Evening journal., 1910-04-02
WILL LEASE The
CITY RAILWAY
Local Capitalists Will Pro-
baby Take Over Wilm-
ingtOn City Line

Negotiations are pending for the lease
of the Wilmington city Railway Company
which Is controlled by the Interstate
Railways Company. The Interstate Rail
ways Company yesterday leased the rail
ways included in what Is known as the
Reading system.
The Wilmington system includes tho
Wilmington and Chester lines. and the
lines in Delaware county. Pa The Tren-
ton system also is TO be- leased.
IL IS understood that the Wilmington
City Railway will be leased by COM
pany 20 be composed largely Of Whining
ton capitalists
Who Will comprise the company to take
over the Wilmington city Railway could
not be learned to-day.
The Interstate Railways Company
leased to the Reading Transit Company
yesterday the Schuylklll Valley Trac-
tion Company, the United Traction
Company, of Reading, the Obey Valley
Railway, the Neversnk Mountain Rail-
way, the Metropolitan Electric Com
pany, which does all the electric light
and power business of Reading; the
Lebanon Valley street Railway Com
pany and the Edison Electric Illumi-
mating Company, of Lebanon.
The transaction leaves the company
with only the Wilmington city, Will
mington and Chester Traction Com
pany and the Delaware County and
! Philadelphia Railway on its hands.
Both Of the later concerns are to be
leasel. and the Interstate Company
will then be exclusively the holding
/ corporation for the lines it formely
operated, except those which arc now
i'm the hands of receivers.
! Capitol stock to the amount Of more
than S50OOO00 is involved in the deal,
but what terms were made in the
leases are not known outside Of the
parties TO the contract.
John L. Rigg, president of the Inter
state Company, said yesterday that the
Wilmington and Chester Traction Com
pany would probably be leased to New
York. Wilmington and Baltimore in
terest
indications point that way" he said,
"and IL is also intended to lease the
Trenton Street Railway Company"
Mr. Rigg intimated that certain in
tcrests were seeking TO obtain the Tron-
ton system. He was asked whether
these interests were represented in the
Public Service Corporation of New
Jersey. 81 cannot say" was the reply.
eve our disposlng of all our lines by
lease, intending to do only a holding
business. In addition to those / have
mentioned we will also lease the Della
ware County and Philadelphia Rail-
way"
4 Plans are under way for the reorgan-
ization of the Interstate Railways Com
pany.
The mileage which is disposed of
under the leases Just effected is about
2J0. somewhat less than half of the
total mileagc of the Interstate system.
The capitalization and bonded indebt-
edness of the corporations leased to
the Reading Transit Company is as
/ follows:
SchuyllSn Valley Traction Company
/ authorized capitalization, Sl0O0,000i
b outstanding. S5oO,ooO; Indebtedness
r S245 600
United Tranction Company of Read
ing-Capital stock authorized and out
standing 100000, Indebtedness. Sli9,
600,
Lebanon Valley street Railway Com
/ pany-Capital stock authorized an'
a outstanding, 100000; Indebtedness
n 100000.
Neversink Mountain Railway-Capi
tai stock authorized and outstanding
100000 Indebtedness. Sl,ooO,OOO.
Obey Valley Railway-Capital stool
authorized and outstanding, $250,0OO
Metropolitan Electric Company
Capital stock authorized and outstand
ing. $1.OOO,O0O; Indebtedness. $4,000, 900.
The Trenton street Railway hai
authorized and outstanding capita
stock to the amount of Sl,000,000. an'
an Indebtedness Of 500 900; the Della
ware County and Philadelphia Railway
100000 authorized, 100000 outstandini
and $4,000 Indebtedness the Whining
ton and Chester Traction Company
S2,O00.0o0 authorized and outgtandin
and 81 SO5 900 Indebtedness.