Evening star., 1907-05-26
HEARD ON CHANGE

The near approach Of the date when the
voting trust on the stock of the washing
ton Railway and Electric Company ex-
pires and the stockholders regain the con-
troll of that property does not seem to
have bracing influence on the market.
While the date for the event Is the 1st OF
the coming month, still the important dis
closure the change Is suppose to make,
namely, the ownership Of the common
stock, will not be possible, 1t Is likely, for
several weeks after that time.
1t will take several days, 1t is said, to
transfer the trustee certificates that will
argued, 1t will not be practicable to know
at an early day much more about the ac-
tual ownership of the system. There is no
question, however, that the market Is In
fiuenced by the uncertainty that surrounds
the issue, for while in one sense 1t makes
no difference whether one interest or an
other gains control Of the property SO long
as 1t Is managed for the stockholders as q
whole. still any element Of uncertainty
In the case Of securities is always a mar
ket deterrent, however Insignificant it may
appear In actual fact.
1t is. Of course, possible that some holders
OF the trustee certificates may delay send
Ing them in for transfer and thus another
obstacle will be put In the way Of deter
mining where the control lies. There will
be no motive for sending in the certificates
or common stock until the date of the
annual election, which occurs the third
week in January, and as there is no divt-
dend on that security there Is no reason
why the holders of the trustee certificates
should exchange them for stock certificates,
except the solitary one of having the right
to vote at the annual election.
There is another circumstance which may
still further delay the disclosure Of where
the control Of the stock of the company
lies. and that is some large holders may
ha tno 49, all
ton of their holdings made out in the
names of other persons. For these and
other reasons which might be mentioned
the expiration of the voting trust may
mining the important question of who
holds the controlling interest in the stock
or the company. AS is seen. it Is possible
that nearly six months may elapse before
until the annual election is actually held.
It Is supposed in some quarters that the
advantage may arise from the well-known
disposition OF good percentage of stock
ing management. This tendency, however,
may be lessened to some extent il there
Is an active campaign to secure votes.
There is no doubt that If an interest out
side OF the management desires to make a
contest it will in some way find out the
names Of the stockholders and solicit sup
port for its particular candidates.
1t is also possible that in the event It
DSCouleS evident soon AFTER the LIST OF June
that the control OF the company is in GER
tain hands such interests, II they SO de-
sire, may be able to bring about such
changes in the board of directors as will
give them immediate representation.
The situation is naturally one of much
Importance. The system comprising as 1t
does valuable network of street railways
In the city. as well as the exclusive right
OF supplying electric lighting. is not only
one Of much consequence, but it's present
prospects. as well as the future outlook are
looked upon as highly promising. It is per-
fectly natural, therefore, that the stock
holders. both large and small, should be
studying the situation as it Is likely to un-
fold In the future with keen interest as
to probable developments. As is well
known, the securities Of the company,
both the bonds and the preferred and COM
mon stock. are largely held by Washington
investors, SO that there is a consideral,le
element in this city which has a vital con-
Germ In the matter