Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-08-19

.he slocK' LOT winch they paid in $6ooJ, 900,
IN round numbers. This exhausted their
pile Jay Cookies people had subscribed to
5,5Oo,OOO worth of the stock, and paid in
nearly $4,000. while they still had an i'm
necessary. That night Mr.. Kiibourn made
| a special deposit of 81, 500 900 in the Bank
OF Washington. Then he breathed easier
Warrington People Were Not Awake.
Next day the stock was pro rated among
the subscribers. until the 100000 worth.
which 1t had been determined to ISSUE was
| placed and all the rest of the money re-
ceived, except $4,000, or % per cent, of the
stock subscribed to was returned to its de-
positors. remarkable fact in Connection
| with this no less remarkable transaction
| was the fact that out of over $1,000 600
worm OF stock subscribed in the two days,
washington people applied for less than
| $20O,0tm. --
| 1t would be difficult to follow the financial
history of the Washington and Georgetown
road from this time on, but il is n we'll
| understood fact in local financial circles
| that but very little, IL any, more of the
| lace value of the shares of the company
| was ever called for or paid in after the first
subscription deposit CT $3.50 IL share was
| made.
The first president Of the company was
| Henry ID. Cooke. afterward governor of the
| District. Some idea of the immense nat
ronage enjoyed by the company as soon as
| its rails were Laird and cars were running
| may be gained from the report of the first
year ending July 1, 1853. This showed the
gross earnings to be s249. 160.OS. The ex-
| penses were $1S7, $780, 49, while the net earn
| lngs were placed at SIG, 1896 A dividend
| OF . per cent wss declared
An Amendment to the Charter.
June 80, 1864 an important amendment
| was made to the charter. An act PASSED
Congress giving the company the right to
extend their roads on any highway in the
| county from the city termini at It'll or 18th
streets and to run its tracks from the Cap
itol square out Maryland avenue. with the
privilege of continuing them into the coun-
| try beyond that point. These privileges
| were to be subject to the decision of the
| Levy Court, which then existed in the Dis
| trict, and to whose prerogatves the Dis
| trict Commissioners succeeded, and are still
in force at this time, and will all doubtless
| be taken advantage of when the enlarged
| corporation. which is to shortly succeed the
Washington and Georgetown under the
| name Of the Capital Traction Company,
shall have been fully organized.
| For the year ending July /, 1854, the
| gross earnings were 1851 ,S21, the expenses
were $2SS, 1852, and dividend of - per
| cent was declared. The next year showed
even greater figures. as the balance, struck
| on July l, 1865 was: Gross earnings, $751;
1S6. 40; expenses, $396610.4S, while 0 per
cent dividend was declared.
| Receipts Met Construction Expenses.
When first put in operation the lire ex-
| partment, but the immense popularity it
| secured and the enormous patronage it re-
ceived from the crowds attracted to
| Washington by the excitement of the war
| enabled it to continue rapidly the building
| of the line toward Georgetown and the
Navy Yard. and on 1th and 14th streets,
| ard 1t Is said that the expenses incident
| upon this construction were paid out of
| the receipts from traffic, which were
| enough and more each week to meet all
| the bills for material, labor and construc-
| ton. Gov. Henry d. Cooke had been Sue
| ceeded early in the career of the company
| by George S. Gideon, who was in turn sue
| ceeded by ]. S. Riker
| In 1870, when Pennsylvania avenue was
| paved with wooden blocks, the Washing
| ten and Georgetown Company refused to
| improve the space between it's tracks and
| the then finest and smoothest street in the
| world was disfiguerd by strip of cobble
| stones, some twenty feet in width. rum
| ming directly through it's center. This be-
came popularity known as "Riker's ridge"
| and continued to be called such long after
it's namesake retired from the direction of
the company.
President Phillips Management.
Mr. Riker was succeeded by Mr.. Samuel
| L. Phillips, the present president of the
Metropolitan Street Railroad Company
who represented the large interests in the
w. and G. then held by Mr. Hart, The New
York street railway magnate. The corpo-
| ration had gotten in rather a precarious
| financial condition when Mr.. Phillips as
| sumed the presidency, and from -, IL, 8
and per cent the dividends had dropped
to nothing, there being none paid in 1873.
Mr.. Phillips reorganized the road and
| improved the discipline, and among other
| things introduced the bell punch, for which
he was bitterly assailed by those who OBJ
jected to the company placing an unerring
monitor over those who handled the most
Important part of it's finances. He retired
nrpSidpncv n No Third
road in New York. The impetus the COM
pany received under Mr.. Phillips was great
ly increased when Mr.. Henry Hurt was
elected to the presidency, and the road
really took its new start under his direc-
ton. Mr.. Hurt brought to his position a
knowledge of the details of the company's
business as intricate as it was accurate.
He had been confederate soldier, and
after the war had come to Washington and
secured place as driver of an avenue car.
He soon became a conductor and was then
transferred to the offices, where he rose by
steady degrees until he was elected as
president.
Washington People Secure Control.
Inspired by confidence in his manage
ment, Washington people began purchas-
ing stock and bonds formerly held by par
ties outside of the city, and the controlling
interest was secured here, where it still
remains. This change was effected by
some important consultations, during
which high price was paid for proxies
and Mr.. Hurt was assisted in his policy
by such leading capitalists as Messrs
Riggs, Temple, Gunton and others, who
came to the front and gave him the SUBJ
stantlal support that was necessary.
Under Mr.. Hurts presidency the advances
made in the value of the property and its
| service to the public were almost incalcu-
liable This Improvement was due to the
fact that Washington men now composed
the board of directors and they knew that
| the steady clamor of the Washington pub
lie for better service and reasonable COM
forts at the hands of the Washington and
Georgetown railroad was inspired by just
causes and should be needed. So the old
methods began to be displaced by wiser
ones, and there began to be better sys-
TEN of accommodation for the travelling
| public than that which was in vogue when
outside capitalists controlled the property
and ran it without regard to the rights or
desires of the people who supported it.
The men who, as directors made the rad
cal departure from the old to the new
| comprised among others such well-known
citizens as A. Ross Ray, Edward Temple,
William R. Riley, A. H. Lowery, George A
Mcllhenny and Charles c. Glover. and