The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1907-04-27
LOEB NOT YET PICKED
May Be Offered Traction PO-
sitiOn Later.
DEAL DISCUSSED BY HIBBs
Broker Indicates Secretary Is Fa-
vOred by Certain Interests That
Are Seeking Control of the wash
inGtoH COmpany-Says He Is Acting
solely as the buying Agent.

". B. Hibbs. Of ". B. Hibbs & Co.,
yesterday talked at some length with
reference to his recent purchases Of the
stock OF the Washington Railway and
Electric Company, out OF which has
grown the story that William Loeb. jr..
| secretary to the President, viii become
president Of the company. Mr.. Hibbs
said ne knew little with reference to the
proposition Of making Mr.. Loeb presi-
dent of the company, but was inclined TO
think that recent publications In regard
to the matter had been premature.
He said the buyers of the stock were
among Mr.. Loeb's closest friends, and he
thought il likely they would give him a
position in the company when the Presi-
dent was ready 10 dispense with his serv-
ices, provided the interests In question
should get control Of the eompanys af-
fairs
Mr. Hibbs stated that his office had a
definite commission TO buy all the stock
OF the corporation below certain figures.
He said that he had bought about SO,0l0
shares Of it within the past six months
at prices ranging from $SS to $40 a share.
He said he could not divulge or even
hint who the purchasers of the stock
were. but he could say they were Wash
ingtOu capitalists. with plenty of money to
take over the control of the road and
operate It for the betterment Of the sew
ice and for their own ultimate profit.
Acting solely as Broker.
Mr.. Hibbs stated explicitly that he was
in the deal solely as a broker He said
the property appealed TO his clients as a
good investment. and that alone inspired
the purchases. The men whom ne repre-
scented were well acquainted with the
property. its history. and its possibilities
and he said they wanted to obtain control
with a view 20 having the largest cor
poration in Washington ia Washingt0nians
hands. and he declared the purchasers of
the stock had the commendable desire TO
improve the service, that the public might
have the best street railway system in
the world. and that constant complaint
regarding facilities might be hushed. The
broker spoke OF some OF the difficulties
which the company had been obliged TO
meet in the past. one Of them being the
lack Of power, which had now been sup
piled. There had also been a lack OF cars
20 carry the traffic, and that had been in
a measure supplied. he thought the COM
pany In the course of a few years would
/ become a sound and paying corporation.
of which the city would be justly proud.
Mr. Hibbs said he was not in a position
10 talk about the plans Of the stockhold-
/ ers relative 10 the possible reorganization
Of the company. That. he said, would
come along In due time, when the trustee
/ ship had expired and the property was
I handed over TO the stockholders. He
thought the control Of the property and
probably the future policy of the corpora
I ton would be foreshadowed IN the direc-
/ tors elected after June /. That directory
/ Re thought, would give the public conf
/ dence, and would result IN better condi-
/ tons all around.
Loeb VIII Not Talk.
/ Mr. Loeb, in jamestown yesterday,
whittier he went with the President 10 be
present az the opening of the exposition.
/ declined 10 confirm the story that he had
/ been offered the presidency OF the Wash
lngton company. Indeed, Mr.. Loeb said
/ it was not the time and place 10 make any
statement in regard 10 The matter. init
mating that he might have something 70
say when he returns to this city tO-mOT-
row.
/ Some Of Mr. Loeb's friends here stated
/ yesterday that il was sufficient to say
! that the whole story had grown out of
/ the friendly relations existing between
/ the recent purchasers OF the Washington
/ Railway and Electric stock and the sec
rotary Of the President. They said 1t
was undoubtedly the wish Of this con-
/ tingent % see Mr. Loeb in the company
/ in some capacity, either president or in
/ some other position in which his abilities
/ could be best utilized One of his friends
/ vontuTed the suggestion that he would re-
main with the President up TO or near
! the close of his term Of Office. and then
( if conditions We're favorable. take q posi-
/ ton with the washington Railway and