The Washington times., 1905-01-06
v, B. "a. ROAD
To CHANGE HANDS
Cleveland Syndicate to Take
1t Over.
DEAL SOON TO BE COMPLETED
only Few Minor Details Remain to
Be Arranged
Troubles
DEAL SOON TO BE COMPLETED

CLEVELAND, Jan. 6-After negotia-
tons lasting for several months the
Cleveland owners of the partly complet-
ed Washington, Baltimore, and Anna
polls traction property are to sell their
interests TO another Cleveland syndicate
that has been organized to take over
the property and complete it.
All the substantial features of the
transaction have been agreed to and
only few minor legal steps remain to
De taken before the transfer is made
The deal viii probably be completed this
week.
Cleveland Promoters.
The Washington, Baltimore, and An
napolis road was promoted by w. II.
LaTnprecht. Fred T. Pomeroy, Will
Christy and a number OF other Cleve-
land and Ohio people, and is still own
ed by them.S It=vas only partially com
pteted, when the shrinkage of business
came two years .sago. and 1t was not
possible at that time to finance the
deal and carry IL to completion
On July II, 1903. the road was placed
IN the hands of receivers. James Christy
jr-, of Akron, and George William, of
Baltimore, being named, and they are
still in charge.
Preliminary Work Begun.
a year or more ago the preliminary
steps were taken to clear up the con-
tract indebtedness of the property and
get IL in shape where il could be re-
financed or the property sold 10 some
other traction company. A committee
was chosen to take charge of that work,
the members being z. G.. Tillotson. w.
N. Gates, w. S. Hayden and F. T Penn
eroy.
The work of the company was to get
The property out of the hands OF the
| receivers and formulate Z plan for irs
future An assessment WIS levied and
paid N by the subscribers to the under
writing that has enabled the commit
tee to clear the property of its obliga-
tons and get IL where ii could be sold
and clear title given.
Financial Troubles.
The financial troubles of the roed
| We're precipitafed by the inability of a
considerable number of the subscribers
lsto the underwriting to meet the calls
for cash The other members were Tot
| able TO take UP the defaulted subsc;ip-
| tlons and the Zines were not such that
new capital was easily secured
| Some months ago there We're negotia-
| tions oIsened between the owners and
some other CleveIanders who were with
| the. syndicate that constructed the
Northern Texas Traction Company
some years ago. and the negotiations
nave progressed TO the point where
George T. Bishop John Sherwin, and
| their associates are to purchase the
| road and complete it, They built and
| have operated the road in Texas. which
| has been one of the most phenomenal
| successes III all the long list of traction
properties promoted by Cuio capitalists
Between Washington and Baltimore
The line is designed TO furnish high
speed service between Washington anG
| Baltimore and the tracks are to be en-
| tireiY on private right of way and con-
structed so that the cars operated viii
| travel on steam road time. There Is ar
| immense interchange of travel between
the two cities. and it is expected the
travel viii grow every year as the popu-
| Iation increases, so thsst the traction
| line has the prospects Of an immense
| business from it's opening
| The company has n contract for oper-
ating its cars into the city Of Washing
ton over the tracks of the local company
| and IT has franchise In the city of Bal
| tiYnOre- The distance between the IWC
| cities is thirty-one miles
| The enterprise has been considered ar
| excellent one from the time the Clcve-
/ land men proposed it, secured their fran.
| chises. and started work. number oi
| the men in the former enterprise vii
! remain in the new syndicate