Evening star., 1922-07-11
DO NOT DESIRE TO
! OBTAIN CONTROL
Il 27,500 Shares Railway Is
-
Bought, Buyers Want Man.
agement Retained.
by I. a. FLEMING.

It is understood that the interests
hack of the proposal to acquire con-
troll of the 27.j00 shares of Washing
ton Railway and Electric Company
common stock, held by the protective
committee of the Washington utili-
ties notes. have no desire to acquire
control of the company through ac-
QUESTION of this large block of stock.
1t is said that the purchase con-
templated. if consummated. would be
purely on an Investment basis for d
- long pull.
The changed condition of the pub
lie utilities of the United States. and
specifically of Washington. has
brought these properties. once the
butt OF much ill-timed comment, into
much better rcpufe.
The outlook contains no dangerous
element and there is much of promise
Railway officials have made good
and their securities have advanced IN
values very materially
Interests contemplating making an
offer for the 21.50A shares of common
stock in the company desire TO go
along with the present management,
Without important changes. although
some of the directors. representing
the protective committee. would prob
.aoty retire. as thcN Wouiu not "" Al
stock.
That the present management re-
main at the head Of the company is
one essential requirement of the pro-
posed purchase.
1t is a matter for the solution of
the protective committee whether a
sale is made. or not.
\ sale of the property woUld. 50
soon as the distribution had been
made Of tn" proceeds among the note
holders. wine out the only not"Aold-
ers' protective committee in Wash
ipgtou. to the .clcaring of the atmos-
phere.
Moreover il would be the uui"tuS
to the iIl-timed. ill-fatcd Wa ashington
Utilities COMPANY.
So far as control is concerned.
merger If the two street railway
,tupa nies. DEVELOPMENT of Great
Falls power possibilities, are matters
OF the indefinite future.
Congress has been making efforts
tn a me"gsr of tn" street railway
companies for months. nor is it at all
probable that the contemplated pur-
chase has these matters in view.
Was shinGton utilities noteholders
are represented To I, very large per
centagc. much more than three
feurths of the amount. by banks in
this city. If the purchase price was
Sufficient to give them Is uer cent
gdvsnc.s on the notes. they might
give III" proposition Favorable con-
sideratinu.
~ An acceptance would bring nearly
Il f50-n00 new money into the Dis
I. The fact that th" .7500 shares of
Pathway common sold at auction at
sS.oHo cuts no figure. the note
holderS also advanced SI.5Ha.000 on
sthe notes on which interest and pay
,hient defauited.
- Local Securities.
q Washington Railway and Electric
common stock WAS very firm on to-
days session of tho local Stock EN-
,9hange. Buyers took 220 shares at
IA and bid that price for more. while
.the official closing asked price was
Il. The preferred shares were nominal
81 49, bid and 81 asked.
ut was evident that the story of
EblIEer for the 2T,50G shares of com
aion stock rad some effect on the mar
lket.
] Capital Traction was quoted at
'10O1e
s.. Railway Is brought a9ia Potomac
is. 1871 Gas 1i2 per cent notes at
to4. Potomac Consolidated 5s brought
9i2.
ttbther stocks and bonds were strong
sE held but nominal.
y Errata in Bank Statistics.
.; A. i. Savage of the National Saw
.tnGs and Trust Company offers cor
sfectioH of an apparent error in the
reported deposits of the Riggs Ma
.tlorai Bank. in response to the call
.ef the controller at the close of busi-
ness June 80. The Riggs actually
host SIP. s3S 20 in its total depos-
ITS whereas the statement charges
tho bank with loss of SSl59552
= ihe correction makes prac icaIly no
grange IN the aggregate totals. a s it
was made as a result of Hami1ton-
.figgs matters.
as