotiations
for the sale Of the property. which have been
under way for many months, are likely to
succeed in the near future.
The New York banking house OF ]. and
w. seligman q Co.. as q result OF the long
drawn out negotiations, has made an oner
Of 30 cents on the dollar for all OF any
part Of the stock Of the Omaha Street Rail-
way company, and the local stockholders are
now considering that oner. with a strong
probability that It will be accepted. The
selisman firm has no option on any Of the
stock and II Is up to each and every
individual stakeholder to accept or reject
the offer, which was sent to them stimuli
taneously by the sellgmans last Tuesday.
Frank Murphy, president. r. W. Nash and
Guy G. Barton, all of whom are heavy
stockholders In the company. are now in the
east, but IL was said by their intimate
business associates last night that they
would likely accept the selIgman offer for
their holdings. Senator Willard said that he
would be willing to part with his stock in
the street railway at 90 cents on the dollar,
and other heavy stockholders in the city ex-
pressed themselves likewise. So there
seems to be a strong probability that the
property will pass from the hands of
Omaha capitalists.
No date 10 fixed by the seligmans for the
withdrawal of their offer, and 1t will likely
remain open for a reasonable length Of
time. The stockholders are expected to act
individually and the passing Of the stock
into the hands Of the New Workers may
drag along for some weeks. 1t is thought.
however. that most Of the stock will be
transferred within a short time.
Consolidation Held hack.
The deal for the consolidation Of the
Omaha and Council Bluffs street railways.
which was outlined in The Bee Of August
. n which is all but completed, will now
be held in allegiance. and II the omahans
sell their stock to the Seligmans it will
be up to the new owners to consummate
the merger.
Secretary W. v. Morse Of the Omaha
Street Railway company said:
There is a strong hope that the great
AhahCAaA nOhoo VI u q W. 8ellbmdu a. 20.
may become interested in the Omaha street
railway. II does not own a share of the
stock today, neither does It hold an op-
tion on a share. and so far rs I know every
stakeholder is at liberty to do exactly what
he pleases with his holdings. Tho SeIig-
mans have merely made an oner of 90
cents on the dollar for the stock. II the
deal goes through 1t will bring several mil
lions Of eastern money to Omaha for new
Investments, because the Omaha men who
now own practically all Of the street rail-
way stock are not the kind of men who
are likely to let their money rust. II they
sell their street railway holdings the money
they receive will be ready for other in
vestments and Omaha will be the gamer.
The house OF J. & w. Seligman & Co. is
one OF the greatest financial concerns in
the world and IT believes thoroughly in the
future Of Omaha; hence its desire to be-
come interested in the street railway. If
this deal Is a go we will get parties inter-
ested In Omaha who will help make It the
leading city OF the west"
Mr.. Morse added that in case the sale
Is made the new owners will carry out the
plans Of the present company for improve
ments to cost about 81, 600. 900, as outlined
In The Bee last Saturday.