The News-Herald. [volume] (Hillsboro, Highland Co., Ohio) 1886-1973, 1897-10-28

/
'sBusiness Reforms~ For Senatorial Con-
ditlons.
Is It surprising, then. that Mr.. Nc
Lean is anxious to become member
Of the United States senate, upon
whose action depends the value OF two
or three million dollars worth Of gas
interests owned by him? The legis-
lature which is to be elected in Ohio
this fall elects senator for the short
term and for the long term. The term
for which Senator Sherman was elect
ed expires with the present congress,
March 8, 1899. On his resignation,
Senator Hanna was appointed to occu-
py the seat in the senate until 1t
should be filled by action Of the legis-
lature. The legislature which is now
about to be elected will. therefore,
elect senator for the balance Of the
unexpired term and also for the term
Of six years following that. Thus, If
Mr.. Mclean can control that legisla-
ture. he can insure for himself seat
in the senate Of the United States from
which to guard his gas and street rail-
road interests in the District Of Co.
lumbia until March 8, 1905.
History of the Company-Its Operations
Clouded With Suspicion.
The operations of the Washington
Gas company, of which Mr.. Mclean is
president, have been clouded with sus-
picion for many years. 1t has been
we'll known that the dividends of the
company were something enormous,
and 1t has been further : -pected that
much Of the enormous additions to
the capital stock of the company have
been paid from additional earnings,
which were thus disposed Of for the
purpose of cnncealing from congress
and the public it's real profits.
Astonishing Business Performance-The
Companys Books Destroyed.
These suspicious, which have from
time to time attached to the opera
tions of the Washington Gas company,
of which Mr.. Mclean is president and
chief owner, is strengthened by the
discovery of very remarkable event
in the business history of this cor
poration. This event was nothing less
THAN THE DESTRUCTION OF ITS
BOOKS AND RECORDS, a fact
brought out by an investigation or
dered by congress. The story of this
discovery is told officially in the re-
port of the committee presented by
Senator Spooner of Wisconsin in the
senate Of the United States. That re-
port, which covers the operations, the
enormous profits, the growth in cap
ital stock, the secrecy and reticence
and devious ways of the. officers of
that company reads like romance Of
fortune. Read the official record upon
the operations Of this great and greedy
corporation, which having grown great
and stout and influential and powerful,
still holds the citizens of the capital
of the nation by the throat and seeks
to retain its grasp, not only upon them
but upon the government itself, by
asking the people of Ohio to place, for
a term of eight years. its president and
chief owner in the senate Of the United
States, where he can legislate and die
tate legislation in its behalf.
and Suspicious Business Methods.
oSAoloA OPoOuCl ICPOTI says.
The history of the Washington Gas Light
company is, so far as Is obtainable, one of
uninterrupted and marvellous success The
company was incorporated July 8, 1S4s,
with a capital of $4,000. Aug. 2 1852,
this capital was increased by authority of
law to $350,000 Jan. 3. 1855, 1t was in.
creased by adding S1o0,OOO, making the
capital at that date 100000. May "a, 1856,
1t was increased by adding $500, O,OOO May
| %. 1879. If was increa sed nv addinv COON
900, making in all $1,2OO.0OO. From time
to time since then to 1883 the stock was
increasedi in curiously irregular annual
amounts, thus In 1873, S29,6G6; in 1874,
$50, 142: in 1875, $58.376; In 1876, $275,15s:
In 1877, $40S; In 1878, $1233O5; in 1879.
1882, s123, 600; in 1888, 81. 1.4OO-maklng In ali
100000. How much Of the. 100000 of cap.
ital was paid by stockholders its officers
are unable to advise the committee 1t has
been stated heretofore in Its reports to
congress that the first 100000 of capItai
was paid In In cash, and this was stated
by the present officers of the company at
the outset Of the investigation to be true,
!. but upon examination Of them 1t was de-
velOped that their information is based up-
on Inference and hearsay. The professed
; inability Of the company to furnish this
Information finds explanation In A FACT
MOST EXTRAORDINARY AND ALMOST
UNPRECEDENTED IN THE HISTORY
OF CORPORATE MANAGEMENT. On
the - day Of -, 1885, the board of di.
rectors of this company, passed the follow
! ing resolution or order:
"ORDERED, THAT THE SECRETARY
BE DIRECTED TO DESTROY OR DIS.
POSE OF SUCH BOOKS AND PAPERS
AS ARE NO LONGER OF USE TO TIL
COMPANY"
The secretary Of the company states that
, under this remarkable authority its presi-
dent SOLD THE BOOKS SHOWING THE
MONEYS PAID TO THE COMPANY AND
BY WHOM PAID, including stockholders
and the disposition made thereof to
Philadelphia paper house to be used II
, the manufacture of paper. The only ex-
, PLANTATION offered of the sale Of these books
Is that some Of them were mouIdy and
damp. and some Of them had been some
, what irregularly kept. 1t is a significant