The San Francisco call., 1910-12-29
BORAK king IS
MASTER OF ROADS
Henshaw Deal Puts F. NJ. Smith
in Complete Control of
Electric Lines
Capitalist Announces That He
WH Develop Key Route
and Traction Systems

OAKLAND. Dee. 2s.-Through the
dsa hv which r. IL Smith secures all
te holdings Of ". c. Henshaw, presi-
cent of the Union bank OF savings. in
the Oakland traction company and the
Key Route. as exclusively announced in
The CAN this morning. Smith becomes
the absolute master OF these two big
systems. He has always been in con-
lrol. but the purchase Of the Henshaw
interests removes the last OF the heavy
minority holdings and gives him the
free rein that he has sought for a long
time. Following so closely upon the
purchase OF the entire holdings Of
Frank c. Havens in these corporations,
It is evident that Smith has been n
patient TO secure control in ordc nat
the great plans he has outlined may be
{ carried out
PLANS A SECRET
A formal confirmation was made to-
day by Smith Of his purchase Of the
HenshaW interests. In a statement
given out he speaks OF his plans for
these two big systems and says his in
tentions are TO give the cities on the
east side Of the bay the best streetcar
and ferry systems which money and
+ enterprise can provide. AS yet he is
4 not in a position, he says. to make
public just what his plans Of further
Improvement are.
Men close to the plans and interests
. Of the Oakland traction company and
, the Key Route state that Smith always
. has thought highly OF Oakland and ap-
preciates deeply the treatment which
has been accorded him by this city. AS
a result he feels that there is nothing
TOO good for the city and he will carry
on his development work until his
dream Of accomplishment is realized.
Smith is a dominant figure in Oakland
Investment circles and his interest in
these two projects Will add in a Won
derful degree to the upbuilding of
oakland
Ever since his return from New York
2 short time ago Smith has shown his
hand IN the work being done on the
Oakland traction company and the
Key Route and the plans for improve
ments which already have been made
public. These improvements have
called for a great expenditure of
money, while it is said by those close
70 Smith that millions Of dollars will
be spent in the development work
which he now is outlining.
WILL CONCENTRATE EFFORTS
Smith. although interested in many
corporations. all OF which viii have
Offices in the Realty Syndicate build
ing, now being erected in Broadway
near Fourteenth street, viii devote
Practically all Of his time TO these two
systems. In order to give him more
tine for this work he has disposed Of
his holdings in the Peoples water COM
psny the transfer being made at the
time he secured Havens' interests in
the traction company and the Key
Route.
Smith viii keep his interests in the
Santa Fe, but will take the part OF a
stock holder only in this corporation.
1t is said on good authority that he
viii not dispose Of any Of his holdings
IN the Key Route TO the Santa Fe, no
matter what inducements may be made.
The statement made public today by
Smith Is the first he has given out for
a long time and was in answer TO the
interest aroused by the story of this
morning. The statement follows:
While # is true that have pur-
chased from Mr.. F. c. Havens and
Mr. w. G. HenshaW their holdings
IN the Oakland traction company
and Key Route and that I have sold
TO Mr.. Havens my holdings in the
Peoples water company. it is not
true that I have sold any Of my
transportation interests to the
Santa Fe company, nor have I had
any negotiations with that company
20 that end My plans are TO give
the cities on this side of the bay as
fine a streetcar system and ferry
system as brains and money will
provide.
can not at this time state in
detail just what plans for such de-
velopment have been determined
on. This would not be polite or
businesslike.
In making his formal statement to-
day, Smith said that some misleading
announcements had been made and 1t
was 70 correct any erroneous impress
sions as TO his plans that he departed
from his inlexible rule not to discuss
In public his business. Such negotia-
tons as the Key Route has carried on
with the Santa Fe have been 20 obtain
terminal privileges on the Key Route
mole that is TO be built along the line
OF the existing pier. It IS said in
financial circles that Smith has been
amply provided with funds to carry
out his plans Of developments