Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-09-21
Meeting Of the Stockholders Of the
W. and G. Railway Company.
PROPOSITION TO PURCHASE TIE ROAD
Only 254 Shares Voted in the
Negative.
PROVISIONS OF THE SALE

The meeting OF the stockholders OF the
Washington and Georgetown railroad, re-
Gently called for the purpose of ratifying
the agreement entered into between Presi-
dent George T. Dunlop and President Fran
els G. Newlands Of the Rock Creek rail-
way, better known as the Chevy Chase
electric line. assembled this morning at 10
o'clock in the Washington and Georgetown
power house. There were present Presi
dent Dunlop. ex-President Henry Hurt, Mr..
Charles C. Glover, Mr.. Frederick c. Ste
Mr.. NJ. I. Adler, Mr.. Robert Beall Mr.. Still
son Hutchins, Mr.. John Cammack, Mr.. A.
B. Grunwell. Mr.. ]. c. Wilson, Mr.. J. G.
Waters, Mr.. S. Thomas Brown and many
other well-known capitalists and business
men.
The Agreement to Purchase.
On motion of Mr.. Grunwell, Mr.. NJ. I.
Adler was chosen chairman and Mr. Enoch
Totten secretary. The latter at once read
the printed copy of the memoranda of the
agreement entered into between President
Dunlop and President Newlands. This doc
ument recited that under an act Of Con-
gress approved March 1, 1895, the Rock
Creek Railway Company, party of the first
part, had proposed to buy of the Washing
ton and Georgetown Railroad Company.
party OF the second part. the line or lines
of railway belonging to it, free and clear
or all membranes and liens whatever.
Including the bonded Indebtedness. The
and Georgetown had outstanding an in
debtedness OF $40O0,OOO, represented by
bonds, which by their terms were con-
vertiblc into capital stock of the company
at the par value of tn, said stock. which
bonds were secured by certain deeds of
trust upon certain Washington and George
towc properties. which it was desired and
required by the Rock Creek company
should be paid and extinguished in whole,
il possible, and. if not in whole. then to
such an extent as possible.
After ether preliminary statements the
agreement stipulated that the Rock Creek
company should purchase the Washington
and Georgetown properties for $40. 10000.
payable in the capital stock Of the Rock
Creek Railway Company, whose authority
10 increase its capital stock was given in
the same act OF Congress, and whose name
would be changed to The Capital Trac-
ton Company" the capital stock of which
paid for the Washington and Georgetown
road and all it's franchises. &C., s2.75O,OOO
In stock was to be paid to the holders of
the 10000 shares IN the Washington and
Georgetown stock at s275 per share. while
&.OOO.OOO worth of the stock should be paid
to the holders of the $4,OOO.OOO bonds of the
companysat double their face value. The
remaining sl,2jO,0O0 in the stock was to be
transferred to the present holders of Rock
Creek railway stock.
The Vote ON the Proposition.
When the reading was finished, there
was no debate. and a motion was made by
Mr.. w. c. Hill, representing the Corcoran
estate. that the agreement be ratified. Mr.
]. c. Wilson thereupon expressed the opin-
lon that there was no law which would
permit the consummation of the proposed
transaction.
Messrs. A. B. Grunwell and s. Thomas
Brown were appointed tellers, and the vote
ha 1n1 A~
names of the stockholders were called,
President George T. Dunlop, with numer-
Gus proxies in his hand, responded, pres
ent, and votes aye" There were no prox-
les recorded in the negative, but several
stockholders present personally cast their
votes against the proposition. When the
result of the voting was figured out. the
tellers announced that 1904 shares of the
10000 shares comprising the total capital
stock Of the company had been voted. of
which $50 were in the affirmative and 254
Ia the negative. When the result was an
nounced the meeting adjourned.
. Mr.. J. C. Wilson. who made copious notes
of the proceedings, when asked by rep
reSentative of an out-of-town owner OF
stock what he proposed to do, stated that
he was not the representative OF an ad-
verse faction, but was acting for himself
alone.
Only One Fare Hereafter.
Immediately after the deed of sale was
filed today a meeting of the board of di-
rectors of the Capital Traction Company
was held at the power house Of the new
corporation, and 1t was decided to at once
place in effect the methods to be followed
hereafter regarding the transportation OF
passengers. The law under which the
Capital Traction Company will operate pro-
yides that but one fare shall be charged
for a continuous passage over its lines any
where within the District Of Columbia.
In order to meet these requirements the
board of directors issued instructions 70
place transfer agents at the corner OF
and 14th streets and U and 7th streets,
where passengers will be transferred to
and from the Chevy Chase branch without
extra cost. This new departure will go into
effect tomorrow morning, ana herea1ter II
will be only necessary for passenger to
pay one Scent fare to enable him to go
from either terminus of the cable line In
this city to the circle at Chevy Chase.
which is on the District line. The first car
bearing the name The Capital Traction
Company on it's sides will be run out to-
morrow morning.
The Sale Recorded.
The formal sale of the Washington and
Georgetown Railroad Company to the Rock
Creek Railway Company was recorded in
the office of the District recorder Of deeds
this afternoon. According to the instru-
ment filed today the consideration was but
So All of the property of the first named
company, real, personal and mixed, Is con-
veyed in fee simple.
What the Deed Recftes.
The deed recites that the sale has been
duly approved by the owners of major
tty of the capital stocks of the respective
companies, ard 1t also recites that at
meeting today of the board Of directors of
the Washington and Georgetown Railroad
Company, in pursuance of vote Of the
owners of the majority of Its capital stock,
cast at q meeting today, the president and
secretary of the company were authorized
to sign, seal end deliver the deed in ques-
ton, transferring all its property, rights
and franchises, Col. Enoch Totten, its law
full attorney, Eeing appointed and consti-
tuted to appear and make acknowledgment
of the instrument before an officer here au-
thcrized to take such acknowledgment.
The deed then recites at great length and
with legal preciseness the property con-
yeyed. 1t was signed, sealed and delivered
In the presence of w. D. Davidge and
Charles G. Shoemaker, Col. Totten making
the acknowledgment before the latter,
notary public of the District.
The Real Estate Conveyed.
The real estate conveyed is as follows:
Lots %. . and 81. square Al; lots "a, 25