The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1907-04-25
Administration TO Be
for Benefit of
- Citizens.
No Hint of Successor
TO Presidents
Secretary.

That William Loeb. fr.. secretary
70 the President Of the United
States, viii on or about the 1st dav
Of January. 1905. step from the
White House into the presidency of
the Washington Railway and Elec-
tric Company. can now be authori-
Jatively affirmed as the settled PRO-
gram of the interests in control Of
that property.
For the lasr three months ". B.
Hibbs & Co. have been auietl but
steadily buying all the sharee of
the common stock of the road +-s-.t
have been offered on the local ex-
change at from 3S to 80. There are
$4,000 shares of this stock. and
those who have followed the course
OF the market know that Mr.. Hibbs
has acquired in that time some
Svhere around 10000 shares Of the
stock For three years this stock
has not had voting privilege. for
the reason that the management of
the affairs OF the company has been
in the hands of trustees. who are
New York individuals. firms and
corporations, among them Brown
Bros, the Mutual Life Insurance
Company, United States Mortgage
and Trust Company and others.
This tTusteeship expires June !,
the last semi-annuaI dividend Of
212 per cent on the preferred stock
that was declared at the meeting
of the directors last week making
this possible. The control of the
company viii at that time pass into
the hands OF the stockholders.
Committed to Loeb.
The purpose Of the acquisition Of the
stock, as admitted by Mr.. Hibbs. is to
get the property into Washington hands
and make it purely Washington prop-
oSition. The interests for which AIr.
Hibbs has been acting are those Of we'll
known Washington men. all Of whom
are committed TO the election OF Mr.
Loeb TO the presidency. The present
president. Representative AIcDermott, OF
New Jersey, has been seriously i'll for
the last year, and it would be entirely
unlikely, in any event that he would be
reelected az the expiration OF his tern.
next January. MT. McDeTmOtt was IN
WASHINGTON at the meeting Of the Ill
reCt0rs last week. To d Times re-
porter he would not deny the story that
AIr Loeb would he his successor. At
the next melting OF the stockholders Il
Is the intention to elect not only Mr.
Lceb to the presidency. but also d board
Of directors, al Of whom VIII be Wash
ingtOn men.
the Washington stockholders are agreed
on the election Of the Secretary to ths
President. bat "A little consideration on
/ that point clears II up IN the first
place Congress and the President of the
United States have not been altogether
satisfied with the management of the
company IN the second place. II is the
intention of the President not 10 accept
another term. and He desires that Mr.
Loeb should have position OF sufficient
importance for an officer OF the Admin
tstratio second ia dignity only TO a
member of the Cabinet TO step into
More Efficient Service.
That AIr. Loeb viii stand fer the in
terests of the Washington investors, and
also be fitted 10 keep very closely in
touch with Congress is evident. The
policy of the Washington interests is TO
increase greatly the efficiency Of service
of tue road. believing that this policy
is best. not only FOR the public but also
for the stockholders. This policy viii
also recOnWe nd@itself 10 Congress. and
there VIII thus Joe less antagonism TO
CONF from that quarter
There is now I'D she treasury Of the
company surplus or 81 30 coo, which
VIII probably be used to increase equip
mUnt and efficiency
Secretary Loeb has rad q number NJ
most faUeriLg business eTers recently.
faeIudiug aI~ieHsJ Cue rlaE, il is said.
would have placed hlnl among. the small
group OF highest saiaIled managers of
HpanciaI concerns tie has preferred the
proposition OF the washington and EleC-
tric people. and ID is now considered as
sCod as certain thIt tie deal on which
his connection with that property de-
ua1ds VIII be CGrreid through.
Mr. Loeb hrs-HceU secretary 10 the
President since Air. Roosevelt came ID
washington as President He was as
s6eiatCd with him In like capacity
wien the President was governor OF
New York His skill as manages az
big Interests. his great acquaintance
probably not exceeded by that Of half
"A dozen men in the country. and the
confidence ti=at lire would apply to the
conduct of the property policies which
would popuiarize and strengthen it. are
/ the reasons for the offe- TO him OF the
post