Evening journal., 1910-06-30
CLOSING UP
RAILWAY DEAL
o. I. Crosby, to be President
Of New Company, at Local
Meeting Today
NEW CONCERN TO
TAKE HOLD TOMORROW

All Of this morning there was 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 nd
vicinity. and In the Philadelphia ard VIII
fnington Traction Company. which Is TO
take over the railways and electric plants.
%. T. Crosby OF New York. a street rail-
way magnate, Of progressive ideas. who
is to be president Of the Philadelphia and
Wilmington Traction Company. and John
Rigs, OF Reading who is president OF the
Interstate Railway Company. which is
10 surrender control Of many of the rail-
ways. involved in the deal. were among
those who attended this mornings meet
ing
The deliberations were held in the Of
fice OF Ward Gray and Neary. who are
In charge OF the legal phases OF the deal
involving many millions and who hav,
prepared the many papers necessary tc
take over the properties and TO close IN
the lease negotiations
Mr.. Crosby az noon informed a reporter
for The Evening Journal that the lease
had not been closed He was unable bo.
cause Of the many details involved, "a
say just when the negotiations would b,
closed.
While nobody connected with the biz
trolley deal would say so, indication.
are that the lease will be closed SOME.
time late today or tonight The inten
ton Is for the Philadelphia and VIII
mington Traction Company 10 take
over the railways and electric plant.
by tomorrow morning II possible. Man,
| Wilmingtonians will be interested n.
nancially in the new company. They
| include the men who have had biz
holdings in the Wilmington City Rail.
way and Wilmington City Electri,
Company. and also In the Wilmif sioi
Light and Power Company which ais,
Is TO be transferred TO the new com
pany. c. r. Webb. OF Baltimore. wh'
is perhaps the holder Of the most stool
IN the Wilmington Light and rowe
! Company. will be interested heavily II
the new company. Some Of the othe
Wilmingionians to be Interested vii
include former Governor Preston Lea
Scott and Company. who represent sew
eral persons; Pierre s. dupont Charlie
G. Kurtz and Alfred I DUPONT VIII
are interested in the Wilmington L.gh
and Power Company.
The lease 10 he made is for 9o9 year
and some Of the companies to be take
over by the new concern are the vii
mington city Railway Company. tn
/ Chester and Wilmington Traeti Com
phny. the Wilmington city Eleetri
Company, the Wilmington Light an
/. Power Company. the Chester Tractio
Company and the Media and Glen Rid
die Traction Company, which operate
a line from Chester to Media Excer
the Wilmington Light and Power Com
pany, these are the holdings of th
Interstate Railway Company south Z
Philadelphia.
1t is understood that the lease i
negotiated on a sliding scale arrange
ment. The amount Of the rental /
TO be increased annually until IN
maximum figure specified is reached
which is to prevail during the re
mainder of the life of the lease.
The Wilmington and Philadelphi
turnpike, between this city and tn
/ Pennsylvania line, and the Wilmington
and Great Valley turnpike (the Con
cord turnpikel are to be taken owe
by the new company, they being con
trolled by the Interstate Railway
p 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 !
expected to give lis personal atten
tion to the merged lines. While n
formal statement has been made, il
understood that several million dollar
will be spent in bettelments durin
the next FIVE years.
The preparation of the legal paper
and the legal searches leading up {
the lease has been a stupendous legs
task and il has kept Mr.. Ward and hi
associates busy for many weeks.
The negotiations leading up TO th
lease began in October last. White an
Company, brokers Of New York, star
ed the negotiations. They represer
heavy holdings in the new companl
Mr.. Crosby is a brother-in-law Of M
White, the broker.