Evening star. [volume] (Washington, D.C.) 1854-1972, 1912-10-26
MAY ASK INQUIRY
Petition to Congress in Merger
Case Proposed.
THOROUGH PROBE WANTED
Talk of Introducing Resolution
Opening Day of Session.
CHANGE OF NAME SUGGESTED
Stockholders Of Maryland-Virginia
Company Also Discuss Raising
Capital to $5O,000,oo0.

The plans of the Maryland Virginia
Railway Company to absorb certain large
public utilities operating In the District
of Columbia, Virginia and Maryland may
be made the subject of congressional
investigation.
1t is learned from an authoritative
source that the petitioning of Congress
to appoint a committee to investigate
the gigantic holding company now is
under consideration by certain mem
bers of Congress, and a resolution to
this effect may be introduced the day
Congress convenes.
According to the plans under consid-
GRAFTON, a thorough probe Of the analrs
of the holding company Will be request
ed There is said to be practically NO
doubt. but that the resolution will be in
truduced and every effort will be made to
have Congress take a hand In the matter
If the present plans Of the holding COM
pany promoters materialtze, however
Congress, n the event it should order an
Investigation. will have to investigate
the affairs of a company capitalized al
$50, 100000 instead of $3O.QOO.OOo.
Will Take Action November 6.
Formal announcement is made that al
meeting of the stockholders Of the
be held November &. definite action will
be taken on proposals to change the name
of the corporation to the Washington
Utilities Company, increase it's capitalize
ton from $3OUO-.CO to $5OO0,OOO and
issue 800 OOO. COO worth of bonds.
Already the directors of the company
have voted in favor of these changes ana
the stockholders are to ratify or reject
the action taken.
1t is announced that the present char
ter will be retained. inasmuch as an
amendment to it will be sufficient to
carry out the changes proposed.
The money needed for floating the
merger scheme will be forthcoming. 1t
is said, from William Solomon & Co.
Kuhn. Loeb & Co. and, Philadelphia
CAPITALISTS.
According to the promoters Of the
creased capitalization and authority 10
issue $1OO00O,O00 worth of bonds. Will
be a vehicle for any local pubic
utilities that desire, or may desire, q
way out of new financing problems.
Plan to Exchange Securities.
If advantage is taken of the plan
Washington u ilities corporations. 1T is
expected, will be able to exchange their
securities for those of the Washington
Utilities Company, the latter standing
ready to be underwritten by big east
ern financial houses.
1t is now expected that no further eff
fort will be made by the holding COM
pany to absorb utilities concerns in the
district of Columbia or other states until
the stockholders of the Maryland Vlr-
ginia Railway Company have voted on
the changes proposed.
Should their action be confrmatory of
the decision of the directors and char
ter amendment accordingly applied for.
it is expec. ed that the first step OF the
holding company will be to acquire the
WashingtOn-Virain ia Railway Company.
1t is announced that the proposal to ac-
quire the Braddock Light and Power
Company and the Arlington Electric
Company has been abandoned for the
present.