The Washington times., 1919-07-15
BANKERS SAY
W.R. &E. MUST
PLEASEPUBL|C
Better Service or Ak Will Fall,
Men Who Hold Big Block of
Stock Promise.

Relief from poor service now being
given by the Washington Railway &
Electric Company was promised the
Washington public today by the Note
holders Protective Committee. which
holds S2,T5O,O00 worth OF traction
company's stock as collateral for
loans made by Washington Baltimore
and New York banks.
Coming as the first ray OF hope
in the local Street railway muddle,
six local bankers, who believe the
only way to realize on the securities
they hold is to build up good will
for the Washington Railway & Elec-
trio Company. declare that the large
block of stock they hold will enable
them to demand from the manage
ment OF the company decent and
adequate service to the Washington
public.
OF course. under the present high
cost OF everything. the company will
have to have an increase in rates,
probably to cents, they declare, but
before this is granted the public is
entitled to service commensurate at
least with the fare 1t is now paying
Want More Equipment.
The poor service on many lines will
have to be improved by more equip
ment and better management, they
believe.
The committee are practical bust
ness men, said Col. Robert N. Harper,
who was elected chairman Of the
Noteholders' Protective Committee at
a meeting held in New York yester-
day." and realize that in order to
make their securities worth anywhere
near their face value they must start
at the very foundation of things and
strengthen the whole structure.
I'VE want to dispel the belief that
the bankers are taking hold OF things
for their own gain altogether. We
are bankers and are in the business
for profit But we are also business
ties will depreciste very much unless
the public gets adequate and decent
service.
The New York and Baltimore in
terests realize that local men are
more familiar with the situation and
can work IL out better as well as have
more influence with the Public
Utilities Commission than out Of town
persons. They have, accordingly,
practically turned it over to us.
Better Survive First.
We are going to do everything
possible to procure adequate service
for the Washington public. Why
shouldn't Ve? Until then we cannot
expect the public to stand for a raise
"A rates, or our securities to be worth
anything"
To gain the confidence Of the public
ku this move the local hnaneiers in
4erested have eliminated from their
committee two local bankers who
have large holdings in the Washing
ton Railway and Electric Company.
The committee holds $2,750,OOO
worth Of stock in the w. r. & E, and
while this is not a majority, they
declare ii is enough to swing any
election the company may hold. Much
of the stock is held in small lots by
individuals who are only interested
IN receiving their dividend checks
and never attend stockholders meet
inEB.
Colonel Harper said they intend, in
their own interests as we'll as in the
interest of the public, to see that
better service is rendered or swing
the proverbial Ak over someone's
head
Personnel Of Committee.
The noteholders' protective commit
tee as IL now STANDS is COhPOSeo Vi
Col. Robert n. Harper, president OF
the District National Bank, chairman:
william z. Cadwallader. cashier OF
the Commercial National Bank, sec
rotary; John Poole, president Of the
Federal National Bank: W. T. CALI
her. president OF the American Ma
tiond Bank; George W. White, pres
ident of the National Metropolitan
Bank; c. w. Warden. vice president
OF the Continental Trust Company;
Judge Henry D. Harlan. Of the Fidel-
ity Trust Company, Baltimore: and
Ha-old D. Thorne, OF the Metropoli-
tan Trust Company, New York.