Evening star., 1901-02-04
Views Of Mr.. MoDermott of Wash
ington Traction Company.
CONSOLIDATION SIX WEEKS OFF
Current Gossip Relative to Alleged
Offers to Purchase.
LOCAL SYN DICATE E

Representative McDermott OF Jersey City.
who was recently elected president Of the
Washington Traction and Electric Com
pany, in place Of Mr.. Frederick c. Stevens.
has returned to the city after an absence
of several days. He was at the offices Of
the company today and has begun the task
Of making himself familiar with the op-
Grafton Of the system. He said today to q
reporter OF The Star that he had no policy
In view except the management Of the
property in such q way as to give the best
service to the public, and an adequate COM
pensation to the company. He was not
prepared to say whether or not any changes
were needed to bring this about. as all that
was in view now was to secure an econom-
icaI as well as an efficient administra-
ton
In regard to the future Of the company,
he said that 1t was the purpose at the
earliest moment possible to effect q con-
solidation of the properties in accordance
with the terms Of the law authorizing such
consolidation. The exact method by which
this was to be accomplished, Mr.. McDer-
mott said, had not been definitely deter
mined, but he believed in the course Of the
next six weeks the entire question would
be settled and a consolidation effected.
He said the various lines had been
that there Is nothing superior to the CON-
struction in any city in the world. What
remains now Is to operate the roads on the
best plan. 1t was believed that expenses on
this account could be lessened just as would
be the case with the expenses on account of
construction. The proposed single power
plant would effect saving, and in other
ways 1t was believed that better showing
would be made during the coming year than
that OF the past twelve months,
Rumored Offer to Purchase.
One Of the stories current in the streets
today in regard to the Washington Trac-
tion-and naturally this company occupies
"the center of the STAGE" so as to speak,
in the prevailing gossip and interest in To-
cal financial circles-is to the effect that
among the offers made for the purchase Of
the properties controlled by this company
was one that was backed by local COM
panies.
1t is reported that quite recently those In
control Of this property have had several
opportunities to dispose OF their interests.
and 1t was supposed in some quarters that
the capitalists who have put up all the
money that has thus far been spent in the
purchase and the eauipping of the system
were showing signs of a disposition Ito lay
down." that they would be glad to be rid
Of the entire enterprise.
Among other propositions which 1t Is
said, was made to Mr.. George W. Young
the controlling financial man for the pur-
chase of the company, was one which was
backed by men who are largely interested
in the Capital Traction Company. The
proposition was not accepted however.
but sufficient was done to warrant the
talk about merging of the two street
railroad companies which starts up at in
tervaIs IN the local stock market.
Usually, however, the report has been
that the intention to buy was entertained
by the Washington Traction Company.
Now the Capital Traction Is credited with
an ambition for expansion.
In this connection another bit OF current
gossip is Of interest. as 1t relates to the
formation OF a syndicate composed mainly
of the astute men who were interested in
one of the best street railroad properties in
this city. now owned by the Washington
Traction Company. as it Is understood.
The organization Of this syndicate has
gone no further than to arrive at an under
standing that in the event the Washington
Traction should become bankrupt, a oondi-
ton which from this point Of view seemed
to be inevitable, and in the near future,
then the syndicate would be in q position to
buy in the properties and assume their
management
1t Is not stated what the figures are at
which the syndicate thought 1t would be
possible to gather in these properties when
the crash came.