Evening star. [volume] (Washington, D.C.) 1854-1972, 1898-03-11

provides that any corporation operating a
street railroad within the District Of Co
lumbia be authorized to purchase the prop
erty and franchises of the Belt Railway
Con rapy under any sale by decree of court
or otherwise.
The corporation purchasing may operate
the property as q part of its system SUBJ
ject to all rights and obligations imposed
BY existing legislation OR by this act, so
far as the same shall be applicable. In
case the property shall be purchased by
any person or pers DDS under decree of court
or otherwise, they shall possess and enjoy
all the corporate rights. privileges and
franchises heretofore conferred on the Belt
Railway Company by the act OF Congress.
approved March 3, 1875, with supplement
tary acts, as well as the right to be a cor
poration under this act.
The Incorporation provided shall be COM
pleted whenever the purchaser shall file
with thu recorder Of deeds the usual GER
tificate. The capital stock Of the corpora
ton shall be divided into shares of par
value of $780, and any corporation purchas-
ing Is authorized to issue its bonds and
capital stock either for cash or in exchange
for the stock, bonds, property or fran
chises of the Belt Railway Company.
1t is provided that tn, total issue of bonds
and stocks shall not in the aggregate ex-
coed the amount necessary for erecting the
purchase and for the construction, recon-
Struction and equipment of the Belt rail-
way. Before any bond or trust deed shall
be executed the amount thereof shall be
ascertained and fixed by the District Com
missionars, and for this purpose the Com
missioners are authorized to subpoena and
examine witnesses and take such testimony
as may be necessary. An appeal may be
taken from the decision of the Commits
sioners to the Supreme Court Of the Dis
trict. All bonds or stock issued in excess
of the amount authorized by the Commits
sioners or court or in violation of the pro-
visions Of this act shall be void.
Underground Electric System.
Within one year Of the ratification by, the
court of the sale the existing railroad COM
pany purchasing the Belt railway or the
corporation created and operating here
under, shall put into full operation on the
entire line of the railway as now construct
ed an underground electric system similar
to the one now in use on the Metropolitan
Company's lines. The Commissioners are
authorized to require such slight changes
of route along the streets upon which the
Belt railway Is now constructed as may be
necessary for the public convenience, the
expense incident thereto to be borne by the
company. Congress reserves the right to
require the owners of the railroad to widen
the streets and change the route, the ex-
perse to be borne by the railroad. A for
felt of $50 day is provided for failure to
complete the equipment within one year.
Nothing in the act shall be construed to
relieve the Belt Railway Company from
any just liability or in any manner affect
Ing any valid existing claims of any cred
ftor. Congress reserves the right to alter,
amend, or repeal the act.
Mr. King has written a report to accom-
pany the substitute bill, in which he re-
views at length the history of the Belt
railway and sets forth the advantages to
the public of permitting the change in mo-
tive power.