Evening star. [volume] (Washington, D.C.) 1854-1972, 1897-12-30
A Petition Sent by Mr.. Grunwen to
the Capital Traction Directors.
some. 0F The CURRENT GOSSIP
Mr.. Phillips Also Thought Expenses
Might Be Reduced.
ACTION OF THE BOARD

The most recent bit of gossip in local
railroad circles is that which relates to a
petition signed by number of the stock
holders of the Capital Traction road, which
was recently sent. to the board of directors
1t stated that in view of the great ex-
pense which the road Is subject to, owing
10 the change in the motive power, and as
II would be necessary to pass the next two
dividends that it would be we'll to reduce
the salaries paid to the officers of the road
SO that the officers and the shareholders
would be placed on the same footing
1t is stated that this petition was cir
culated by Mr.. A. B. Grunwell who. with
his wife. owns about a thousand shares of
the stock. Mr.. Grunwell is also the vice pres
ident of the Metropolitan Railroad Com
pany. The petition was presented at the
last meeting of the board of directors, and
soon thereafter Mr.. GruEweli received
letter, stating that the petition had been
received and that the matter referred to
was under consideration by the board
Subject of Free Discussion,
A number of those who signed the petit
tion discuss the matter very freely. and if
is stated by one of the petitioners that the
signers own 5000 shares, representing ST..
JU,oOo of the total capitalization of the
road, which is s120o0OOO
1t is also stated by some who signed the
paper that not more than 10000 or II 900
81 ares were represented by the signers
among the siSners may be mentioned Mr.
Samuel L. Phillips, who was the former
president of the Metropolitan road and is
now a member of the building committee
OF the Capital traction road
1t Is said that an effort was made 10 OBJ
tam the signatures of the New York stock
hclders to the petition their holdings beins;
a l,l.l h,,f
a matter of common talk among some of
tHGse who did sign that they would not
have attached their signatures to the pa
per had they not been informed that the
would be secured.
1t Is said by these who in a position
to form competent Judgment that the
small number of signatures obtained to the
petition, as well as the small holdings of
stock which the names represent shows
very conclusively that the opposition 10 the
present management of the road is now
very small and is much less than it was
a. this time last year.
In fact it is said that the progressive
spirit shown by the management and the
manner in which it is carrying on the work
of installing the new motive system, has
resulted in bringing to its support practi-
cally the entire number of the stock
holders.
An Inquiry Made.
1t is said further that before this petition
was received by the board a committee had
been appointed for the purpose of making
an examination of the management of the
affairs Of the road, with a view of deter
mining whether any changes could be made
with advantage.
1t is said that an economical administra-
ton will be one of the features that will
especially occupy the attention of the COM
mittee. 1t is expected that this report will
be made at the annual meeting of the
stockholders which will be held on the
18th of next month. 1t is also claimed
that the administration is not only intelli-
gent, but is carried on with proper
gard for economy, and that it is believed
when the character and scope of the busi-
ness which is conducted by it is consid-
cred, that the administrative expenses can
be looked upon as being not more than is
absolutely required.
1t may not be generally known, but it
is a fact, that reduction has been made
in the pay of the directors, which, of course
was done by the action of that body, and
that the members receive SO a month in
stead of $50 per month.
According to a report made year ago
the annual salaries paid to the principal
officers of the company are as follows:
President, $4,000; vice president, $500;
five directors, $1,J0O; secretary and treas
urer, 5000; chief engineer and superintend-
ent, $4,000.