The times., 1898-09-27


holders proxies, and with them make
trouble at any annual election of officers
and directors. This annoyance and men,
ace TO legitimate administration is clearly
explained in the following letter. issued
from the office of the company's president
a few days ago:
Office of A. A Thomas.
Atlantic Building.
Washington, d. c.. Sept. % 1888
Dear Sir: With the approach of another
election the stockholders of the United
States Electric Lighting Company find
themselves approached much earlier than
usual by parties desiring to obtain prox-
les. and proxies once obtained have been
in the past used in a manner frequently
unknown to the giver, and often unau-
thorized.
While il is perfectly right and proper
for a stockholder TO give his proxy, If
unable to be present at the annual meet
ing. he should not allow, without his full
consent, his stock TO be used not only
against the administration OF the com
pany but for advancing the personal ends
OF parties who are themselves, by their
often very limited holdings, unwilling to
assume the liability of personal loss for
their actions. word in explanation.
Under the laws of West Virginia, by
which the company is Incorporated,
stockholder to the extent of one hundred
shares giving to any person his proxy,
enables said proxy TO vote 800 votes for
himself or some other person as a di-
rector, without giving one vote TO the ad-
ministration of the company, which has
had to assume the responsibility of the
policy of the company, the care and pres
erTation of its rights, properties and
franchises, and the extension of its ser
vice.
II II is your desire TO change all the Of
ficers Of the company and allow period
of experimenting by untried hands, you
are al liberty TO do so; but you have also
the right TO know that il is to be at
tempted
And what is the record of the admins
tration possible TO so displace. without
the knowledge or consent of so per cent
of the stock, as was shown two years ago.
necessitating the calling of a special elec-
tion2 The issued stock st the time /
was elected president amounted to S5Sz. 200,
since increased TO 81, ,0SS 200 assets, SS14. 600,
since increased TO s., $50. $40; arc lamps in
use. 3s3, since increased to 69S; incandes-
cent lamps in use, 1851, since increased
10 56,602; motors in use, l69 H P, since
increased to ], l41 H. P; making the pres
ent output in the equivalent Of l6-candle
power incandescent lamps about 175, 600
Notwithstanding the fact that our rates
20 per cent TO 75 per cent, it may be as
serted that the present ratio of expenses
TO income has increased little If any, and
may fall below when the new plant is in
full operation During my administration
there has been charged off, on account of
depreciation, $3.50. 900; and dividends paid,
amounting to $523 900; besides a sinking
fund established now amounting to SO, 900.
We have also to show in evidence one
or the finest central station plants either
in this country or elsewhere, and which is
confidently expected to be most econom-
tcal in operation; the adjoining properties
have been bought until the original hold
ing has grown from 1900 square feet to
more than 50, 900 square feet, affording the
necessary room for any future extension; /;
q complete building has been erected for
the general offices of the company; one
OF the largest storage batteries in this
country purchased, capable of carrying
the entire load OF the station for reason
able length of time, in case Of accident
and providing also for the most econorni-
cal operation and regulation of the ma
e chinery; and the company brought TO a
position, if harmony prevails, 10 demand
the respect and confidence of the whole
community as a most valuable property
and investment
And it should be remembered that dur
ing the long period of financial depression
JNSA pdSStd our STOCKHOLDERS nave re-
ceiYed their dividends regularly. the loss
OF which during said period would have
been most inconyenient If not disastrous
IN some cases; the plant has been kent
up TO its full earning capacity; properly
steadily acquired; and the foundation laid
for the present magnificent equipment
Other and stronger financial institutions,
during the same period, have either sus-
pended dividends or allowed their prop
critics to become deprecated, or boch
The company also has forty-four miles
or underground conduits and 147 miles
or duct for cables, and the entire over
head system originally existing placed
under ground That all this has been &C.
complished without intelligent and un-e-
mitting labor on the part of those charged
with the responsibility of administration
Is not to be expected, though perhaps un-
appreciated.
At all times / have stood for broad
liberal and progressive administration OF
the affairs of the company, often with
but small support, if any from some
members of the board of directors. who
seemed unable to look ahead and antici.
pate the demands of the future or ap-
preciate the necessity for cultivating and
maintaining friendly relations with our
customers, the public, and those in au.
thority. During this period there has
been introduced into Congress upwards
OA MY Dllisi many or them StrenuOuSly
urged, and some of which, If passed.
would have seriously injured, if they did
not destroy, the company
The administratio ton has uniformly been
largely sustained whenever it has been
able TO ascertain the wishes of the stock
holders, and should be at the present time
more than ever before; but, unfortunately.
for the best interests of the company, by
reason OF the cumulative voting law OF
West virginia. il is ALWAYS
stockholders to give proxies without
knowing or ALWAYS annrecia a ting .A,a r,,...t