Washington Railway and Electric Company
Encyclopedia
The Washington Railway and Electric Company was the larger of the two major street railway companies in Washington, D.C.
, the capital of the United States
, until 1933. At that time, it was merged with its main competitor, the Capital Traction Company
, to form the Capital Transit Company. The WR&E's core was the Metropolitan Railroad, the second street railway in Washington, which had a main line zigzagging north of Pennsylvania Avenue on streets including F Street North, and it included many other lines in the city and into Maryland
suburbs.
. The W&G had been assigned a route largely along Pennsylvania Avenue, one of the major diagonal streets in downtown Washington. The Metropolitan's route roughly paralleled this, but was longer, since it had to zigzag on north-south and east-west streets. The route began at the north side of the Capitol, heading northwest on New Jersey Avenue, west on D Street North (and C Street North and Indiana Avenue for eastbound cars), north on Fifth Street West, and west on F Street North to Fourteenth Street West near the White House
. Beyond the intersection of F and 14th Streets, the railroad was authorized to continue north on 14th Street to I Street North, turning west to Washington Circle
. However, it did not build on I Street, instead turning west off 14th Street onto H Street North to 17th Street West, part of a route - the rest of which was not built - that continued east on H Street and Massachusetts Avenue and south on New Jersey Avenue. The same law authorized a north-south line on Ninth Street West between B Street North and M Street North, among other streets.
An amendment, approved March 3, 1865, allowed certain branches and extensions, including among them a branch from D Street North south on Fourth Street West to Fort McNair (then the Arsenal), and an extension from New Jersey Avenue and A Street North east on A Street, south on First Street East, and east on East Capitol Street to Ninth Street East. However, instead of building on Fourth Street north to D Street, the company turned the line northwest on Missouri Avenue, north on Sixth Street West, and west on B Street North to reach the south end of the Ninth Street branch. This was not authorized by any laws, but several company officers were on the city Board of Public Works, which did not object.
began to acquire stock in Washington Railway in 1922, gaining a controlling interest by 1928. North American had once been one of the original stocks in the Dow Jones Industrial Average
.
On December 1, 1933 Washington Railway, Capital Traction, and Washington Rapid Transit merged to form the Capital Transit Company. Washington Railway continued as a holding company, owning 50% of Capital Transit and 100% of PEPCO, but Capital Traction was dissolved.
By December 31, 1933 North American Company owned 50.016% of the voting stock of WR&E. North American also tried to purchase Capital Traction, but never owned more than 2.5% of Capital Traction stock. But for the first time street railways in Washington were under the management
of one company.
Capital Transit made several changes. As part of the merger, the Capital Traction generating plant in Georgetown was closed (and in 1943 decommissioned
) and Capital Transit used only conventionally-supplied electric power. In 1935 it closed several lines and replaced them with bus service. Because the Rockville line in Maryland was one of the lines that was closed, a new terminal, the "Capital Transit Community Terminal," opened at Wisconsin Avenue NW and Western Avenue NW on August 4, 1935.
Washington Railway and Electric Company remained under the ownership of North American Company for the next decade, as a major subsidiary holding company of other lines.
By 1940, North American had become a US$2.3 billion holding company heading up a pyramid of by then 80 companies. It controlled ten major direct subsidiaries in eight of which it owned at least 79%. Washington Railway and Electric Company was by then one of the three major holding companies among the ten direct subsidiaries.
North American Company was broken up by the Securities and Exchange Commission, following the United States Supreme Court decision of April 1, 1946.
Washington, D.C.
Washington, D.C., formally the District of Columbia and commonly referred to as Washington, "the District", or simply D.C., is the capital of the United States. On July 16, 1790, the United States Congress approved the creation of a permanent national capital as permitted by the U.S. Constitution....
, the capital of the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
, until 1933. At that time, it was merged with its main competitor, the Capital Traction Company
Capital Traction Company
The Capital Traction Company was the smaller of the two major street railway companies in Washington, D.C. in the early 20th Century. It was formed through a merger of the Rock Creek Railway and the Washington and Georgetown Railroad Company in 1895. The company ran streetcars from Georgetown;...
, to form the Capital Transit Company. The WR&E's core was the Metropolitan Railroad, the second street railway in Washington, which had a main line zigzagging north of Pennsylvania Avenue on streets including F Street North, and it included many other lines in the city and into Maryland
Maryland
Maryland is a U.S. state located in the Mid Atlantic region of the United States, bordering Virginia, West Virginia, and the District of Columbia to its south and west; Pennsylvania to its north; and Delaware to its east...
suburbs.
