The Wheeling intelligencer. [volume] (Wheeling, W. Va.) 1903-1961, 1912-05-25
NEGOTIATIONS NOW ON
WITH EASTERN CAPITAL
Option Taken on City and Elm
Grove Line at Twenty
Two.
Wheeling Traction Stockholders
Asking 125 for Their
Stock.

Two traction deals OF mammoth
importance to Wheeling and vicinity
are pending. Within the next forty
eight hours one or both may be defin-
itely closed
For several DAYS rumors have been
rife as TO negotiations pending be
tween the City & Elm Grove COM
pany. and the Wheeling Traction
company. The facts as TO the situ-
alton are substantially as follows:
Representatives OF eastern capi-
talists associated with the Ameri-
can Railways company in New York
city have taken an opinion on the
majority OF the stock OF the City a.
Elm Grove company at a price un-
derstood 10 be about twenty-five
cents on the dollar. Part OF this pur-
chase price is payable in cash and
part in securities. The option ex-
pires June lst. and officials OF the
company have been given TO under
stand that IL is probable that the
option will be acted upon.
Representatives OF the same or al
lied interests have also asked for an
option on the stock OF the Wheeling
Traction Company and several con-
ferences have been held between rep
resentatives OF the eastern buyers
and large stockholders OF the Wheel
ing Traction Company. The last con-
ference was held in Pittsburgh yes
terday II is understood that the
price fixed for Wheeling traction
stock is 125. and the principal point
OF difference between the negotiators
was as 10 how the money should bs
paid n the deal is made. Wheeling
traction stockholders, IL is understood
Insist that payment shall be in cash
or part in cash and in short term
notes. secured by the entire stock OF
the company.
While there is no certainty that
either deal will go through. the above
Is a reasonably accurate statement OF
The situation Officials OF both the
. CITY & Elm Grove and the Wheeling
Traction Companies decline to make
public any statement. but stock
. holders who have been conferred
with understand the above to be es-
sentially the terms OF the proposed
transactions. While the two COM
panies in Wheeling have no direct
connection. IL is understood that the
proposed buyers OF the two companies
are the same parties. Il being the
purpose OF the buyers 10 control the
( traction situation in Wheeling and
vicinity. The deals. if carried through
Will bring into Wheeling nearly
100000 OF ready money and az
the same time interest IN the Wheel
ing traction properties some OF the
most important capitalists Of the
eastern cities
The Wheeling Traction property IL
justly regarded 20 be one of the most
va liable traction properties in the
United States. n has been vastly i'm
proved during the past eight or ten
years. Large sums have been spent
on the tracks and equipment. It's
franchise conditions are satisfactory.
and i's geographical position is such
that no competitor can ever invade its
business seriously. The outstanding
stock OF the Wheeling Traction Com
pany is about 8. 800. .OO0. The CITY q
Elm Grove property has not been so
prosperous a. the Wheeling Traction.
but II is a valuable property. and It's
business has been constantly increas-
ing during the past several years
The Intelligencer learned Of the
proposed deal several days ago. but
the ofhcials declined 20 make a state
ment. Since the publishing. however.
0f The Intelligence article. the rumor
continued until the facts we're learned
yesterday