 Because of this, Congress - on June 5, 1900 - authorized the Washington and Great Falls to acquire the stock of any and all of the railways and power companies owned by Washington Traction.When Washington Traction defaulted on its loans on June 1, 1901, Washington and Great Falls moved in to take its place.On February 4, 1902, Washington and Great Falls changed its name to the Washington Railway and Electric Company, reincorporated as a holding company and exchanged stock in Washington Traction and Electric one for one for stock in the new company (at a discounted rate).