The evening times. [volume] (Washington, D.C.) 1895-1902, 1901-06-10
WANT TRANSFERS ABOLISHED.
Minority Stockholders of the City
and Suburban Sign Petition.

A new Development in the affairs Of the
Washington Traction and Electric Com
pany was disclosed today in q petition
signed by the larger minority stockhoId-
ers Cf the City and Suburban Railway
/ one OF the constituent companies OF the
syndicate The petition is directed to the
/ Washington Traction Company It re-
cites that in the opinion of the signers
the City and Suburban line is not being
| run satisfactorily, or in way to secure
the best results for the stockholders.
1t IS claimed that the transfer system
/ now in vogue on the line is larger than
the charter Of the company provides for
and that in this way large revenue is
lost 1t is asked that all unnecessary
/ transfers be abolished. and only those
given that are provided for in the char
ter Of the company. The petition also
asks that the minority stockholders be
allowed a representative on the board Of
the company.
The Washington Traction Company
owns less proportionate part of the CITY
and Suburban stock than of any of the
other lines controlled by it OF total Of
3o,OJ9 shares the syndicate owns 80 556
shares leaving a minority holding of 4.43f
shares. mostly owned in this city in small
lots. 1t is understood that large part
of the minority stockholders have signed
the petition The City and Suburban was
not one Of the lines Originally. acquired
by the Washington Traction Company. 1t
was bought up by friends Of the svndi-
cate and held independently for a time
and then turned over to the syndicate at
the rate Of $50 share. it is understood.
The stock of the company held by the
syndicate is included. however. with all
the remainder of its holdings under the
Washington Traction bonds
The minority stockholders of the City
and Suburban, II is understood, at first
contemplated applying for receiver for
the line when the Washington Traction
Company defaulted on its interest Some
Of the parties interested believe that the
system is getting less than nothing from
its connection with the parent company
and express the opinion that its affairs
are being mismauaged. The plan Of ask
ing for a receiver was abandoned. how
ever, in favor of the less drastic measure
which it is hoped viii do as much good
without incenvenfenciug the parent con
cern in its reorganization plans.
The Washington Traction Company. peo-
pie are said to contend that the City and
Suburban is earning much more than it
largely to the transfer system in vogue.
They claim that if transfers were cut off
there would be very little business for
the line
There was no rews from the Washing
ton Traction reorga nization committee
this morning. 1t IS understood that the
committee has received the signatures of
a very large proportion Of the bondhold-
ers tc al agreement to allow the com
mittee to carry out any plan that it may
make This apparently gives the commit
tee q free hand as far as the boadhoIders
are concerned
Receiver McDermott is doing nothing in
the way of inaugurating changes in the
operation of the Washington Traction
Company. His powers as receiver are
very limited. in fact as he is net receiver
for the different lines but simply Of the
parent company. If as receiver for the
parent company he We're to advocate any
changes in The management he could only
accomplish his reforms by securing his
consent as president Of the various com
Banies.