The Washington times., 1924-06-12
wv. R. & E. Common Stock
Crosses Preferred"
BY BILL PRICE.

financial columns Of Washington newspapers familiar
Then began to appear Nv. r. =. Common Crosses
Capital Traction The top headline made its appearance
again the other day.
Them the good old days. Of local financial unanipula
ton Of certain Washington public utilities The Washington
Railway and Electric Company owning the highly profitable
Potomac Electric Light Company made objection the
campaign force the Capital Traction into merger that
would give the manpulaors Of Of the W. r. al
Z. Company golden chunks Of financial plumber.
It period Of showerng stockholders with
Juicy beyond the widest imagination; period Of
financial juggling at the expense Of the riders Of
ington While this stock ranbowng the upAeep
Of railway properties neglected The money that should
have gone into and better facilities generally went
to stockholders then now mainly residents Of
other cities e.'
The poor management of those days. including badly
handled strike brought the w. E. lines to the verge OIL
financial wreckage Its ownership Of the Potomac Electric
Power Company saved from disaster in depressing
Of the when public utilities badly hit all the
United States
The present managers directors Of these properties are
not the in the good old days Their policies are not
the but it is not good for the public
stock soaring again and steady dividends going
after it has been repeatedly declared by Public Utilities
Commission and by Senators and congressman to be pure
water without the slightest valuation upon which the public
of Washington should pay returns. ....s
The District courts have not yet decided whether
water deserving Of returns is doubtful however they
will do The preferred stock which paying divi
dends right along despite all the difficulties was not ad
judged by the Public Utilities Commission as having excep
tional dividend values.
Anyhow today have the spectacle Of both the street
railways Of Washington complaining bitterly because there
heavy falling off in passengers in the wet and cool
month Of May compared with the month last year
They attribute It to the increased Of automobiles
The Capital Traction Company which has enjoyed q real
good thing the expense Of the Washington public years
afford to sustain still further losses then pay larger
return upon its ascrtained valuation than should be al
lowed The Washington Railway and Electric Company
though has long maintained that earning far less than
it entitled to. =
If this true it will strike the people of Washington "a
somewhat peculiar that the Of that road
getting stronger in the local market all the time should
also strike the Public Utilities Commission the same way
Either the Washington Railway and Electric Company
earning money than claims it is using extremely
heavy profits from the Potomac Electric Power Company to
pay common dividends =.
It should plain to the Public Utilities Commission that the
two companies combined farng exceedingly well to be
fully supplied with dividend dough- which coming out Of
the pockets Of Washington people, and that extent in
consistent with all the orders Of the commission relating to
valuations and rates ~
What's use of Public Utilities Commission if the vsua
6ons it establishes upon local utilities are crcunvened and
good returns paid valuations virtually fixed by the
utility companies themselves? IF the W. r. T. itself is get
ting returns that too low is evident that electric
light rates for Washington high allow the Potomac
Electric Light Company unreasonable returns upon its
ton These huge profits merely shifted the Golfers
the railway company and then distributed stock that the
Public Utilities Commission has many times decided the car
riders Of this city have right to pay returns on
No fair minded of Washington wishes to see
It's public utilities denied just returns upon honest and fair
valuations and capital Investments They are willing that
fares and rates shall be fixed by the Public Utilities Coms
sion that will give such returns but they decidedly opposed
TO paying their money to be used dividends upon stock
that the commission holds to be unworthy Of returns
It looks as if those in the know are expecting a
nelon cutting That melon cutting the financial sharks
evidently believe, will be the than 100000 fund i'm
pounded by the Potomac Electric Light Company from over
charges for electric current in this city local courts are
to determine whether this fund.- large part it, belongs
to the Of electric here to the company The
Public Utilities Commission maintains every cent of It
belongs to the people Of Washington among whom should
be divided.
Its about time for the Public Utilities Commits
sion Ito sit up and take notice" of eUhat is qoinQ ON
and to take stock to determine 4Cheher the Washino-
AuhL;c ;s Aa.:an sLs IL