History
Congress passed a law incorporating the Metropolitan Railroad on July 1, 1864, two years after the Washington and Georgetown RailroadWashington and Georgetown Railroad
The Washington and Georgetown Railroad Company was the first streetcar company to operate in Washington, D.C. It was incorporated and started operations in 1862, running from Georgetown to the Navy Yard. Two additional lines ran on 7th Street NW/SW and 14th Street NW. In 1890 it switched from...
. The W&G had been assigned a route largely along Pennsylvania Avenue, one of the major diagonal streets in downtown Washington. The Metropolitan's route roughly paralleled this, but was longer, since it had to zigzag on north-south and east-west streets. The route began at the north side of the Capitol, heading northwest on New Jersey Avenue, west on D Street North (and C Street North and Indiana Avenue for eastbound cars), north on Fifth Street West, and west on F Street North to Fourteenth Street West near the White House
White House
The White House is the official residence and principal workplace of the president of the United States. Located at 1600 Pennsylvania Avenue NW in Washington, D.C., the house was designed by Irish-born James Hoban, and built between 1792 and 1800 of white-painted Aquia sandstone in the Neoclassical...
. Beyond the intersection of F and 14th Streets, the railroad was authorized to continue north on 14th Street to I Street North, turning west to Washington Circle
Washington Circle
Washington Circle is a traffic circle in the Northwest quadrant of Washington, D.C., United States. It is the intersection of 23rd Street, K Street, New Hampshire Avenue, and Pennsylvania Avenue, N.W., on the border of the Foggy Bottom and West End neighborhoods. The through lanes of K Street...
. However, it did not build on I Street, instead turning west off 14th Street onto H Street North to 17th Street West, part of a route - the rest of which was not built - that continued east on H Street and Massachusetts Avenue and south on New Jersey Avenue. The same law authorized a north-south line on Ninth Street West between B Street North and M Street North, among other streets.
An amendment, approved March 3, 1865, allowed certain branches and extensions, including among them a branch from D Street North south on Fourth Street West to Fort McNair (then the Arsenal), and an extension from New Jersey Avenue and A Street North east on A Street, south on First Street East, and east on East Capitol Street to Ninth Street East. However, instead of building on Fourth Street north to D Street, the company turned the line northwest on Missouri Avenue, north on Sixth Street West, and west on B Street North to reach the south end of the Ninth Street branch. This was not authorized by any laws, but several company officers were on the city Board of Public Works, which did not object.
North American Company
North American CompanyNorth American Company
The North American Company was a holding company incorporated in New Jersey on June 14, 1890, and controlled by Henry Villard, to succeed to the assets and property of the Oregon and Transcontinental Company...
began to acquire stock in Washington Railway in 1922, gaining a controlling interest by 1928. North American had once been one of the original stocks in the Dow Jones Industrial Average
Dow Jones Industrial Average
The Dow Jones Industrial Average , also called the Industrial Average, the Dow Jones, the Dow 30, or simply the Dow, is a stock market index, and one of several indices created by Wall Street Journal editor and Dow Jones & Company co-founder Charles Dow...
.
On December 1, 1933 Washington Railway, Capital Traction, and Washington Rapid Transit merged to form the Capital Transit Company. Washington Railway continued as a holding company, owning 50% of Capital Transit and 100% of PEPCO, but Capital Traction was dissolved.
By December 31, 1933 North American Company owned 50.016% of the voting stock of WR&E. North American also tried to purchase Capital Traction, but never owned more than 2.5% of Capital Traction stock. But for the first time street railways in Washington were under the management
Management
Management in all business and organizational activities is the act of getting people together to accomplish desired goals and objectives using available resources efficiently and effectively...
of one company.
Capital Transit made several changes. As part of the merger, the Capital Traction generating plant in Georgetown was closed (and in 1943 decommissioned
Greenfield status
Greenfield status is a term used to describe an end point wherein a parcel of land that had been in industrial use is, in principle, restored to the conditions existing before the construction of the plant...
) and Capital Transit used only conventionally-supplied electric power. In 1935 it closed several lines and replaced them with bus service. Because the Rockville line in Maryland was one of the lines that was closed, a new terminal, the "Capital Transit Community Terminal," opened at Wisconsin Avenue NW and Western Avenue NW on August 4, 1935.
Washington Railway and Electric Company remained under the ownership of North American Company for the next decade, as a major subsidiary holding company of other lines.
By 1940, North American had become a US$2.3 billion holding company heading up a pyramid of by then 80 companies. It controlled ten major direct subsidiaries in eight of which it owned at least 79%. Washington Railway and Electric Company was by then one of the three major holding companies among the ten direct subsidiaries.
North American Company was broken up by the Securities and Exchange Commission, following the United States Supreme Court decision of April 1, 1946.