Bygones of Monroe:
MERGE ELECTRIC LINES
Detroit United May Buy Toledo Railways & Light Co.
Hardly has the public become used to the fact that the Detroit United railway stockholders have purchased the Detroit, Monroe & Toledo short line, when news comes from Toledo railways & Light Co. may consolidate. In fact officials of both companies have admitted that preliminary steps have already been taken. If the big combination is brought about, it is announced that through parlor and café cars will be run from Detroit to Cleveland, via Toledo, which will be limited cars, with the time out down to a very low figure. Through sleepers may also be put on, although this depends largely on the result of the experiments with sleepers now conducted on eastern electric lines. The consolidation will help greatly to simplify the problems with interurban cars that is perplexing both the city of Toledo and the interurban railways entering it, for the T. R. & L. Co. has a monopoly on practically all the streets on which the interurbans can run. If the change is made then at least the Short Line, the Lake Shore electric and some of the friendly lines will be spared many set backs that they are now receiving.
In regard to the proposed purchase of the Toledo lines, "Finance," a publication of Cleveland, says:
"The greatest weakness in the Toledo Railways & Light matter is the fact that its entire bonded debt, amounting to over $11,000,000, becomes due in 1909. The Everett-Moore syndicate nor anyone else seriously questions but what the Toledo Railways & Light will eventually be treated fair and will eventually have its franchises renewed on a fair and equitable basis. The people of Ohio do not believe in confiscation but it probably would be a hard matter to refund those bonds without some guarantee as to the franchise extension.
"It is quite probable that long before the bonds become due the road will have been consolidated with the Detroit United Railway Co. The income of the Detroit United is sufficient to guarantee the bonds of the Toledo Railways & Light and reissue its own 4 1/2s to take up the present bonded debt of the Toledo Railways & Light Co., when the latter expire.
"The only thing that will be necessary will be to arrive at an equitable understanding between the stockholders of the Detroit United and the Toledo Railways & Light as to the basis for the exchange of Toledo Railways stock for stock of the Detroit United. Just what this basis will be it is hard to say at the present time, but will likely be two and one-half shares of Toledo for one of Detroit United, or somewhere in that neighborhood."
(Monroe Democrat, March 16th , 1906.)