The Akron and Barberton Organized at Pittsburg – Who the Joint Owners Are.
PITTSBURG, May 22 (1902) – The Akron Barberton Railroad Company was created to-day in this city at a meeting of James McCrea, First Vice President of the Pennsylvania lines West; E. B. Thomas Chairman of the Board of the Erie Railroad, and Oscar G. Murray, Vice President of the Baltimore and Ohio. The new road will be owned jointly by the Pennsylvania Company, the Erie Railroad, the Baltimore and Ohio, and the Vanderbilts.
The new company will have a capital of $100,000, divided into 1,000 shares of $100 per exchange. Of this stock $25,000 will be held by each of the four interests. Under the organization yesterday James McCrea was made President and S.B. Liggett, Secretary of the Pennsylvania Lines West, Secretary. The Directors are Messrs. McCrea, Newman, Thomas, and Murray.
About fifteen miles of the road are already built, including a line joining Akron and Barberton, with branches in the towns. In addition there are several spurs and extensions planned to gain entrance into all the important industries located nearby. As the property is owned jointly, there will no longer be any fighting for rights of way.
No announcement was made yesterday as to the operating officials of the new company. It was said that no bond is at present contemplated.