Evening journal., 1910-07-01
CLOSING UP
RAILWAY DEAL
0. I. Crosby, to be President
Of New Company, at
Meeting Today
NEW CONCERN TO
TAKE HOLD TOMORROW


All Of yesterday there was a meet
ing OF the men interested IN the lease
OF the Wilmington CITY Railway COM
pany. the Wilmington City Electric Com
pany and the railways in Chester and
vicinity. and in the Philadelphia a..d VIII
mlngton Traction Company. which Is to
take over the railways and electric plants.
o. T. Crosby Of New York. a atreet rail-
way magnate, of progressive Ideas, who
is TO be president Of the Philadelphia and
Wilmington Traction Company. and John
Rigg. OF Reading, who is president Of the
Interstate Railway Company. which is
to surrender control Of many OF the rail-
ways involved in the deal. were among
those who attended this meet
ing.
The deliberations were held in the Of
fee OF Ward. Gray and Neary. who are
in charge OF the legal phasea OF the dear
involving many millions and who have
prepared the many papers necessary 10
take over the properties and to close up
the lease negotiations.
Mr.. Crosby informed reporter
for The Evening journal that the lease
had not been closed. he was unable be-
cause Of the many details involved, TO
say just when the negotiations would be
closed.
While nobody connected with the big
trolley deal would say so, indications
are that the lease win be closed sonie-
I time late to-day and many
Wilmingtonians win be interested f.
nancially in the new company THoy
include the men who have had big
holdings in the Wilmington City Rail-
way and Wilmington City Electric
Company, and also in the Wilmii' ZION
Light and Power Company which also
is to be transferred. to the new COM
pany. c. r. Webb, of Baltimore who
is perhaps the holder Of the most stock
IN the Wilmington Light and Power
Company, will be interested heavily In
the new company. Some Of the other
" ilmingtonians to be interest sd vii
include former Governor Preston Lea
Scott and Company who represent sew
eral persons: Pierre s. DUPONT. Charlie.
c. Kurtz and Alfred ] DUPONT wh.
are interested in the Wilmington Light
and Power Company
The lease to be made is for 800 year.
and some of the companies 10 be taker
over by the new concern are the Will
mington City Railway Company. IN,
Chester and Wilmington Tracti Com
pany. the Wilmington City Electri,
Company, the Wilmington Light anC
Power Company, the Chester Traction
Company and the Media ana Glen Ril.
die Traction Company. which operate.
a line from Chester 10 Media. EScep
the Wilmington Light and Power Com.
pany. these are the holdings Of thi
Interstate Railway Company south o
Philadelphia.
II is understood that the lease /!
] negotiated on a sliding scale arrange
5 ment. The amount Of the rental /
to be increased annually until tn
; maximum figure specified is reached
< which is to prevail during the re
: mainder of the life of the lease.
r The Wilmington and Philadelphia
turnpike, between this city and thi
Pennsylvania line, and the Wilmington
: and Great Valley turnpike (the Con
cord turnpike) are to be taken owe
by the new company, they being con
trolled by the Interstate Railway
Company.
Mr.. Crosby, who is to become presi
dent of the new company has a repu
tation of being one of the foremos
trolley men OF the country, and he il
expected to give his personal atten
tion 10 the merged lines. While n,
formal statement has been made, il j!
understood that several million'do
will be spent in beterments during
the next five years.
The preparation Of the legal papers
and the legal searches leading up Il
the lease has been a stupendous lega
task, and 1t has kept Mr.. Ward and hi
associates busy for many weeks.
The negotiations leading up TO tn,
. lease began in October last White anG
Company, brokers of New York, start
ed the negotiations. They represen
heavy holdings in the new company
Mr. Crosby is a brother-in-law Of Mr.
White, the broker