New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-08-29
My yOr SEE COuPANY'S BOOKS.
GENERAL PERSONS APPLICATIONS FOR A
MANDNMT-S AGAINST NEW-AMsTER-
DAM GAS DENIED

The applies ton Of General Frederick Person
tho owner ~ seventy-nve shares Of stock In the
New-An,stero am Gas Company for n maudamus 10
compel The company permit him to inspect it,
books. rororls papers ana contracts was yes
tcrday denied by Justice McAdam in the Supreme
Court General Person alleged that since the
corporation had reduced the price of from
81 10 10 20 CENTS thousand feet the revenue ~
tho company Ind been cut In half and that Its in
come was rot now sufficient 10 meet It's cxpendl-
ture without n serious dminution in its dividends
and that It must 10 selling bonds stocks to meet
the deficiency. He said that his dividends prior
to the reduction amounted to 70 per cent year.
In bis decision Justice McAdam says In part:
The petitioner has not ,furnishei, any proof by
reduced price and the fact that competing com
pany Is able TO furnish II almost as low. ana
pay dividends. would seem to prove that there s
stiil margin Of profit left At an events. the petit
toners fears. standing alone. % not entltle MIN
to 90 with accountants into tho business place
Of the respondent. there 70 rummage over the re-
spond,rts books and records 20 ascertain the
price Of gas fact mat can he easily ascertained
IN qoh more Praeea ana smPf WAY gpon c op
tained tn the books would aid IN settling me gas
war. wljch must Ike many OF the cut rate wars
The Consolidated Gas Company was in this IN
stance me 9nd If II spTsS tne RESPONSE n1
respondent for IT is in no manner accountable Tor
the condition by which r. was confronted.
dabt and the question when 4 dividend s TO be
paid on the stock IS ono ing largely IN the dis
panies following the example OF tho Chemcal
Rank wait until there Is an accumulated surplus
before attempting 10 divide profits. so that the
mere omission to pay dividends on stock within
fifteen months after incorporation docs not In t.
self prove Acknowledgement. for IL may be tho result
OF good Judgment The exercise by the directors
81 The duties dcvolving upon them ~ Nd be serl-
ouslv intcrforei with n this application were
granted In reducing the price ~ the company
product they have acted within the scope Of their
authority and honest discretion. and. with respect
thereto they ought 20 be free from the interference
OF even a majority ~ tho stockholders
Russell Sage president Of the Standard Gas Com
panv. said when told Of Justice McAdam's de-
ceion. that he didn't know Just what effect the
denial on the application would have on the nego-
tiations looking toward settlement Of the gas
- A.. ....f.
tho war" he added It's unreasonable. IL Ism
business IKE Everybody wants 10 stop It, There
isn't a gas company in New-York making money
m that rate OF selling n II cannot be settled
onv other way. tine stockholders who nave 70 pay
fo~ the war will have 10 get together ana STOP IL.
Secretary Hoyt. ~ the standard Gas OompaMy'
said thar he believed there had been an undercur-
rent ~ thought I'm The street over the gas Tltua-
lions peculativc thought that had caused the
stock movements Of the last few days