Evening journal., 1913-01-15
TRACTION
COMPANY
AGAIN SOLD
National Properties Company
Takes Over City Lines But
Purchase Price is Not
Announced
ELY SUCCEEDS CROSBY
AS PRESIDENT OF COMPANY

The property Of the Wilmington and
Philadelphia Traction Company, in
cluding its lines in Wilmington, and
the trolley road between this city and
Darby; the Southern Pennsylvania
company's line, and the electric light
monopoly in Wilmington, changed
ownership today The purchase was
made by a banking group, consisting
of II. b. Rollins and Company, of New
York, and Newburger Henderson and
Loeb, of Philadelphia and New York,
for the National Properties Company,
which already owns several other
trolley properties. The president Of
this concern is Van Horn Ely, Of
Pittsburgh, and he will be the presi-
dent of the new concern.
Oscar r. Crosby. who has been
president of the Wilmington and Phil
adelphia Traction Company for two
years. has resigned and sold all his
interests in the company to the new
owners. He expects to go to Asia or
Africa for travel at an early date.
4. w. Wilson, who has been assis-
tant to President Crosby while nego-
tiations for the sale have been going
on, will become vice-president Of the
new company and will remain i'm ac-
tive local control.
1t was asserted today that there will
be no change in the management, in
sofar as William a. Heindle, general
superintendent of the Wilmington and
Philadelphia Traction Company and
his able corps of operating assistants
is concerned.
1t was said that the new interests
have obtained a majority of the COM
mon stock but just how much was
not stated. The local end of the sale
was looked after by Scott and Com
pank bankers Of this city who are
large stockholders in the local COM
pany, but neither member of this firm
was seen today, both being out of the
city.
Beyond stating that the new people
had secured a large portion Of the
common stock of the company Scott
and Company the local bankers in
charge of this end of the sale, gave
no further information and just how
much money is involved is not defn-
itely known, although the figure has
been placed at S2000,00O.
The local company is capitalized at
SG.50O.O0O
A statement was issued from that
Office however II follows
"The purchase of large amount OF
the common stock OF the Wilmington
and Philadelphia Traction Company
as recently announced by Scott & Co.
of Wilmington Del, has been COM
pleted. The purchase has heon made
by o banking compromising mainly
OF H. b Rollins g. CO. Of New York,
and Newburgcr Henderson & Loeb OF
Philadelphia and New York for the
National Properties Company which
already owns several other proper
ties. The capitalization OF the. Will
mington and Philadelphia Traction
Company viii not be enlarged. The
purchase viii bring into the local
management additional financial and
operating ability of importance and
assures the full development of this
local situation The president of the
National Properties Company is Mr.
Van Horn Ely. of Pittsburgh. He will
be president of tho Wilmington and
Philadelphia Traction Company. Mr..
Oscar r. Crosby having sold his i'm
tcrest has resigned and expects at an
early date to so to Asia or Africa for
travel. Mr. r. w. Wilson now Assist
ant TO the president will become tho
vice president and remain in active
local control. MT Heindle and his
able corps of operating assistants all
remain"