Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-02-25
AN OLD OBLIGATION.
The CHARTERS Valley Gas Company's
Difficulty Explained.
WHYTHE STOCK WAS TAKEN BACK.
Stockholders Adopt Precautionary Measures
for the Future.
REDUCTION IN THE CAPITAL STOCK

The stockholders of the CHARTERS Valley
Gas Company held an important meeting at
their Office, corner of Fourth avenue and
Wood street, Yesterday afternoon. 1t was
special meeting called for the purpose OF
hearing the report of the auditing commit
tee. At the annual meeting held few
weeks ago the reports of the officers failed to
fully satisfy the stockholders. William B.
Seaife raised a question on the purchase of
about 900 shares of stock at price largely
in advance of the market. Neither Presi-
dent Chambers nor Secretary Tener could
explain the matter satisfactorily, and the
auditing committee was instructed to ex-
anime the books of the company and pre-
pare detailed statement of receipts and ex-
penditures.
This committee consisted of james Camp
bell, Charles o. Smith and c. F. Klopfer.
1t seems, however, that the stockholders
were dissatisfied with the prospects of an
accurate report, and a petition was quietly cir
culated among them, asking the directors TO
increase the committee. But before the pc
titiou was presented, the directors heard of the
movement and added the names of Robert
Wardrop and Charles h. Scott.
INTENSE INTEREST IN IT.
The attendance at yesterdays meeting was
larger than at the annual meeting, more than
100 stockholders being present. There was in
tense interest manifested in the proceedings
1t had been reported in the morning that if the
Auditing Committee would prove incapable of
strengthening matters out to the entire salts
faction of everyone, an effort would be made
to bring an end to the arrangement with the
Philadelphia Company. and TO repudiate the
bond issues
Mr.. Scott, of the committee, read the report.
1t was to the effect that the whole trouble
originated through an old obligation of the
company. A sale of l,4OO shares of stock had
been made to the agents and the money was
received for the stock, with the explicit un-
derstanding that the agents were to be pro-
tected in their effort to resell. The agents
found that there was l0l6 shares they could
not sell and the project was given up. This
stock was returned to the company when the
market was over $50. That was in 1888, but the
company only paid off the money in 1889. That
1855, when the market was but $50 in 1859.
The repors was accepted unanimously A
recommendation of the committee that the
10000 shares of treasury stock be retired was
also adopted This reduces the capital stock
of the company to S3.O00.00O instead of S4.000,-
O00 as heretofore. The lesser amount only
will be subject to dividends in the future. The
stockholders took precautionary steps to avoid
any entanglements IN the future by requesting
the directors to give quarterly statements of
the receipts and expenditures of the company
in the future. They desire to know more fire.
quently what the company is doing.
MORE ECONOMY.
Another economical measure has been
adopted. John H. Dalzell, who formerly was
the treasurer Of the company, has retired. The
offices of the secretary and treasurer have
been merged into one and F. ]. Tener, the
former secretary, elected to the position. Mr.
DaIzell is still member of the board of di-
rectors.
The stockholders Of the company who were
so disheartened at not receiving dividend in
January naturally felt very much encouraged
after yesterdays meeting. 1t was reported that
the receipts for January will be about $l2,0 900
in excess of January of last year, and Presi-
dent Chambers stated that the prospects for
dividend in April are very good, and if the re-
ceipts continue as at present he assured the
stockholders he would advocate dividend at
that time.