The herald and news. [volume] (Newberry S.C.) 1903-1937, 1910-07-22
INTERBURBAN LINE
CHANGES HANDS
AIKEN = AUGUSTA COMPANI'S
PROPERTIES SOLD.
Believed That Transfer to RedmOn &
Co. Signifies Development of
Trolley Possibilities.

SS1AN ~ Wv
Aiken Railway and Electric company
and allied properties have been sold
to Redmon & Co., of New York, on a
basis of S2,75O,0O0 for the entire prop
erty subject to an investigation of the
physical and financial condition Of
the property which has been going on
in Augusta for the past several weeks
and which, it is believed, will have
the effect of consolidating the deal.
Negotiation for the local street rail-
way properties have been under way
for some time past, Redmon & Co.
having secured an option from the
Hartman estate which expires on
July 29. For some weeks past physi-
cal property experts, accountants and
lawyers. have been at work in Au-
gusta, going over every detail of the
company's business, and their final
reports have been completed and are
now in the hands of the new purchas-
ers, or will be before the end of the
present week. It is understood that
all the reports VIII be passed upon by
July %, and it is known that they
must be acted upon by July 20.
Properties Involved.
The properties involved in the deal
are the Augusta Railway and Electric
company, which is the owner Of all
the local street railway lines and elec-
trio lighting plant; the North Augusta
Hotel company, which owns the
Hampton Terrace hotel; the North
Augusta Land company, owning a
large amount of real estate in North
Augusta, and the Augusta & Aiken
Railway company, owning the inter-
urban line from Augusta to Aiken
By a reorganization and corsolida-
tion of these various companies, some
nine or ten years ago, the Augusta
Aiken Railway and Electric company
and the North Augusta Electric and
improvement company were formed
as holding companies, these two cor
porations owning all the stock of the
several companies, and issuing their
own bonds against the outstanding
securities of the original companies.
It is understood that not all of the out
standing bonds of the original COM
panies have as yet been taken up by
the holding company, so that about
100000 Of the bonds of the hold
ing company still remain in the treas
ury.
Five Millions of Securities.
The total stock issue of the various
companies is about 100000 of pre-
ferred and .S1,500,000 of common
stock, practically all of which is
owned or controlled by the Hartman
estate. The holding company has is
sued S3,00O,000 on bonds against all
of the properties so that the combin-
ed securities now amount to some
thing over s5,O0O,00O.
The Augusta Railway and Electric
company's lines in Augusta and sub
urbs represent about 80 miles of
track, but all of this with the excep-
ton Of about two miles, double-track-
ed, so that the local street railway
system represents about Is miles Of
line. In addition, it embraces the To-
cal electric light and power plant,
which is highly successful enter
prise.
The Augusta & Aiken Railway Co.,
represents about 20 or % miles of
track, between Augusta and Aiken,
which cost to build in the neighbor-
hood of s5O0,OO0.
A Big Hotel.
The Hampton Terrace hotel repre-
sents an investment of 100000 or
more while the property Of the North
Augusta Land company amounts to a
considerable sum. In addition to
these, there is involved in the trade
the Saluda River Water Power and
Electric company's wire and car
rights over the Congaree river bridge
at Columbia, for which the Augusta
Aiken company las paid in the neigh
borhood of 100000. 1t is not de-
fnitely known what the deal means to
Augusta. Several rumors have been
ahoat in connection with it. One is to
the effect that Redmon & Co., is in
reality purchasing the properties for
J. G. White & Co., which is a large
owner of street railway and electric
properties in this country and else
where. Another rumor is that the
purchase is part Of plan to build an