The Montgomery advertiser., 1905-03-07
Traction Line Bought By
 Capitalists.
TO IMPROVE PROPERTY
Philadelphia Men Secure Con-
 trOl of Corporation.
They Operate First-Class Street Rail- ways in Several Cities and Devel- opment Is Expected-Manage-
 mcnt is Not Announced.

The Montgomery Traction Company has passed into control of Philadelphia capitalists and it is announced that vast Improvements are to be made in the property.
 Acting for a syndicate of Philadel phia capitalists R. D. Apperson of Lynchburg, Va, yesterday morning consummated deal by which the New York stockholders of the Traction Com pany sold their stock and all bonds to the Philadelphia people, who operate street railroads in a number of cities.
 The actual selling price of the stock varied from 62 1-2 cents to much higher figures
 In August. 1902, the Montgomery Traction Company was incorporated and was bonded for $31S,000. J. G. White X Co. of New York were the principal stockholders. There are seven Montgomery stockholders of the company. They are w. F. Vandiver, R. M. Henderson, w. B. Davidson, Mo Duff Cain, R. L. Harmon, B. L. Holt and w. T. Robertson. None of the To- cal stockholders has sold any of the stock, although it was reported yes- terday that the stock of Colonel B. l.. Holt and R. l.. Harmon had been sold to the Philadelphia syndicate. In this event two law suits now in the local courts will be wiped out. MT. liar mon filed the first suit against the Traction Company in 1903 The second one was filed by the same party last summer.
 The suits were to recover some stock which it was claimed J. G. White & O. had never paid for.
 If the Philadelphia people have bought the stock of Messrs Holt and Harmon the cases now in court will be dismissed.
 Now Mauared hv Recetver
 few days ago the Montgomery Traction Company was thrown into the hands of receiver, Judge Thomas G. Jones of the United States Court ap- pointing Major E. E. Winters. General Manager of the Traction Company as receiver.
 The New York stockholders were in. possession c::- -tfree-fodftfis of the asf6eK' Of the company. Yesterday nlpfnifR; they transferred all their holdings to the Philadelphia people and resigned.
 Tt is hardly possible that any of the Montgomery stockholders will cause trouble" saiG a prominent attorney yesterday. "A sale of the property can be ordered by the United States Court and the new owners in Philadelphia can buy the property in without paying cent simply by reason of their hold 1ngs of the bonds and stock"
 Major Steiner Talks,
 T really don't know very much about the transaction said Major R. E. Steiner, Vice-President of the Traction company, yesterday morning. q re- telVed a telegram from the New York onlcc this morning telling me that MT. Apperson would call on me in Montgomery within the next day or TWO. Beyond that I will probably not Know anything until he reaches Mont gomery."
 Do you think that there will be many changes in the affairs of the Traction Company" he was asked.
 That I am unable to tell at pres ent. he replied The new owners will be virtually in absolute control of the situ .tion, and just what their poI- icy will be remains for the future to develop" to
 R. D; Apperson who acting for the Fhlladelphia people, closed the deal yesterday. Is President of the Lynch burg Street Railway and Light O.. the Roanoke Street Railway and Power company and several other big Vir g1nla corporations. He is originally from Little Rock. Ark and for a mum per Of years past has had charge of the affairs of the Philadelphia syndi- cate engineering deals similar to the one closed with the Traction Company yesterday morning. He was in Mont gomery several weeks ago and is ex- pected within the next few days several of the Philadelphia capitalists will accompany him.
 Names Are Withheld.
 T cannot give you the names of the Phlladelphia parties yet" said a Mont gomery lawyer yesterday who has charge of their interests here, but I can say that they are among the most progressive and up-to-date men in their line in this country. It is not regula rorganized com pany' he continued, but a number of business men and financiers who buy and develop property that they think should be valuable"
 The Montgomery Traction Company at present operates eight and one-quar- ter miles of tracks in Montgomery. the principal line being the one leading to beautiful Pickett Springs, something over four miles from Montgomery. At the terminus of the Pickett Strings line the company has fifty year lease on most valuable piece of property which it has developed. The park is a very handsome one, made bright as day at night with myrlads of electric lghts' landscape gardner mas made the grounds very attractive while there is a spacious pavilion. bowling alleys, pool tables a neat summer theatre the Casino. and numerous swings scatter about tho grounds.
 With the naturally beautiful loca- tion-on the brow of a gently sloping hill. and an abundance of cold water from the springs that gave the place its name and have made 1t famous Pickett Springs Is an ideal resort.
 As to Pickett Springs.
 "I don't know for certain. of course just what the owners will do with Pickett Springs" said a Montgomery man yesterday. who Is interested in the deal but it is safe to assert that they will make extensive improve ments out there. and I think that it will only be a question of time before they will begin to build double tracks from the Springs to a point just the other side of the long trestle over the tracks of the Central Railroad"
 Besides the Pickett Springs line the Traction Company operate a line from Ludie Street in the western part of the city to the terminus of Perry Stret another line running out High Street and Hull Street to Fielder Street on the uyastern boundarv of Oak Park