The Sunday herald and weekly national intelligencer., 1890-11-23
HON. sAM'h NoRMENTs Speech.
What He Told the Stockholders of the
Electric Lighting Company.

What He Told the Stockholders of the
Electric Lighting Company.
For various reasons much more than ordi-
nary interest attached to the annual meeting of
the stockholders of that successful corporation,
the United States Electric Lighting Company,
which was held the past week at Harper's
Ferry, w. Va. A notable feature of the oc-
casion was the speech of the Hon. Samuel
Norment, who for eight years has been presi-
dent of the company, in which, in clear, forci-
BILE, and even eloquent language, he outlined
the policy he had pursued in his successful
management of the concern, building it up
from very small beginnings to be one of the
best and most stable electric lighting compa-
MES in the country. If there had been any
doubt of the hearty approval by the stock
holders of Mr.. Norment's stewardship, it
was quickly removed when, at the con-
cluson of his speech, the meeting gave
him unanimous vote of thanks for the intelli-
gence and zeal he had displayed in the discharge
of his important duties. AS the interest in the
affairs Of tn e Electric Lighting Companyis wide
spread, ard as Mr.. Norment has many friends
in Washington who will read his speech with
special pleasure, 1t is given below in full. Mr..
Norment said:
'MR. CHAIRMAN AND GENTLEMEN The re-
ports from your treasurer and general manager
will give you the past and present condition of
the affairs of this company in detail, and it
would be useless for me to say more, but l am
impelled by peculiar condition of things in
this company Cearnng / have that there is
to be change in your officers, and especially
in the chief executive officer to submit short
statement, which is due alike to myself and the
stockholders.
81 have had the honor to be your president
for the past eight years, during which time my
efforts have been directed to the advancement
of your interests as stockholders, by as careful
faithful, prudent, and economical administra-
tion of the business as appeared consistent
with the end in view.
81 have regarded every stockholders inter
ests no matter how large or small, as sacred
trust. 1t has been my aim and ambition to
make this company one of the most complete
satisfactory, and successful ones of its kind in
the country. By the careful management and
the almost perfect work of our employees we
have had, considering the magnitude and eX-
tent of this industryin the city, fewer accidents
than any other of the many corporations.
"We have more than doubled our capital stock
and quadrupled our net earning capacity. We
have as complete electric light plant and
business as there exists in America to-day, as
far as | am able to learn. Our lights are as
good, if not better, than those of any city have
ever visited, and our customers, whole, are
satisfied with our terms ann service. | cannot
but feel that this almost phenomenal success is
due, at least to some degree, TO the good man
agement of your board Of directors and your
officers.
"Bnt change is proposed, the why and
wherefore of which know not.
81 notice that some of the papers have as
serted that there was fight going on between
the outs and the 'ins' for the control of the
company. Lest there should be any misappre-
hension on the subj ject let me state, as q matter
of fact, that so far as l am concerned there is
no fight. have asked no one to vote for me,
and have sent no one out to procure proxies
in my behalf. Ifany have done SO it has been
of their own accord.
''The present board, the most of whom have
served you through the many struggles of the
past five years, can join me in pointing with
pride to the present condition of our company
and its present large earning capacity. Why
the change suggested do not understand. SO
far as my vote is concerned / shall cast it for
the old board.
proposals have been made to me several
times during the past few months that | should
enter into an agreement under which my cleo
tion as a director and president of the board
should be assured if | would promise to resign
the position of president afterward in favor Of
another party. | did not feel justified in hav-
ing anything to do with any such compact. [
have of course, been aware that a large
quantity of the stock had been purchased by
the parties who had reasons to suppose were
antagonistic to me, and that when it came to a
vote might be easily left out, and with this
state of things staring me in the face, | have
kept perfectly quiet and cool, for fear of de-
pressing the value of the stock of the COM
pany. These circumstances for the time being
have made my position unenviable.
"As matter sifted down, l am constrained
to say that rather than be bought out or scared
out concluded that if change had to be
made preferred to be retired by a vote of the
majority of the stock of the company at this
annual meeting, If they so desire. 1 shall then
feel that the responsibility is off my shoulders.
In conclusion, gentlemen, allow me to con-
gratulate you on the past success of this COM