Rock Island Argus. (Rock Island, Ill.) 1893-1920, 1906-03-23

Tri-City Properties.
the Mississippi Valley Traction, on
this side of the river, and the Peoples
Light. the Davenport Gas and the DAY.
export 4 Suburban Railway in Dav-
EXPORT
Mr. Lardner who returned this morn
| ing from the east admitted that ar
engagements had been made whereby
| he was TO have the general direction
IF the different corporations. The own
ership will repOse in three New York
banking firms, Halsey x Co, Mckay &
Co. and J. G. White & Co. The local
companies will not be changed in title
| for the present at least" said Mr.. Lard
ner to an Argus representative. land
| the traction and light corporations will
always be conducted separately. There
| is to be a holding corporation known
as the Tri-City Railway. Light Il Trac-
| ton company. which will be organized
under the laws either of Rhode Island
or Connecticut, or possibly Iowa. The
| original idea of taking advantage of
the laws OF New Jersey, has. | believe,
| been abandoned. The firm OF j. G..
White & Co.. includes Engineer Wal
| lace of Panama fame 1t is one of
| the best known and most successful
| firms in the country, and has in its en-
plOy the best engineers i'll the world.
This will prove n great advantage TO
rs in a practical way.
| The Capitalization.
"The company's capital stock will be
| IS, 500. 900 to the amount of which ar
rangements have already been made
TO issue collateral , per cent bonds in
/ the sum OF two-thirds of the pur-
| chase price, the other third to be is
sued in stock The plan is a very con
| sentative one; as an indication of the
way it is regarded by eastern finan-
ciers. il may be said that within three
days after the bond issue of $6.000,000
was placed on the market over
| half was taken.
The operating company has not been
| 'ully organized yet. and is not likely
| be until June 10 when the majority
| Of the stock is to be taken over The
| ieal however. is ciosed the sale made.
| The purchasers wanted an extension
IF 80 days for the completion OF the
purchase. and the major stockholders
granted it. Until the formal transfer
is made the various corporations will
be conducted as they have been. The
| new company has already provided for
a sufficiently elastic financial arrange
ment to take care of all interests and
the plans contemplate the expenditure
| of not less than S1,5O0,000 in new
work and extensions during the next
| two years. the material for which is al
'eadv being contracted for. This in
cludes the rebuilding OF all the old
rack in the three cities and the doub-
ing of most of it, and extension of gas
and electric light mains, the retirement
of all the smaller street cars. and the
construction at the company's shops
which are to be continued in Rock Is
land, of cars of larger type TO sup
plant them
some Things That Are Possible.
Asked il the new corporation would
EMBARK in the building of interurbans.
Mr.. Lardner said that was quite posi-
bic. AS to the bringing of the cars of
he Mississippi Valley Traction COM
oany. otherwise the Moline. East Mo
| line & WATERFOWL line through to
Rock Island he stated that this was
| ,ne of the plans in contemplation.
Relative to local stockholders con-
tinuing in the purchasing company
and being represented on the board OF
directors, Mr.. Lardner said, THAT has
| rIso been under consideration and is
rot improbable
| The public in general will be graft
| led to know that Mr. Lardner is to re-
main at the helm not only in the man
/ ,gement of the street railway lines al
ready under his direction. but that the
scope of his influence and responsible