Santa Fe new Mexican. [volume] (Santa Fe, N.M.) 1898-1951, 1906-03-07
IS SANTA f
CENTRAL SOLD?
Pittsburg Reports
Say Deal Has
Been Closed.
TALlMADGEs INTERESTED
Sale Would Probably Make
This Line Part of Gould
System.

Pittsburg dispatches still maintain
that the Santa Fe Central Railway
Company has been sold to the Tall
madges and others. Despite the fact
that Colonel w. S. Hopewell, vice
president of the road, says the re-
ports are without foundation, the fol-
lowing dispatches indicate the re-
verse:
Officials Meet.
Pittsburg, March IA meeting of
the Pennsylvania Development Com
pany, owners of the Santa Fe Cen
tral Railway, was held here tonight at
which 1t Is announced it was agreed
to accept the offer made for the rail-
road by G. W. Tallmadge, of Chicago.
The formal negotiations will be COM
pleted within week and the transfer
will be made Immediately thereafter.
Francis J. Torrance, vice president
of the Santa Fe Central, said that he
would issue statement when the sale
is consummated. The sum realized
from the sale of the road will be an
enormous benefit to the depositors of
the closed Enterprise Bank. Some of
the properties Of the Santa Fe Central
Railway had been rated by Special Ex-
aminer E. P. Moxey. of the bank as
doubtful" the others as good"
The sale now said to be nearing
consummation will put an entirely
different face on the next report cov-
ering these properties, and it is
agreed that the large portion of the
doubtful" assets would be switched
into the good" assets column, for the
real value of these properties is not
questioned here.
Was Not Informed.
II have not been informed of this
sale,' said Receiver Thomas Rinaker
of the Enterprise Bank "but 1t will
be a good thing for theedepositors.
cannot, however, undertake to say
how much it will do"
Various estimates of the price that
is to be paid for the railroad property
have been made here. The fact that
the company has a stock issue of
S2,5O0,0 900 was used as basis for the
price to be paid. Inasmuch as the
proposed buyers offered 100 per cent
OF the actual money invested in the
building OF the road and in securing
the property, the amount of the bond
issue can barely be taken as indicat.
ing the actual price offered. The new
owners are to assume the bonds is
sued by the road and pay the stock
holders the amount their stock cost
What this will be is not stated and it
is likely that no statement will be
made until the matter has been def
nitely closed up.
Pittsburg, Pa, March 7.-Thomas
Rinaker, receiver of the Enterprise
Bank, said this afternoon that Francis
j. Torrance, vice president of the
Santa Fe Central Railway, had not in.
formed him that negotiations were in
progress for the sale of the road to
the Tallmadge syndicate, of which
rumors have been current here for
some days.
Admit Deal Is On.
Roswell, N. NJ, March 7.-E. r. Tall
madge, of the firm of Tallmadge &
Tallmadge, Chicago, arrived in Ros-
we'll tonight, having come from Pitts
burg by way of Ell Paso. Torrance
and the automobile line. He has been
in Pittsburg for the past month with
his brother, G. l.. Tallmadge, negoti-
ating for the purchase of the Santa Fe
Central Railway.
Tonight Mr.. Tallmadge declined
when pressed by the Morning Journal
correspondent, to discuss the salient
point of the deal, in that he would not
say whether or not the deal for the
purchase Of the road had been closed.
While Mr.. Tallmadge said that he
was not in position to give out any
definite statement as to the conclusion
of the negotiations, he talked of the
proposed sale of the railroad, saying
that the Tallmadges were, not mere
brokers in the deal, but that they were
generally interested and were now
preparing to move their headquarters
from Chicago to Roswell for the pres
ent, at least.
Urged to make statement as to
who were behind the Tallmadge syndi-
cate in the pending transaction he
said that he could not do so: but he
said that 1t was a notable fact that
the Gouds refused to discuss the deal,
leaving the inference that they are
interested.
He said further that there Is no
question OF the immediate extension
Of the line to Roswell and Albuquer-