Evening star., 1902-02-05
RAILWAY MERGER
A Partial Consolidation Of Wash
ington Traction Properties.
RAILWAY and TRACTION COMPANY
Metropolitan and Columbia Roads
United With Great Falls.
B ON d S A n D S 7 o G K S

The Metropolitan and Columbia Street
Railway COMPANIES have practically gone
out of existence. This is the result of the
action taken at meeting of the directors
of those corporations yesterday. Today the
secretary of the purchasing company, Mr..
J. B. Lackey, placed record deeds by
which the Metropolitan and Columbia COM
panies convey to the Washington Railway
and Electric Company their entire proper
ties The latter is the new name of the
Washington and Great Falls Company,
which was changed in accordance with the
act of June s. 1890, giving authority to the
consolidation of the street railroad proper
ties operated by the Washington Traction
Company.
This consolidation is in accordance with
the plan of reorganization as recommended
by the committee of the bondholders of the
Washington Traction Company. In place
of three cOmpanies-the metropolitan. Co
lumbia and Great Falls-there is now one
company, known the Washington Rail-
way and Electric Company.
In addition there was purchased by the
new corporation the stock and the debt. as
far that stock and debt was formerly
owned by the Washington Traction Com
pany, of the following companies: The City
and Suburban, Brightwood, Georgetown
and TenIeytown, Washington and Rock
vile. Anacostia. Washington and Glen
ECnO, w aShlnSIOn ana crest NIlell ana the
Capital
Succeeds the Washington Traction.
The new company will continue to oper-
ste these roads. as has been done heretofore
by the Washington Traction Company. For
the payment of the lines purchased which
are represented by the bonds of the Wash
ington Traction Company the new company
will have an issue of S1I .5n0.D0O of per
cent bonds. and S1J.Un,ooO of stock, both
common and preferred The mortgage.
which was also filed today. to secure these
bonds covers not only the properties of the
three roads which have been made one. but
also the stock owned by the other lines
mentioned. OF the issue of bonds
sI.GoI,65O are 10 remain in the treasury to
purchase the underlying bonds; 1882. .6oD
tC take up the Washington Traction per
cent bonds on the basis of 5000 for each
$1,000 bond, and 81, 100000 to be left in the
treasury to be used for Improvements.
The officers and directors of the new
company are the same as recently elected
by the Great Falls Company, namely, AL
len l.. McDermott, president; George H.
Harries, vice president: ]. B. Lackey, sec
retary; W. F. Ham, treasurer and H. w.
Fuller. general manager. Directors. Allen
L. MeDermott. George II. Harries, George
TruesdeI o. T. Crosby. George VI. Young,
]. B. Lackey and W. F. Ham.
The Electric Light Companies.
No action has as yet been taken in re-
SdTu TO the TWO electric HSnllnS ana power
companies which are owned by the same
interests. 1t is understood that either a
new company will be formed of these two
concerns as provided In the plan or reor-
ganization. or else the Washington Railway
and Electric Company will purchase the
stock of these concerns and continue them
without actual consolidation.
As to the policy to be pursued with ref
erence to the roads not included within this
consideration, but controlled and operated
by these interests, no definite statement is
made. except that 1t is the intention to
continue TO operate them. The City and
Suburban road is In the hands OF a receiv-
er. and an application has been made for
the appointment of receiver for the
Georgetown and Tenleytown road. 1t is
said there is likely soon to be an acute
phase reached in the case of the City and
Suburban company, owing to the applica-
tion made yesterday, stated in The Star,
TO the Supreme Court of the District by the
Baltimore Trust and Guarantee Company,
trustee of the s1.7JO 900 five per cent bonds
Of that company. asking for the appoint
ment of receiver to represent the bond
holders 1t is apparently the desire that
the present receiver, Mr.. Allen L. McDer-
mott, be replaced by some one else The
final outcome in the case Of this road 1t
is thought. will be that 1t will come under
the auctioneers hammer In that event it
may be purchased by the bondholders, al
though II is the opinion that the interests
controlling the new company will desire TO
retain this section of the system now oper-
ated by them.
II Is inferred that a somewhat similar
process may be followed in regard to the
other roads not included in the consolida-
tiOn.