Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-08-13
Proposed Sale Of a Big Slice Of W.
and G. r. R, Stock.
TIE BARHOL INTEREST At AUCTION
How the Announcement is Regard
ed in This City.
THE GOSSIP OF THE DAY

The announcement of the sale by auction
in New York next Tuesday of the stock,
bonds and privileges of the Washington and
Georgetown Railroad Company owned by
the estate Of the late B. H. Bartol of Phila-
delphfa caused a big furry in local finan-
cial circles today. The Bartol interest in
the railroad is one of the most important,
and comprises the largest individual owner
ship of the stock of the concern. 1t con-
sists of 525 shares. or a little over one
twentieth of the entire capital stock of the
corporation. In addition, there are s1S3.500
of Washington and Georgetown first mort
gage 6 per cent convertible bonds, due
1s99-1929; $3.50 second mortgage script
Washington and Georgetown Railroad Com
pany, and the privilege to subscribe to an
allotment of s.6.25O of the proposed new
issue of 100000 mortgage bonds.
The trustees under the will of the late
Mr.. Bartol are Mr.. Harry w. Bartol, Mr..
Ellis d. Williams and the Land Title and
Trust Company of Philadelphia, and it is
by their direction that the sale Is to be
held.
Opposed to the Management.
1t has been well known for some time
that Mr.. Harry Bartol and his associates
have been opposed to the policy of the pres
ent management of the Washington and
financial circles that they did not approve
of the proposition recently detailed in The
Star by which the Chevy Chase and the
Washington and Georgetown railroad COM
panes are to be merged into one under the
title of the Capital Traction Company, with
IL capital of 900, the stock represent
ing which shall be used to remunerdte the
present shareholders of the Washington
and Georgetown Railroad Company and to
convert the outstanding bonds of that cor
poraton into stock. 1t is believed to be
the intention, therefore, of the Bartol IN
terest to place their holdings on the market
in order to make the adherents of the bond
conversion proposition show their hands.
Several small holdings of Washington
and Georgetown shares and bonds nave
been sold in the past day or two in his
city at what is understood to be prices lar
in advance of their quoted value The fig
ures obtained for the very large block CT
the securities held by the Bartol estate are
expected to be significant, and the occasion
will be looked for with much interest by
local we'll as by railroad capitalists gen
orally throughout the country.
The Proposed Consultations.
Since the proposition was made to utilize
the amended charter of the Chevy Chase
Company as a means of consolidating that
| company with the Washington and George
town, and primarily obtaining the object
long desired of converting the bonds of
the WASHINGTON and Georgetown Company
| into stock of more stable and permanent
J value, considerable objection is said to
| have been developed to it among mir or
| stockholders, and some of the most coz
sentative men in local financial circles in
cline to the opinion that the agreement al
| ready made between President Dunlop and
President Newlands of the two companies
concerned may not be ratified on the lines
| laid out.
The argument is made that the equity
! OF no single share of the original capital
" 1T,
railroad can be disturbed CIR affected with
out the full consent of its owner 1t is
said that several gentlemen owning stock.
| or who may acquire some within the next
| few weeks, will ask fer legal interference
in case the sale Of the Washington and
Georgetown Company to the Chevy Chase
| Company is attempted as contemplated.
These stockholders, both actual and pros
| pective, it is said, take the ground that at
present each share represents one-ten-thou-
sandth of the absolute ownership of
property abundanty able to pay its obiga-
| tons when they become due, and which
| promises to prosper abundantly time
| goes on. 1t is claimed that the Increase of
| the stock of the new company. which will
| be in reality the present Washington and
Georgetown corporation, under the name
| of the Capital Traction Company. to ST.
| 100000. will reduce the ratio Of an original
| shares ownership in the corporation to
| such extent that its value real specula-
! tive and prospective will be materially in
| jured
| The gentlemen who are promoting the
! proposed consolidation and the resultant
| conversion of Washington and George
| town bonds into stock of the new traction
| company declare that when the time comes
| there will be an unanimity of approval on
| the part OF the owners of the road, and
that the present opposition to the declared
| policy of the corporation Will die out be-
| fore the final steps leading to the actual
| formation of the Capital Traction Com
pany are taken.