The times., 1899-05-14
MUCH OPPOSITION
TO THE GAS sale
Many Shareholders Enter
Their Protest Against 1t.
A Large Attendance at the Ebbitt
House Meeting.
II Is Claimed the Price offered Is
Too Low-Mani the Di,i-
Inr...

The opposition to the proposed sale of
the Washington Gas Light Company under
the terms proposed by the intending pur-
ehasers was crystallized by a meeting of
many opposing stockholders yesterday aft
ernoon at the Ebbitt House and the adop-
tion OF resolutions protesting against the
sale. over $4,000 shares were present.
Several strong speeches were made by large
holders OF stock. and the resolutions
adopted were of a somewhat caustic ma
ture. The opinion was expressed that the
opposition would prove amply effective in
forcing the payment of the recently-passed
dividend on the Gas stock, and probably
In preventing the sale of the company en-
tirely. Shareholders to the number of
hundred or more were present, in answer
to a call issued by James F. Barbour and
others. Among those present were Henry
A. Willard, Rev. DR.. Leonidas Coyle, w. E.
Shafer V. Baldwin johnson. II. Clay Stew
art, jr; John Ridout, Norman Bestor, H.
w Reed. James F. Barbour, Francis A.
Richardson. Pacificus Ord, F. c. Stevens,
John V. Barross w W. Burdette Anson
S. Taylor, Mrs. William H. Riley, Mrs.
Preston, and Mr.. Craig, all of Washington,
and John Gribbell, one of the largest Phil
sdelphia shareholders.
At the opening of the meeting IL was ex
planned that many shareholders were dis
satisfied wit, the terms of the sale pro-
posed in the circular recently issued, and
that the object of the meeting was to OBJ
tain united action by all who wished TO
Join the movement to prevent the sale If
possible and 10 force the company to pay
fits regular dividend. Before the meeting
had adjourned il was very evident that the
opposition is strong, both numerically and
IN the force of its arguments. The cir
cular notifying the shareholders of the
proposed sale and describing its terms was
received by them on April &c. The follow
ing is the circular:
Philadelphia, April "a, 1899
To the Stockholders OF the Washington Gas Light
Company, of Washington. ID. C.:
The undersigned committee, acting on behalf
Of such Of the stockholders of the Washington
Gas Light Company Is may vote with them have
entered into agreement in relation to the sale
Of the shares of the capital stock of the com
psay the terms foiNwing. The agreement is
dHted April 3, 1899, and has been deposited with
the Fourth Street National Bank, of Philadel-
phia:
First the price OF the stock is $50 per share,
which is 10 lie paid in three equal installments
cne-thrd the 18th Of June 1899; one-third on
the 18th Of July. and one-third the 18th Of
August with interest thereon at the rate Of
per cent per annum from April !, 1859
OF s25Q. 600 with the Fourth Street National
Bank, OF Philadelphia, out of which all the eX-
pcnses Of the committee arc TO be paid, and no
depositing stocSholder will be subjected to any
such expenses In case the committee shall have
secured the deposit OF at least 81 600 shares Of
the capital stock on or before May 15 and the
right Of purchase shall be exercised by the
purchaser before June ], 1899, the s250, 900
deposited as aforesaid snail be paid TO and
among the depositing stockholders pro rata, as
iquidated damages. less the amount required
20 paw counsel fees, costs, and expenses incurred
by the committee, and the agreement becomes
null and void
Third. On or before May 16 1890, stockhold-
holding s.. 900 shares of the stock shall have
deposited the same under the agreement and in
the event that the purchaser elects 50 10 proceed
ne is required TO take all shares additional 10
said 81 900 shares deposited before June l, 1893.
Fourth. All dividends declared upon the stock
Of the depositing shareholders after April, 1899.
shall be paid TO the Fourth Street National Bank,
Of Philadelphia. and viii accrue to the purchaser,
provided he complete his purchase, the per cent
from the lst Of April. 1879. upon the purchase
money being allowed 10 the shareholders in lieu
Of dividends. But II the purchaser fails for any
reason 10 complete his purchase. then the divi-
dends shall be paid over TO the depositing stock
holders, according 10 their several proportions Of
stock so deposited and at the same time the stock
shall be returned 10 the stockholders.
Fifth. The purchaser, however, has the right to
buy on the same terms any les number than the
shares that may have been deposited on or before
the lst day Of June; provided. however, that such
less number shall be equal 10 majority of the
whole Of the shares Of the company. II being dis
tinctiy understood that the committee not
bound to sell their stock, that of any
other stockholder, unless majority Of the whole
OF the stock shall be thus deposited.
Sixth The agreement also provides that in
case the purchaser shall exercise the right Of
purchase and shall fail make the payments
fifteenth day Of juno, July, and August, respect
lively, as they become due. then the committee
shall have the night to sell the stock and apply
the proceeds to the 500 per share TO the stock
holders according TO the agreement
The committee believes that SEQ per share is a
fair price for the stock. They willing 10 sell
their own stock al that price, and have ne hesi-
fancy in recommending the sale Of their co-shaIe-
hoderE They have thoroughly protected the
rights Of the shareholders by the agreement, and
without unduly urging that others should unite
TO the sale. they do not hesitate TO give II a.
their opinion that the price is very fair and
full one No member Of the committee is 10 re
ceive any compensation Of any kind in connec
tion with this matter. and no member of th'
committee Will sell his stock unless majority
Of the stockholders shall unite in the sale. A
couy Of the agreement is deposited with John X
Mclean al the Office Of the Washington Gas Light
Company; with John c. Builitt, Bullitt Build
ing, Philadelphia, and the agreement itself viii
the Fourth Street National Bank where access
can be had TO il by the stockholders, and full
explanation made in regard to its provisions.
Any sfockholder residing in Washington it
vicinity can hand his stock TO John II. Mclean
nj the Office Of the company, 10 be transmitte,
without expense TO the stockholder, and procur
the temporary receipt, which Will be issued b,
the bank for the stock.
Receipts will be issued by the bank TO tn
stockholders for their stock when and as depos
tied in a form which will make the receip
transferable and negotiable. II is desirable tina
fhe stock should be deposited by such stoci,
holders as with TO dispose Of it with it'll
delay as possible, s.d. would therefore asl;
if you approve Of the sale, that You viii trans
init OF deliver your stock convenient
You will md herewith form Of assignment
your stock. which you will please execute an
send with your stock 10 the Fourth Street Ma
tional Bank, Of Philadelphia.
JOHN X. MCLEAN,
JOHN c. BUL2ITT.
JOSEPH G. RoSENGARTEN,
JOHN r. RODGERS,
JAMES W. oRME,
Committee