The Lake County times. [volume] (Hammond, Ind.) 1906-1933, 1907-07-19
Has Been Capitalized
100000 and Directors
Are Named.
IS WHITING SYNDICATE
New Traction Magnate Says He Is
Receiving Estimates on
the Work.

At a meeting OF the prospective
stockholders Of Gavit syndicate which
has secured the traction franchise in
Gary, company was formed 70 be
known as the Gary and Interurban
railway company. Articles OF incor-
poration We're drawn up and the COM
pany was capitilized at $4,000.
Directors were elected. consisting.
I. y. Gavit, John A. Gavit. c. Is. Man
beck. n. y. Castelman and W T.
Schrage. The meeting was held last
Wednesday and Frank Gavit received
letter from the secretary OF state this
morning stating that the charter had
been granted.
A meeting viii be held Monday az
which the officers of the company will
be elected and the future plans dis
cussed Frank Gavit says that esti-
mates are being received from contrac-
tors for the first two miles and a half
and that work Will begin on this part
OF the road at once.
In fact Mr. Gavit says the whole two
miles must be completed within eight
months OF the granting OF the fran
chise, which was on July G. Mr.. Gavit
was agann asked II lie planned sell
ing out his franchise to either the New
York Chicago line or the Chicago. Lake
Shore and South Bend interurban COM
pany, and Mr.. Gavit stiu adheres TO tho
statement he made some time ago that
he and certain Whiting capitalists
would finance the deal.
Who The Directors Are.
| As TO the personality OF the board OF
directors.
| +. n. Gavit is Whiting lawyer. who
/ r,ada coma ro0pav ~ r, fa a$tr..
and is reported to have made consider
able more out Of Gary realty. No esti-
I mate has been placed aa his wealth.
John Gayft. his brother is a HAM
mond lawyer. who has been practicing
in this city for great many years. he
has never been known wealthy
man although he has some money and
is possibly worth $4,000 to $4,000.
c. b. Manbeck, is the superintendent
cf the can house at the Standard oil
company in Whiting and is working on
q salary. He owns his own home. but
outside Of that it is not known that he
is the possessor OF other property or
convertible assets.
NJ y Castelman. is a Whiting man
and ran tin shop in that city before
he went to Gary and entered the real
estate business. He has made consid-
eI able money since he has been IN Gary
but he is not believed to be the possess
sor OF any considerable amount OF
money. He is close friend of A. r.
Knots.
w e. Schrage. is the son of Henry
Schrage the Whiting banker. He has
no money Of his own. but his father
is reputed to be worth in the neighbor-
hood of s15O,000.
AS the combined wealth of the dir
ectors is not more than $250,000, a
large amount Of which is not convert
able for the purpose of Investment in a
traction company, the inference IS that
the Gary and Interur ban company will
probably be largely financed by out
side men.
OF course it will only be necessary to
secure approximately so per cent. OF
the capatil stock and float bonds for
the other so per cent. II the bonds
will sell on such a franchise.
The development OF the future viii
be interest TO the whole community
AIr. Gavit and his friends have certain
ly bitten off a big bite and their friends
are asking. Can they chew it?"