Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-01-31
CHARTERS ANNUAL MEETING.
A Lively Discussion Over n Decrease in
the stock-Mr. Seattle Wanted to Know
What Became of It-No Dividends De.

A Lively Discussion Over n Decrease in
the StOck-Mr. Scaife Wanted to Know
What Became of It-No Dividends De.
cInred-A Favorable Outlook.
The annual meeting of the stockholders Of
the CHARTERS Valley Gas Company was held in
the company's office, in the Garrison building,
Wood street, yesterday afternoon. There was
a very fair attendance, and considerable inter-
est was manifested in the meeting A hot dis
cusslon was narrowly avoided when the report
of the auditing committee was read. The re-
port showed that the total number of shares of
stock was 10l6 less than last year. and this de-
crease had cost the company over $50 0O0
Mr.. W. B. Scaife started the ball rolling by
asking three-pointed question, as TO how the
stock was disposed of; whether it had been
secured as collateral or bought up, and if the
latter, where the directors got their authority
for reducing the stock without the consent of
the stockholders. Mr.. e. o. Smith, of the COM
mittee, attempted to answer the questions by
saying that he thought the stock had been
fed. and directed his queries to President
Chambers. The latter gentleman admitted
that he could not give a satisfactory explana-
tion OF the matter, as since the lease of the
plant to the Philadelphia company the latter
has the full management and control of the
CHARTERS Company.
Mr., Alexander kirkpatrick said the stock
holders should have been given an eX plicit de-
tailed statement of the finances, so that it could
have been understood, and all difficulty could
have been avoided. The matter was passed
over for the time being by instructing the au-
diting committee consisting of James Camp
bell, C. o, Smith and G. F. Klopfer to 90 over
the bonds of the company and prepare a COM
plete statement of the receipts and expenses
for the past year to present to the stockholders
at special meeting to be called in the near
future Secretary Tener said after the meet
ing adjourned that he regarded the company's
failure to pay dividends, as the cause for the
ffcfo hn1d I,,,H
thinks the company is getting into better shape
now, and will soon be able to declare diYi-
dend.
President Chambers submitted his report
Under the circumstances and conditions it was
regarded as quite satisfactory. The receipts
of the company are based on the percentage of
the Philadelphia Company's net earnings and
amount to $685. 900, as against about $4,000 for
the previous year. an increase of about 33ls
per cent. A corresponding increase for the
coming year will enable the company to nav
interest on their bonds, taxes and all probable
expenses for the year and dividend of at least
10 per cent. In considering what the proba-
bilities are for revenue for the coming
year attention is called to the many independ-
ent gas lines laid from the different fields, all
of which have been laid for the purpose of sup
plying the manufacturers with gas. The Phila-
delphia Company has lost in old contracts dur
ing the last veal, owing to these manufacturers
lines being laid, about $500,000 of old business
and have gained in new contracts about $780,
WV. 4uo Ouly OOuIAnRchb IHaI IeUuC0
the company's receipts for the coming year is
considered to be an insufficient supply of gas
and this is not feared.
The financial statement for the year ending
January !, 1890, shows assets available, S3OS.
367 n; stock in hands OF Treasurer, S994 500:
unavailable assets 529 $50 rs; liabilities capi-
tai stock, 81 600; profit and loss. $532 026 82
account payable, IS, 19l II; bills payable, S225.
600; bills payable, due directors $4,000; mort
gage, $975,000
The following directors. being the old board,
were elected: James A. Chambers, James
Laughlin, h. Sellers Mckee, A. c. Dravo
William H. Singer, w. E. Schmertz, Duncan G.
Phillips, Calvin Wells, John H. Dalzell, NJ. W.
Watson. James M. Bailey D. c. Ripley and
Edward e. Denniston.