Evening star. [volume] (Washington, D.C.) 1854-1972, 1919-09-07
BY I. A. FLEMING.

nj L. a. F'LkMlNU.
In that lengthy document explaining
1ast how the physical valuation Of
The Capital Traction Company, wal
arrived at by the utilities commits.
sion and its employees. appears this
sentence: Due weight was given te
the purchase price paid by the Rock
Creek Railway Company for the in
tangible rights of Washington and
Georseown Railway Company"
There is some story back of the
merger OF these two companies. or
rather the sale outright of one to
the other. some story In the incident
of the tail wagging the dog, where
the dog was SO hampered that 1ur
fher effort on his own part was use-
less.
Moreover, there is splendid story
in the grit and enterprise that started
the Rock Creek Railway Company.
that made the highway for 1t. that
bridged Rock Creek at Calvert street
road that started nowhere and stop
ped everywhere.
The whole scheme was conceived IN
holiness by private enterprise; out
more than anything else 1t was
Chevy Chase Land Company PROPOSE
Originally, the road was expe eted
to start or stop at Woodley PARK i:
finally it was extended way gu,
Chevy Chaseward, and the other enc
stopped at the corner Of 9TH ana !.
streets northwest, at least tnat Is
the present name of the streets
No Connections Made.
1t connected with no other road and
no other road connected with IL bu.
the company that owned II opened s
e,
grading it for its entire length, ana
the company and other property own.
ers along the highway. brought II
practically to present levels and gave
it to the city; the company also ouI,.
the big iron bridge across ROCK creek
A. Calvert street, as before stated
and at its own expense.
Stillson Hutchins, owner OF the
Great Falls road. put through CON
rress q measure granting PERMISSION
to his company and to the ROCK eT Ttrs
Company, to buy any connecting une,
to buy any section OF connecting
line and Ito issue securities to cover
the cost Of the same"
EOf course, the Rock Creek Company
welcomed the opportunity to buy
For years, or weary months. per-
haps, 1t had looked longingly At the
washington ana Georgetown Street
Railway Company and its big bust
That company had the pick Of the
Uenings Of over twenty years ago
Its main line was on PennsyNanla
Hyenue. I'D and down; feeders ran on
7th street and one line covered tne
territory from upper 14th street down
to New York avenue, and then 10 the
Avenue and on over east.
ANY one familiar with the street
rxilway situation in Washington TO-
day will recognize the excellent cnar-
acter of the present Capital TRACTION
C0mpany's lines mentioned.
Big Company Handicapped.
hut the washington and George
town Railway Company was handi-
capped. 1t was capitalizea fer $500.
SOD and Con erAss would not permit 1t
fo issue more stock. it 1t did issue
bonds. however, and they were given'
the privilege Of conversion II the
company ever secured the right to
The Washington Gas Company was
fiven much the same treatment. a.
Ia stock issue today is 42,eeo.e00, just
q Il was when the company was IN.
dSfporated. with $50 par value; but
Ii 10 paying Is per cent and mas paid
IL ief cent on that valuation.
Well, the Rock Creek Company had
ina right to buy ANY connecting
ffne'' and there was q chance for con-
Meeting at 14th and another At 7th
and carried to q conclusion for the
mo. place togo" line to buy the
spiendid Washington Georg etown
Company. later to be known rs the
Capital Traction Company, and the
stock issued. and authorized ~ Con.
stock that 10 now said to be of no
vAfoe.
IN view of the near approach Of dis-
eiassions for q merger of the two
nAAln companies now operating in the
city, this story il worth while.
All day long and several days. more
a., lass. the directors Of the two COM
panies confabbed and they could not
ksv wise they were in those days
vese designated to 60 into room
asa settle the matter.
ssiis Two Men Can Argue. 90.
Where two men want to reach an
a9P2ATnent and neither is dyed.in-
ths-wool profiteer, they can reach
point where they can come to an un-
derstanding.
sThsse two men did and the agree
ment was ratified.
Flow they later turned the merged
companies into the Capital Traction
Germany 10 another story.
,ThoaA who recall the historic con-
ferAhce of the two officials and the
subsequent meeting of the joint di-
rActors recall the fact that Walter
n D4yidge, attorney for the WASH
iAftep and Georgetown Street Rail-
way Company, made this assertion:
,"9entlemen. you cannot complete
1AfS merger unless you buy every
ahAfe Of stock in the Washington and
GEORGETOWN Railway company-every
single share"
Tila control Of every share of the
Rack. Creek Company was back OF
thu acquisition, unanimously.
.oo Wanted Their Price.
1t is recalled to this day that some
Of the men OF today refused to be a
parsy to the sale of the Washington
(seorTetown Railway Company, unless
they got their price: likewise 1t is a
natter of record that men of this
day and age were known to acquire
stock in varying amounts on the mar
Net for the express purpose of get
tag their price
They seemed to have an unerring
scent as to the particular side on
which the sugar" was to be obtained.
Attention Of r. n. Harper, Washing
tons most active merger sponsor OF
today, was called to the hold-up Of
twenty years ago, where there was
only $500 900 capital stock involved in
All whereas in the mooted merger of
this day there is $27.0oo,o00 capital