Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-01-02
SENDS IN RESIGNATION
Chas. C.. Glover Retires From
Capital Traction.
LETTER TO THE DIRECTORS
Carries Out Intention Formed Year
Ago.
REASONS GIVEN FOR THE STEP
Vice President and Director of the
Corporation-For Thirty Years
Factor,

Mr.. Charles c. Glover has resigned as
vice president and member of the board
OF directors of the Capital Traction Com
pany This announcement will be made to
the board of directors by letter nd
dressed to them by Mr.. Glover and which
was written by him on Saturday.
Mr. Glover intended to do this year go.
out the interests Of the company with re-
specI 10 pending legislation, induced him to
oefer It, although at a personal sacrifice
Al the present time, it is stated all mat
ters of conflict or friction with the old
Dominion Railway Company have been
satisfactorily adjusted. so that he can re-
tire without in any wise affecting the in
terests of the Capital Traction Company.
This step is rendered necessary it is said
py the increasing demand upon his time
and energies of other duties which are
imperative.
Beyond very limited circle the purpose
OF Mr.. Glover to retire from mis- active
connection with the Capital Traction Com
pany is entirely unknown and II will there
fore come as a surprise to the large num-
Der or people who are Interested in that
company as stockholders and also because
| 1t Is one of the great street railway sys-
TENS of the city.
With Company Thirty Years.
For thirty years Mr.. Glover has been an
influential factor in the affairs. of this great
corporation When he first became inter
ested in the company, In the year 1875. the
capitalization was half million of dollars
and like most street railways of that period
the motive power was horses BY the close
| or the following ten years the cable system
was installed, which was then Iooked>Jupon
! as the approved motive power for street
railway traction. When electricity became
commercially useful a change was made
to the underground system, which is the
present installation.
In both of these changes the svstan,s
adopted were not only of the most modern
ana approved types, but the installations
were of the most substantial character. In
these particulars it is recognized that the
judgment and foresight of Mr.. Glover eY-
ercised potent influence. During this In
tervaA the affairs of the company have been
renamed on broad and comprehensive
scale. so as to enable 1t to meet the new
conditions that have arisen and to enable
1t to provide the facilities which an expand
Ing business we'll as new methods of
street railway transportation required. In
stead of a capitalization Of half million
the capital is now twelve millions, upon
which an annual dividend Of per cent is
paid from the profits of the business.
An Able official.
In the financial affairs of the COMPANY
as well as in the mechanical, Mr.. Glover's
has proved of great service. 1t Is, there
fore, not surprising that his counsel has
had great weight in all the affairs of the
company, and that his advise has been
sought by the presidents and also by the
board of directors.
1t is stated by a friend Of the retiring
vice president, who is familiar with all the
details of his connection with the corpora-
ton, that while Mr.. Glover received a
salary, yet the time which ne gave to the
business of the company and the energy
which he expended in It's service were not
dictated by motives of financial profit to
himself, but mainly because he saw that
in providing flrst-olass and modern street
railway the entire city would be benefited.
In this well In other lines of Mr..
Glover's activities, his devotion to the city
where he has spent his life, and with which
his father was prominently identified, is the
explanation Of his willingness to do what
he could in the line of advancing civic i'm
provements.
Some of the Current Gossip.
The purpose of Mr.. Glover to give up
active connection with the railroad company
with which he has SO long been identi-
fed, was not generally known in financial
circles where such things are apt to be
talked about at a very early period in their
inception. The exact bearings of this step
on the part of Mr.. Glover was Of course
of the greatest interest as everything is
that affects the concerns of such important
local corporations as the street railroad
systems.
According to the Judgment of some, the
severing of the official relations with the
railroad company might mean only that Mr..
Glover will no longer be identified in that
way with the company. 1t was suggested
that perhaps his real service to the COM
pany along the same directions that 1t has
hitherto been exercised could be continued
with probably more effectiveness than II he
was more closely identified with railroad
concerns by being an officer and director.
The New York Interests.
1t was also. surmsed that 1t might be
further move in the direction of bringing
together the street railway and lighting
interests of the city has been talked
about for some days past as one of the
things that influential men were thinking
of accomplishing. In this same line it was
said that the successor of Mr. Glover might
be Mr.. Allies. who is one of the vice presi-
dents of Riggs Bank.
Ever since the announcement was made
that a sort of understanding or an alliance
or an amicable adjustment or whatever 1t
might be called, had been reached be-
tween the Capital Traction Company and
the Old Dominion Company, the tongue of
gossip has been busy over the street rail-
road and lighting situation In this city.
There is a belief that union of some sort
between the various interests Is on the
cards for the near future. How it is to be
brought about and the various details re-
main still matter of conjecture
The Interest Intense.
AS 1t is one that will affect in large way
the value of stocks and bonds 1t is not re-
markabie that the interest to know the par
ticulars of everything likely to throw light
upon the future Is intense. AS is well
known, the Washington Railway Company,
which was in the first place financed in
New York is still largely controlled by the
interests in that city. At the same time
the local holdings have been enlarged, and
during the past year especially the number
of local people who, own these securities
as we'll as their holdings. have been in
creased.
However, the New York holdings remain
large, and 1t Is this influence which
is potent in other financial directions here
that Is believed to be taking the whip hand
in the developments that are said to be
going on now. AS the strength of the New
York contingent. when looked at from the
point of view of finance. is not inconsider-
able. to put 1t mildly. 1t is no wonder
that dealings on large scale are attributed
IN