Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-05-08
The Management Of Street Railroad
and Lighting Properties.
A HOLDING COMPANY TO Be FORMED
No Change in the Organization Of
the Gas Company,
SOME OF THE DETAILS

One Of the principal details of the plans
for managing the various street railroad
properties and the two electric lighting
companies tn this District. which were re-
Gently acquired by Mr.. Frederick G. Ste
veus on behalf of the interests which he
represents has finally been determined
upon IL is the purpose to organize what is
known sts holding company to which
will be transferred the stock of these
various companies. Then upon the basis
Of these stocks the holding company will
make an issue of stock and bonds from
which will be derived the money to be used
in the payment Of the various properties
The organizations of the individual com
panies will be continued as they are at
present, with full compliment Of officers,
possibly in each case the same individuals,
but the organizations Will he independent
and the profits will be paid to the holding
COMPANY. 10 be distributed to the stock
holders OF that company and also to such
stockholders Of the individual companies
who may still retain their stock.
1t Is positively announced that it is not
the purpose to make use Of the clause in
the charter Of the Great Falls Railway
Company to bring about d consolidation of
the various street railway companies but.
as stated, the present organization of each
company will De maintained and no organic
union Is proposed
II Is the purpose within the course Of the
next two OF three days to secure a, charter
from the state OF Virginia under which the
proposed holding company viii bc or
ganiZed- The amount Of stock to be is
sued and the officers Of the company and
other details will be announced at a later
date. To this holding company the stock
recently purchased by Mr.. Frederick. Stew
els in the following street railroads will be
transferred The Metropolitan, the Column
bia. AnaCOstia- including. of course, the
Belt. BrghtwOOd and its extension to
Forest Glen, Georgetown and Tenleytown
and its proposed extension to Rockville
Great Falls railroad, Glen Echo and the
Falls Church. The latter road starts from
the Virginia side of the Aque1uct bridge and
runs to FAN Church. Va, lying entirely. of
ccursa, within the state of Virginia.
The stock of the two electric lighting
companies in the city will be transferrev.
&" the same company. As is well known
the electric lighting companies are the Pc
tomac and the United States. The same
plan will be followed as to the electric
lighting companies as to the street rail-
read companies. The present Organiza ton
will be retained. the officers of the two
companies. however, being the same per
sons. The placing of the lighting and street
railway companies under the one manage
ment brings together corporations doing
the sort Of business which is done by
electricity 1t has been determined to
operate the proposed new railroad system
plant will also be produced the electric
current used for lighting purposes.
1t VIII be- noticed. no doubt. that the name
Of tn~ city and Suburban railroad. formerly
the lexington. is not included in the
above list Of railroads the stock of which
IS 20 be placed in the custody of a holding
company The reason for this is the City
and Suburban railroad is not owned by Mr..
Stevens and his associates. Those who
control it are mainly Baltimore capitalists.
There is. however. a small community of
interests between the ownership of this
property and that Of the proposed new
railroad system, and undoubtedly they will
be operated IN close connection with each
other an! on friendly and amicabe terms.
II viii also TO doubt Re noticed by those
who have followed the details of the recent
purchases made by Nj Stevens that the
Washington Gas Light Company is not
mentioned as one Of the corporations the
stock of which is TO he placed with the pro-
posed new corporation. While the PGr-
chaSerS Of the Gas Company and Of the
other properties named are the same Vet
II Is not toe purpose To bring this company
ss TO its actual management In connection
with the other Interests.
h effect If the purchase Of the stock
OF The Washington Gas Company Will then
be II i stated merely 10 bring about
Change IN the management Of that COM
panE- The Equalization Of the company
Will be- continued much rs it il at present
There is not the same harmony in tho bus
mess OF tho Gas Company and of the cleo
tric lighting companies as there IS between
the electric lighting companies ard the
railroads. and of cours- there is less con-
lection between The G&- Company and
street railroads. The holding Company
formed for the purpose OF financing the
various properties may De regarded Is one
concern. ma in This view there will he but
t"c cor eTus- one viii be the corporation
controlling the electric lighting and street
railroad companies and the other will be
The oAe g'nTolliHS the Washington Gas
Light Company