The St. Louis Republic., 1904-12-18
NORTH AMERICAN
MAY BUY TRANSIT
Sale of ST. Louis Street Railway
Lines Believed to Be
Probable.
COULD OPERATE At A SAVING.
Property Controlled by Brown
Brothers Of New York-Ab.
sence of James Campbell Re
garded az Significant.

Negotiations are said to be in progress
Tor the sale of all the property controlled
b the United Railways Company 10 the
Nor-i American Company of New York
and New Jersey.
Tie property now controlled by The
United Railways Company consists o, all
the street railway lines of 81. Louis. with
the exception of those owned by The Sub
urban Company.
The total mileage Of the lines amounts
10 5so. and under the reorganization plan.
recently effected. the property bears
total stock and bond burden of se7.ooo, vG".
OF which $50 sSs .Ooa is outstanding and 81
l0s.o 900 IS held in the treasury
Brown Bros of New York. who have
financed the company and who recently
consumnated the deal by which the as
sets of the Transit Company were to he
operated by the United Railways Com
pany. own and control the great ma jority
OF the stock Of botf. corporations.
In the reorganization OF the property it
is believed that the Brown Bros. synd;-
cate has made considerable profit. and IL
they can dispose OF 1t aS a reasonable
fgure there is every reason 10 believe
that it will be done.
Another feature which adds color TO The
statement that the sale is being negot-
ated is that James Campbell. the broker
and representative OF Brown Bros. in the
United Railways-Transit deal. has been
in the East for several weeks
Mr.. Campbell, it is believed. has been
called to give expert testimony regarding
the value Of the property and otherwise
assist in promoting the sale.
PROPERTIES IT CONTROLS.
The North American Company is a cor
Doration formed under the laws of New
Jersey in 1880 to finance and control street
railway and electrical properties.
1t now controls the Milwaukee Electric
Railway and Light Company. the Cincin-
natl Gas and Electric Company. CovinS-
ton. Ky: the Cincinnati and Newport
Traction Company, the Butte Electric and
Power Company the Detroit Edison Com
pany. the Union Electric Light. Heat and
Power Company of 81. Louis. the laclede
Gaslight Company OF ST. Louis. the MIS-
souri, Edison Company Of St Louis. the
Racine Gasiight Company of Racine. Wis
the Edison Illuminating Company OF De-
troit. and several other kindred corpor-
ations.
II has a capital stock of I1.en"'o au-
thorized. of which Sl6, ,og1 is outstanding.
c. W. Wetmore is president.
While local capitalists who are inter
eated in the United Railways Company
said yesterday that they knew nothing OF
the deal. many of them expressed the
opinion that it was highly reasonable. as
the North American Company. being the
owner of all the lighting plants in St.
Louis. could operate the Transit Company
with much greater economy than any
other corporation. and at the same time
operate It's lighting plants at a great
saving.
One power-house could supply the neat
ing, light and traction plants at mini
mum OF expense and practically no loss.
Further color is given to the report in
the fact that John ]. BeSss. president and
general manager OF the Milwaukee Flee
tric Railway and Light Company. and a
director of the North American Company,
was in ST. Louis practically all Of the Fair
period.
1t is believed that one of his purposes in
coming to St Louis was 10 investigate
the Transit property and report upon its
availability as an investment. Mr. Begss
was seen at his home in Milwaukee last
evening and stated that there is nothing
in the report.
Mr.. Beggs acts in an advisory capacity
for the North American Company and is
president of the Laclede Gas Light Com
pany of St. Louis.
OFFICIALS of the United Railways Com
pany declared last evening that they had
heard nothing or the negotiations, but it
u, control
property is III the hands of the Brown
Brothers Syndicate. the control may be
turned over to the North American Com
many without the knowledge of the United
cfRDtaIS