Evening star., 1899-02-08
MILLIONS OF MONEY
Recently + Invested in Railroad and
ELECTRIC i Lighting Properties
DETAILS q0F fHE TRANSACTIONS
Gossip as to- Metropolitan Rail
road and the Gas Company.
n E W YORK CAP Z A L

The sale of the Brightwood railroad, or
rather "a control Of its stock, to Mr.. Fred
erick c. Stevens and his associates, as an
nounced in yesterdays Star, also included
the transfer to the same parties of a con-
trolling interest in the Washington, wood
side and Forest Glen Railroad Company.
This latter company built what is practical
ly the extension of the BrlghtWood ROAD
from the District line to Forest Glen, dis
tance of some three miles but it was oper-
ated by the Brightwood company.
1t is interesting to note in this connection
that the roads which have been acquired
by Mr.. Stevens have total of single track
within the District of some 4o.ll miles. In
order to show the comparative significance
of these figures. it may be stated that the
mileage of the Capitai Traction road within
the District is 1886 of single track and of
the Metropolitan y. II miles and or the city
and Suburban 2039.
The figures in detail of the mileage OF the
properties acquired by MIR. stevens are as
follows: Belt, 1902 of single track; Bright
wood. lilo; Anacostia, 11.0f; Georgetown
and Tenleytown, $50, and Capital l.32;
total, 45.11. 1t is the purpose of those who
have purchased these properties, as ire
quently announced, to equip with the MOD
ern underground electric system the sec
tions of the roads within the old limits of
the city, and with the overhead the sec
tons lying beyond these limits. As far as
practicable it is further stated, the prop
critics to be operated as one system,
and while the large interests in the City
and Suburban road are not Identical with
those that have acquired the roads above
referred to- yet it is understood there Will
be harmony in the policy of the two COM
panies and traffic arrangements will be
made on a liberal basis
The Investments.
Ep tO
the amount of money expended in these
various purchases, but according to an es-
innate that may be considered as at least
approximately correct the total expendi-
ture up to date is about $1,25o,o0o. In all
these Instances not only a controlling in
terest in the stock has been secured, but,
rule also, the entire stock. has been
bought
On this basis. and also taking into ac-
count the Indebtedness of the companies
as represented by the bond issues, the
amount expended in each instance is as fol-
lows: For the Brightwood road, which is
the latest acquisition, the details of which
were only finally determined upon yester-
day, as stated III TIE Star the largest price
was paid. 1t is conceded, however, that
the Brightw0od is the most valuable, not
only of the suburban roads bought, but of
all similar local roads. Under the manage
ment of Mr. Charles P. Williams this COM
pany has not only been able to pay ex-
penSes, but also to. a large extent to meet
the fixed charges 1t is believed the price
paid for the control of this road was $500
oD; for the Belt road, which was sold at
public auction, $3.50, 900 was paid; for the
Anacostia, $2o8,68; for the Georgetown
ana TenleytoWn road, $1j0,D0O and for the
Capital road, sJ0,ooo. The total foots up
After the Metropolitan.
According to the general rumors in street
terest is also seeking TO purchase the Met
ropolitan railroad. 1t is understood the
offer which, was made some time ago of
500 per shlre for control of the stock of
the company has been changed so that it
is now for the entire amount of stock. There
are some 15,ooo shares tpar value 500 of
this stock now issued, and in addition con-
vertible bonds, which, it is estimated, in
creases the capital stock to 2DUOJ shares
At the price named il will require the large
sum of sl,1i0,0O9 to buy this property. In
addition there are nearly S2.Vle, ,o03 of bonds
On this basis the value of the road is about
S6 .gH,0
If the general opinion is d correct one
that the recent purchase of a control of the
United States Electric Lighting Company
was made in the same interests then the
amount of money expended for that pur-
pose can be included in the calculation of
the outlay already made in This civ and
those which are said to be in contemplation.
which would bring up the grand aggregate
to about So $50 900.
The details are as follows: For the Met
ropolitan road, s4,000TD; for the United
States Electric Lighting Company stock
S,0Oo,GD. and for the various railroad prop
critics. 81, 30, $50 1t is believed the Potomac
Electric Power Company and the Washing
ton Gas Company are also to be included in
this aggregation, if II has not been done al
ready, and the va lue of these two proper
ties will largely increase the total above
given.
Where the Money Comes From.
1t is understood the money which is be-
ing used in this series of purchases has
come mainly from New York although the
mention of Senator Gorman's name in con-
nection with the United States electric deal
and his being named as the person who
brought the negotiations TO a successful is
sue. inclines some people to the opinion
that Baltimore money is being used as was
the case when the roads forming what is
known as the City and Suburban Company
was financed.
RESENT THE CONCESSION