Evening star. [volume] (Washington, D.C.) 1854-1972, 1895-07-31
FOR STOCKHOLD DERS
The New Issue of w. and G. Bonds
Will Be Sold to Them at Par.
DECIDED At ToDAY'S MEETING
Mild Protests From Philadelphia
Parties Were Unavai|ing.
PROCEEDINGS IN FULL

P EED1N GS IN FU LII
"A score Of gentlemen, representing in
person and by proxy over 1000 Of the 10000
shares which comprise the capital stock
of the Washington and Georgetown rail-
road, were present this morning at spe-
cial meeting of the stockholders, recently
called by the board Of directors. The
large attendance was a subject of remark.
being far beyond that customary at sum-
mer meetings. Upon motion of Mr.. Enoch
Totten, the attorney of the road, Mr.. H.
Morris, who represented large New York
interests in the road, was chosen chair
man. Mr.. Morris Adler of Georgetown
was the secretary, and Messrs. S. Thomas
Brown and William B. Gurley were selected
as tellers.
The Original Revolution.
The following resolution was read:
Resolved. That the directors shall have
the authority to issue 100000 of coupon
convertible bonds or so much of the same
as may be necessary, payable five years
after date, to be dated July l. 1895, to bear
interest at the rate of six per centum per
annum, payable semf-annually, and to be
a third mortgage (or deed Of trusD on the
property and franchise now covered by the
first and second mortgages Cor. deeds of
trusts and to be converted into the capital
stock of the company whenever the right
to do so has been granted by act Of Con-
greSS.
The proceeds Of the sale of said bonds
shall be used to pay for the extension of
the Georgetown line to the Aqueduct bridge,
additional equipment. and the construction
OF the union passenger station at that
point. as required by act Of Congress, ap-
proved August %, 1894, and to liquidate
l0lt l~or S,y r;rxt
central power house building, and settling
the claim of the American Car Company
in litigation.
The bonds to be issued under this reso-
luton shall be sold to the highest bidder
at auction at the office of the company in
the central power station. The sale shall
have been advertised in one or more of
the newspapers published in Washington,
d. c., for ten days prior to the date of
sale. No bid of less than par shall be con-
sidered.
The All-ImpOrtant Amendment.
1t was thea announced that the purpose
Of the meeting was to consider an amend
ment which was read. as follows:
And, whereas the aforesaid bonds have
not been issued and scld at this date,
Be 1t Resolved, That the above named
resolution be, and the same is, hereby
amended by striking out the requirement
which reads as follows, viz: That the
shall be sold to the highest bidder. at auc-
ton, at the Office of the company, in the
central power station. The sale shall have
been advertised in one or more Of the news
ten days prior 10 the sale. No hid of less
than par shall pe considered, and by SUBJ
stitnting therefor the following, to wit:
Resolved, That the directors shall have
the authority to dispose of the aforesaid
bonds by first offering them to the stock
holders pro rata at par, and in respect Of
such bonds as shall not be taken by the
stockholders under the offer. by selling the
same at such times and in such amounts as
the directors shall deem proper.
Philadelphinrs Protest In Vain.
A mild protest to this action was entered
ing the stock held by the Bartol estate and
himself, as well as by Mr.. Albert Outer
bricge of the Land Title and Trust Com
pany of Philadelphia. Mr.. Bartol made
motion that the former action Of the stock
holders authorizing the issue Of the bonds
be rescinded. This was defeated by a vote
of 1000 shares to 7O1.
President Dunlop was called upon at this
juncture to state the purpose of the pres
ent bend issue. He replied that there was
no secret coz nected with 1t. 1t was to pay
Incidental expenses connected with the cen
trail power house, the extension Of the ca
BILE line to the union Depot in Georgetown
and to provide means to liquidate certain
judgments recorded against the company.
The vote upon the resolution as amended
in its favor, the representatives from Phil
adelphia alone voting in the negative. Mr..
Bartol asked leave to enter protest in
writing against the bond issue. Mr.. Totten
gave the opinion that the meeting had no
right to record the protest on it's minutes,
but said it might be filed with the COM
pany. I1e then suggested that as the meet
ing had transacted all the business for
which 1t had been called, that adjourn
ment be had, and this suggestion was i'm
me diately followed.
During the progress of the meeting no
formal allusion was made to the projected
consolidation of the Washington and
Georgetown and Rock Creek railroads for
the double purpose Of allowing the former
read to gain access to a long-coveted ter
ritory, and convert its bonds into stock,
but it was gossiped about by the stock
holders and the impression seemed to pre-
vail that both objects would have been ac-
complished within the next ninety days.
The action of today's meeting was pretty
generally discounted long in advance, but
there has been more or less friction over
the question of the present issue of bonds
ever since 1t was first taken up. When it
was suggested to break precedent and sell
the third mortgage bonds at auction to the
highest bidders regardless of any qualifica-
lions on the purchasers part except respon-
s.bility to pay for them, some Of the stock
holders claimed that in such case 1t would
be proper to put them out at lower rate
of interest, Mr.. Stilson Hutchins favoring
four per cent. The dissatisfaction with the
public auction idea grew to such an extent
that 1t was determined to allay it by an
other meeting, at which action of a more
approved character could be taken. and
tod1y's events were the result.
THE CASE OF EX-CONSUL WALLER.