The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1923-11-12
HYDRO PROJECT
Of j. s. HELD
UP YEARS
Back in 1889 Companies Be-
gan to Seek Control Of
Great Falls.
tcontinued from Page 13.l

Is. 100. Maybe the utility did
some idea Of undertaking a
pment at that time
Nature Undisturbed.
But the well-known status quo
railway company show that 1t was
resolved to sell the stock to the
Potomac Electric Power Company
for 100000 in 1903 If this
was bona fide attempt at deal,
II shows that the property had
appreciated In value $1S5, 900 or
about 40 per cent in 10 years.
The same minutes show that this
action was reversed a few months
later. Nothing more about q trans
fer Is noted until 1912, when the
power company took its two-third
interest In the site, handing over the
million-dollar block Of stock.
Officers Named.
The officers Of the Great Falls
Power Company, Incorporated at
: Alexandra, were reported by the
State Corporation Commission Of
Virginia In 1915 as follows: Presl-
dent, Clarence p. King; vice presi-
dent, William +. Ham; secretary,
William L. Clarke; treasurer, Ct e.
DAOWA. nO NlICCIOIS sWGIO 1AIIGHss
Ham, Woodbury. Blair, Clarence r..
Norment, and r. W. Roebling. A
maximum capital OF $500. 900 was
authorized At the time stock In
the sum of $500. 900 had been issued
and was outstanding.
Nothing was done at Great Falls.
The fishermen continued peace
fully casting into the rapids, the
amusement park functioned agree
ably and on summer nights the
searchlights played over pictur-
esque rocks unmarried by drills or
dynamite.
1t reused the ire of Senator
George w. Norris, long the cham
pion in the upper house of the
project OF Harvesting the falls. He
wrote very plainly to the Public
Utilities Commission in January,
about the inert Great Falls Power
Company. in part. as follows:
Partial Text Of Letter. =
al would like to get some in
formation in regard to the Great
Falls Power Company. When was
this corporation organized, how
much capital stock was issued, and
how much, if any, watered stock
was issued? On November 26, 1902,
the Washington Railway and Elec-
trio Company acquired 1884 shares
OF stock in the Great Falls Power
company As I understand it, this
Scpnstftutes two-thirds of the CAPT
ain stock of that company. The
EharGay company paid for these
&owls $425, 000 would like 10
kl1italwho owns the balance of the
cA1kea stock of the Great Falls
Pow Company.
HEv can men afford to have
their aoney invested in this enter
Prise for all these years withou:
makiT 3 any attempt to develop the
property? without DEVELOPMENT
there can certainly be no income,
and It seems to me such poor
business judgment for anyone to
think of investing his money in
this company without taking any
steps to develop the property. It
looks as though the only possible
object OF this corporation is to pre-
vent the development Of the power.
Pertinent Questions.
did the railway company pay
actual cash for this stock. or is
the Great Falls Power Company a
subsidiary Of the railway company?
It seems that the railway company
carried this stock upon its books
for nearly ten years. but even be-
fore that the stock must have been
carried by somebody with some
other object in view than develop
ment
''In May. 1912. the Washington
Railway and Electric Company made
some kind Of a contract with the
Potomac Electric Power Company
whereby they sold this stock. or
pretended to sell it. to the Potomac
Electric Power Company, and to
pay the railway company for this
transfer, the Potomac Electric
Power Company issued 100000 Of
stock in the Potomac Electric Power
Company and transferred it to the
railway company. AS I understand,
this 100000 of stock was issued
without any other consideration
and the Potomac Electric Power
Company has been paying a divi-
dend in the neighborhood of 10 per
cent upon this stock, together with
Ats own stock, ever since.
Citizens To Pay.
'That means that the consumers
OF electricity in the city of Wash
oAC pdyEuE 1OT GA1S DOkuS
eal and making it profitable.
AS / understand it, the Potomac
;tric Power Company is owned
OTTO by the Washington Railway
Electric Company and this
-ansfer of stock was really a sort
OF high finance method of covering
up the income of the Potomac Elec-
trio Power Company, so as to pre-
vent any clamor for a decrease of
rates for electricity in the city of
Washington.
SIs IL true that this Great Falls
Power Company Is simply a cor.
pOratiOn organized for the purpose
Of preventing the Government or
the District, Co. someone else, from
developing the power at Great
Falls? What rights have they
acquired at Great Falls, what prop
erty do they own, and what posi-
ton would the government or the
District be i'm IL IL undertook to
make this Improvement and to
condemn whatever interests this
corporation may havew
Little On Second.
Col G. w. Kutz. then Engineer
Commissioners of the District. an.
ewe4ed that ''the records Of the Dis.