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Show SHE! CAR SYSTEM WILL BE SOLD TODAY New Corporation to Take Over Interests for Consideration Consid-eration of $20,000,000. PLANS ARE COMPLETED Harriman Interests Let Go of the Property at a Big Advance. Ti e Salt Lake street railway system Will I'c sold today. The ownership of the fijslcm will puss from the Utah Light & Railway company to the Salt Lake Liitl.t & Traction company, a new corporation cor-poration controlled by the same interests that control the Utah Power & Light company The formal action necessary to complete com-plete the deal will be taken today at mcetlnss of the stockholders of the Utah LiitlU & Railway company and the Salt J .like LIslU & Traction company. Indications Indica-tions last night were that the meetings of the stockholders would be merely formal for-mal in order to secure official ratincation of private negotiations. Those who control con-trol the stock in each of the two corporations corpora-tions have conducted the negotiations, and the basis of the transfer and the financing of the new corporation have been arranged. p B Kawx er, general manager of the Utah Power & Light company, said last night that It was expected that negotiations negotia-tions for the purchase of the street railway rail-way svstem would be concluded satisfac-torilv satisfac-torilv at today's meetings. He said that plan's for taking over the street railway system had been completed by the bait Lake Light & Traction company, contingent con-tingent on favorable action on the deal to.-iav at the stockholders' meetings. Ko'r some time auditors have been going over th books and accounts of the Ltan Light & Railway company and engineers have been placing estimates on the physical property of the company. Their work has been practically completed and nothing remains save the formal ratification ratifica-tion of negotiations. llr s-awver said that he -was not at liberty to state the amount involved In the transaction. However. It is understood under-stood to be in the neighborhood of $-0.-unn no,. The Utah Light & Railway is at present controlled by the Harriman pnd the Union Pacific interests. The lr"et car svstem was taken over by the Harriman interests eight years ago. The purchase price was in the neighborhood ot i?, fH'O OoO. Improvements and extensions costing $10,000,000 have been made. Salt I ike' street car svstem now ranks with the best in the United States. There are many miles of track throughout the city anil extending beyond the limits to : -uliisrban tracks and subdivisions and to a number of towns and cities tributary to Salt Lake Recently a number of new cars were added to the equipment, and There is prompt car service on every line. ' The valuation on the good -will and the business of the company Is placed at about $7,000,000. This brings the total - ablation of the property to approximate- ' . iy ;0.000.000. |