Evening star., 1922-11-06
SOUGHT TOO LATE
FOR v. R. F. STOCK
Fidelity and Deposit CON-
pany of Baltimore Bid Few
Hours After Option Given.
RUMORS RUNNING RIFE
Buyers Representative Denies Cap
ital Traction Bought
1880 Shares.
RUMORS RUNNING RIFE

\ second bidder for the 2T.5OO
shares of the Washington Railway
and Electric Company entered the
lists just a few hours too late, as the
option to Messrs. Crane, Paris & Co.
last week, to be accepted or rejected
within forty eight hours.
The day before this option was
given the Fidelity and Deposit Com
pany of Baltimore, acting for itself
and other interests, held meeting
and decided to open negotiations for
the big block of stock.
Baltimore bankers We're instructed
10 conduct the negotiations, but found
in their initial move that they were
just too late
1t might have meant much for
Washington had the Fidelity and De
posit been successful. owning $500
shares of stock. had it been able to
secure the 27.5N0 shares additional il
would have had practical control of
The property. as there are but 63.oOo
shares, and $4,000 shares in one block
could have swung control.
Huge Project Seen.
Back of their efforts to acquire the
stock was the Penn Power Company
OF Philadelphia, owners Of urban and
Interurban lines and power plants.
This corporation recently purchased
the Frederick and Hagerstown line,
buying Sl500,ohp of stock. and it also
operates in Cumberland and other
not distant cities.
Had the plans matured there is
small question but they would have
been hooked up with the Washington
Railway and Electric and power com
pany as an integral part OF an I'M
p"rtant intcrurban system.
Bartran, Griscom & co. OF New
York mentioned some time ago as a
possible purchaser of the big block
of stock. are said to be allied with
this group of utility people.
Denies RumOred Interest.
Baltimore and New York interests
express the opinion that the Capital
Traction Company of this city is the
real interest back of the purchase Of
the big block of stock. This theory Is
definitely denied by Eugene f.
buyers.
Action OF the local stock market
for the Capital Traction shares might
readily be taken as indicative of a posi-
BILE alliance.
Capital Traction shares have been
Slow for some time around 10l a
share. Today II opened at 102, sold
I" 1891. and closed with lo4 asked.
The common stock of the Washing
ton Railway opened several points
higher at 90 bid and 63 asked; no
sales made.
Purchasers Not Disclosed.
The purchasers of the $500 shares
Of stock are still unknown. Even
the bankers who sold the stock do
not know who they are and the
check to bind the bargain was drawn
by Crane, Paris & Co. $4,000
1t will take several days to close
the matter, probably not before the
18th instant.
TIL" new buyers will be represented
on tn" directory of the company after
the regular monthly meeting of the
directors. which will be held late In
November. Some of the present di-
rectors will retire. while others in
the group of bankers Will probably
remain.
Possible Melon Cutting.
Il is understood that the new inter
ests are entirely agreeable to other
members OF the railway directory.
able, that local interests have acquir-
ed the big block OF stock for invest
ment, as stated by Mr.. Thompson.
The fact that there are some s3.-
100000 impoUnded in the electric
light case between the Potomac Elec-
Commission, which IS counted on as
sure to be settled in favor of the
company, with subsequent melon
cutting" for railway common stock
holders, has not been overlooked by
the buyers.
The common stock of the Washing
ton Railway Company has not paid
dividends for many months. but bus
mess recently has pointed to an early
resumption Of the distribution.