The evening times. [volume] (Washington, D.C.) 1895-1902, 1901-01-31
NO REORGANIZATION PLAN
Washington Traction and Electric
Company People Satisfied.
Statement of an officer ssf the syz-
dictate CharacterizinG Recent
Publications as False.

The statement is made by an officer of
the Washington Traction and Electric
Company that there is no probability Of
a receivership for the company 1t is said
further that the talk OF ''reorganiza i n
is quite as absurd as that of bankruptcy.
The company intends TO consolidate the
various railway and lighting concerns now
controlled by it into one organization. but
this Will be in exact accordance with the
bill passed by Congress year ago, allow
ing consolidation. This consolidation
will be for the purpose of effecting econo-
mics and simplifying the management of
the company. II will not be taken to
avoid bankruptcy and 1t is not a new plan.
Officers of the syndicate have been
very much annoyed by recent published
suggestions that it is on the verge Of dis
solution. They characterize these stories
as malicious and unfounded, and state
their belief that they were written 10 in
jure the company and its securities. The
/ following statement was made by a gen
/ tleI5an prominently connected with the
| syndicate today:
! I believe that these newspaper stories
were inspired by some one that wishes 10
! do the company and its management an
! injury I have every reason to suppose
that they WAS written for the double pur-
| pose OF making the company unpopular
/ With the public and OF breaking the price
/ OF its bonds Under these motives ! be
! lteve that there Is the intention 10 make
/ an attempt to secure control Of the con-
| pany. 4 new syndicate which wishes 10
| buy the company cheap If possible and
! does not hesitate 10 use rather nasty meth
! DDS, believes that the present management
/ VIII become Disguised and be willing TO
! sell out at very low figure.
i may now say very positively that
! this plan cannot be carried out The
: present owners OF the controlling interest
/ in the company are several wealthy and
/ important men in New York. Boston, and
/ Washington. These gentlemen have no
/ intention of selling out cheap. They are
! not desperate over the condition of the
/ company They are not On the verge Of
] bankruptcy.
| The company is not at present paying
! any dividends to its hackers. It is not
/ doing as veil as was expected of it by
/ those who organize it. But the control
! ling interest IS sufficiently satisfied with
I the outlook for the future TO be entirely
willing TO stand any immediate losses
that may he incurred This should be evI-
! dent to Washington people in the fact
that the improvements made by the syn
dicate have been of the most substantial
| character and from the additional fact
that these improvements are being
pushed now quite as rapidly and as ex-
/ pensiVely as at any time in the past
I wish TO state in this connection that
President Stevens resignatio does not
msan that the company is to be put into
the hands Of a receiver. The fact Of his
leaving the company has no connection
with any proposed reorganization Il is
not the intention Of the present manage
ment to secure new people 70 run il. The
management of Mr.. Stevens has been en-
tirely satisfactory to the company, as we
| believe Il has been TO the public
| Mr. Stevens resignation was the gen
/ eral topic OF conversation on F Street this
morning Regrets were expressed by
many that there is to be any change as
| II has been an opinion quite generally held
! that Mr.. Stevens management has been
efficient and satisfactory.