The Washington herald., 1912-09-25
CHARTER PERMITS
THIRTY MILLION
DOLLAR MERGER

Continled from Page One.
subscribe to, purchase. or otherwise ac.
quire. and to hold and own the stocks
bonds. and other securities and obliga'
tons of other companies, whether en-
gagged In railroad or transportation bust
ness or otherwise, and to pledge, sell, OF
otherwise dispose OF the same IN the
discretion Of the board Of directors"
Further Privileges Granted.
Further privileges are granted by the
charter. as follows:
When authorized by its board of di.
rectors to guarantee or become surety
In respect to bonds or other obligation.
whether Incorporated within or with.
out this State-organized for the purpose
OF having the power. either by owner
ship OF stock or otherwise, to own OF
TO become interested in, or to carry on
transportation business by land OF
water or other business through which
this corporation shall seek to derive
traffic.
ITO enter into traffic agreements with
railroads either within or without this
State.
This corporation may have authority
bonds to bearer or otherwise, with or
without interest coupons attached
Ana It is hereby expressly provided
that the enumeration OF specific pur-
poses, objects. and powers shall not be
held or construed to limit or restrict ir
any manner the other objects and
powers Of the corporation"
Doubtless the feature of greatest sig
nificance in the charter and the one
hA Ia -
most vitality is the right granted by the
State'of Virginia as follows:
ITO consolidate with, or merge into
itself. or purchase. or TO lease the works,
property, and franchises or any part
thereof, OF any railroad Incorporated un-
der the laws Of this State or any other
State or the District OF Columbia, or of
this State and another or other States,
or under the laws Of the United States.
or any works. property. and franchises.
or any part thereof. suitable for ratlroa
purposes from the owners thereof. and
to sell or lease its works. property, and
franchises. or any part thereof to any
such corporation chartered under or or
ganized under the laws OF the State of
Virginia governing such mergers, sales.
consultations, and leases"
Could BUY All UtiIitfes.
II will be readily seen that IL this
charter should become effective in the
District OF Columbia, because the V!r-
ginia corporation Is to all intents and
purposes a Washington concern. the hold
ing corporation could purchase, hold. and
operate any or all of the public utilities
OF the city as well as its street railways.
This would naturally be accomplished by
purchase of the stock of such utility
corporations and the taking over Of cor
porate control and management under
the rights Of the charter. There Is moth
ing in the nature of things TO ward on
such a result. bad or otherwise as II
might be.
II was openly admitted yesterday by
persons connected intimately with the
organization and promotion OF the Mary
land Virginia Railway Company that the
originally incorporators were what is
technically known as dummies and
that the greater part OF the directors and
officials OF the corporation to this time
are in effect dummies" who will be
superseded in time. no doubt. by the
directors. officers. and personnel Of the
Wa ashfngton Railway and Electric Com
pany, provided the plans Of the corpora
ton do not mIscarry at some point and
the corporation for some reason which
does not now appear is dissolved.
As stated the original incorporators
were ali OF hchS "a hiAS'aA
ra !lrosd men and none OF them financiers
Of reputation. They were: Alexander
Suter, president and director: Samuel
H.. Monroe. vice president and director;
II. Noel Garner. treasurer and director.
and G.. l.. Boothe. Richard 3, Washing
ton, and J. Randall Cation, directors.
With the exception of Gardner l.
Boothe. who prepared the articles Of in
CORPORATION. these men were temporary
officers and directors, otherwise dunn
mics said to represent Washington
financiers The present temporary Or
gGnization has the following officers and
directors:
The present temporary organization has
Norman Gray. of Camden. n. J., presi-
dent Of a trust company there, as presi-
dent: F. II. Treat president OF the
washington-v Virginia Company. as vice
president: W. W. Spaid. partner OF w.
r. Hibbs. as treasurer. and Gardner L,
Booth as secretary.
The existence Of this Virginia corpora
tion, with its broad powers and its pur-
poses, as set forth IN the recent state
ment Of President King. OF the Wash
ington Railway and Electric Company,
empha sizes the need of the proposed pub
lie utilities law or one as good which
would throw around such vast financial
operations the protection needful TO in
sure the people Of the District their full
rights under the law.