Evening star., 1901-11-25
RAILROAD PLANS
What Will Follow the Sale Of the
Washington Traction.
PRESENT MANAGEMENT 10 REMAIN
A Railroad and Lighting Com
pany to Be Formed.
FU 7 U RE RO SPECT S


The sale of the securities owned by The
Washington Traction and Electric Com
pany, under foreclosure proceedings at
Norfolk, Va, Saturday, as Announced in
The Star, marked another stage in the plan
for the reorganization of the properties con-
trolled bv this counany As is weH known
tho honl1s - th I,raL;,x..,, T,u,o.,o 60,
- -, 80.
pdhy are cohateral issue, oased upon the
stock and bonds acquired some two years
ago of the following street railroad COM
panies: Metropo,itan. Columbia Anacostia.
caorao.o p;L., -. C,.'
~ ""' oies' NieH'
ureal falls ana Rockville. ALSO the ponds
and stocks of the United States Electric
and Potomac Electric Lighting Company.
Tre conn.n,. .Iso ou,oa s+oo,, ox,5 -
of the City aud S,,b,rhar Conna, 81" 'oiio'
The suni of e 0oo Gnn 1,,as nht;, .
seIc SATURDAY tha oor,,,,itt "a, a. ti,e .he
nurchaser and tho ournars . - n. " - "a
by- tbat oon,n,ittn . aie iepf feselileu
and bonds will he excban1od for +bo.o 80
standing of tho now defmnct +raction oou,.
many on the folIowino hasis Observation-Disclosures L
will be entitled TO reeaiWe for each s1 9oo
Of bonds danos;tad ssso y; t5 ~ ~ 90
in nrefarrad ctoi. 1,a e sooN ~, Gnu ne', 49,
stock Holders of stock deposited under
tnls pian are given tne rlght 10 purchase
menr Of 60 nor sh.re i'p"hS upoii Tic pay
anu ""n
~ ''ooA anu 'oii''' VI ING w aslin lon
"a. ''oii Coinpals eoiieises ol $io,f4@'oVV IL
poiids ana sl,@oV,Vo Oh outstanding STOCK.
There is a floating Indebtedness of about
81 500 600 beside a floating debt of the two
eleo+rio 1;aht;,, o,n,n:,;as o,o,,+;,o 20
s.o, 600 ha. hao'. fnrs,. ~ ~
$4,000. p "a ss iioiedt0 iie'S poSh Aoi IIeu,
ID underwrite the proposed purchase of the
that
VIII wln pe eonpleteo TO the extent tnat the
aro;o ~ s.oIhnoioers - ian W
ranged to sell s67o. 600 of the bonds of the
new company to a syndicate, which will
oner the same to depositing bondholders at
@ lis nate al which tIey are acqulreo Wy ene n
% L"icate' .ilta. Is, UPON .he pay hsn. vi @oo
~, uaIa poiu ..,, . ne ueposi.iiis
CO. i .a, wit ieoeiVe gov IN JULIUS anu
P- ~, IN stooN H VI ehe NV company.
80 ne puts.iassl uiluer .ne Terms VI lne pan
,,,;ttee ~ si plTSe.eu Wy .ine coii
nitlee oL the pondnoEoers, george W.
~; ;ouhs, INA Miall, rs 10 transfer Ine secuIi
I,Ss ~ tne NdSHlas loh anu 5ieat ans
i.,eStiic - ndh"ay Company, unuer tne ACT
" W hstess , Vi June D. LgpV. rms name Is
o. %, 49, DS CiSLseu q. " the washington Streel
i,"ii""s Noii'p''s.
Issue of New Securities.
The nev cornora+ion is 70 ;ss,a ,o,,- CO.
1t .I1
S ioiio"s. seventeen ihillloh lNe
huhureo thousaho dollars In per cent
bonds, $S,5O0000 in preferred stock cumu-
la tive of : nor oa,t d;,,;do,as ,e.
1904 and s6 5no Ooo oo,o,,or ..,o,- T,
con,nittaa 70 aIso ~, oo1,,ion ,,.io s'och: Inc
securities first nanad ~ ~ "ei.lis me
70 he ore5o rizna i ~. ~ ne" COMPANY
trict or Of Son,a Sta+e h1+ ~, " tue LIS
Stock and bonds sbeu ha ~ ~. -, issue VI
scrihed 90 NC
The New Company.
AS soon as the sale of Saturday ;s oor
firmed bv the court If vii, ba r,os,i,,,o -
,,o, 80 wa. "e possioie "
posed new comnanv II 10 exnootoa ~ g.
this reorganization will result in no change.
in the present management and that +b.
officers of the Washington Traction C,on,-
pany will be chosen to fill similar positions
N IN tne new corporation Mr.. Allan l.. Nc
~ nreei5a. VINO was the receiver and former
dent Mr. Ceorga TT Harr,a, &c pe me .ne presi-
dent, and Mr. Harry w. Fuller the eeneral
manager.
- An lhe street railways now operated in,
han viii be- ,nitad ', ,ne SHy ana oupur-
of the new companv. II is 1Indarstoed ~
the law of June s. 1900, which authorizes
the consolidation of the railroad properties,
eientrin ot peti,lit tne inclusion of the two
tbe sar,a ;rtnIs. Snttns ooiipahles controlied by
ganization the committee pronosed a
scheme for the consoIidatior e tPos d
companies which If is likely viii bn cerris4 .m4
out " " " "
In brief. it is pronose6 IN n,.oe wow.
gage on the combnef nIantS ~ aee,,ra ,.15 tinoit
agereeatine 81 5Oo 0oO wbio,, , - t ooios s
as follows: To he reserved for aytin o,,rhit hIeu
the funded debt of the United Statas EIao.rie
Iightinp Comnanv SEQ 400. 70 10 ..oIs ~ ~
provide funds for nayment of Hoot; SUI 49, ~
and for imnrovements and e0tensinns eco sp'
600; to be reserved In the treasmrw sor g.,
ture use under such Limitations as shall he
provided in the mortgage securiper tha sa,,,o oe