The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-08-23
LAKE CITY TROLLEY COMBINE.
PROMOTER TALKS OF LINE FROM
NEW YORK TO DETROIT.
fractional Company Gets Control q
Roaais...A About Bunsio and Reaches Out
to Rochester and Observation-Disclosures
Same as IN Big Car Builders Merger.

Same Is IN Biz Car Builders' Merger.
Tho incorporation in Trenton few days
ago and the final organization In this city
yesterday OF the fractional Company. with
an authorized capital Of 31OO, 900. marked
an important step in bringing under one
control several great systems OF traction
lines in western New York, Ohio and Michi-
gan and close identity Of these systems
with the SS4 900 900 combination OF street
car builders now under way. The Traction
Company was formed primarily to take
over the International Traction Company,
which controls the street car lines in and
around Buffalo, Niagara Falls and Lock-
port. But the charter of the new company
permits it to acquire other properties
The banking firm OF Kean Van Cortlandt
4 Co.. which has very large interest in
the new concern, controls the traction
lines of Det roit and the traction lines and
lighting companies OF Toledo and are the
syndicate mana gers OF the car builders
combination, which embraces nineteen OF
the largest car builders of the country.
The Interna, ional Traction Company
was formerly controlled by j. P. Morgan
Il Co., and was sold by them last March.
1t was announced at that lime that certain
Buffalo and Philadelphia capi ai'ts had
purchased the road, but the fact that Kean
Van CortAndt 4 Co., were backing the
new control has only developed with the
formation of the fractional Company.
The possible extent Of the activities OF
the group of capitalists which has organized
the fractional Company was outlined by
one of the bankers yesterday. At the
present time trolley lines are being built
from Rochester to Buffalo and from Buffalo
to Cleveland. Lines already are in opera
ton from Cleveland to Toledo and from
Toledo to Detroit. The New York Central
is supposed to ha We an interest in the Roches-
ter-Buffalo line, but the other lines are
independent.
The fractional Company and the banking
firm identified with it control terminal
facilities in Buffalo, Toledo and Detroit
and contracts have already been made
with the independent lines running between
those cities, and between Rochester and
Buffalo. One Of the bankers said yesterday
that these contracts mean very close iden-
tity@ OF interest Of all the lines between
Rochester and Detroit. Whether the Trac-
tional Company group will ultimately con-
troll all the now independent lines he could
not say The purpose Of the company is
for the present to control the terminal
facilities in the Lake cities.
The lines of the fractional company in
and around Buffalo have a mileage OF $50.
The Detroit system foots up $50 miles and
the Toedo system 1l2 miles. The some
what optimistic statement is made by one
Of the promoters that within two years
there will be a continuous trolley line from
New York to Detroit.
Although the authorized stock Of the
fractional Company is 100000; only $4,000
is to be issued at present. The holoers OF
70, 600 shares Of common stock Of the Inter-
national Traction Company constituting
control OF the common stock have ex-
changed their stock for fractional stock
on the basis of 100 shares Of international
for one share Of fractional, large amour;
OF the preferred stock Of the International
is also held by the new company.
According to the statement made by
the bankers yesterday three men control
the fractional Company. G. Louis Bois-
sevan Of Kean. Van Corlandt CO., Henry
J; Pierce OF Buffalo and Nelson Robinson.
Schley and T. Dewitt Cuyler, who is
prominent Philadelphia capitalist and a
director OF the Pennsylvania Railroad, are
the directors OF the new company.
Mr.. Pierce, who was president OF the
elected president Of the new company.
He Is president of the Buffalo Chamber Of
Commerce. president Of the Netherlands
several other traction lines in Holland
which DR.. Boissevain controls. Messts.
Pierce and Boissevain are also interested
in several companies which manufacture
railroad equipment and supplies. Nelson
Robinson was elected vice president Of the
now company and Arthur Robinson secre-
tarv and treasurer.
Most of the roads around Buffalo owned
by the fractional company have 900 year
franchises. Their power is supplied by the
power companies at Niagara Falls.
: Although the bankers had nothing to say
on the subject the fact that they had under
taken to bring about the great car builders
merger so soon after their entrance into the
AFFAIRS Of the Buffalo traction lines was
considered of great interest in Wall Street.
Further Developments toward the COM
pletion of the car builders merger are ex-
pected soon.