Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-05-13
ENTS OF SALE
Holders of Washington Gas Stock Object to
Proposed Transfer.
Meeting in Session This Afternoon Mt
the Ebbitt House-Voicing
of Sentiment.

The Washington stockholders of the
washington Gas Light Company who are
opposed to the proposed tra1 sfer of their
holdings to syndicate which offers SEQ
per share are in session this afternoon in
the red parlor Of the Ebbitt House. IT is
probable that no definite action will be
taken further than the appointment of a
committee to guard the interests of those
represented.
The meeting was called to order shortly
after o'clock. about $50 persons being
present among them many ladies who are
Interested in the company. Mr. James +
Barbour announced the purpose of the
meeting and called for the nomination Of
a chairman. Mr.. W. W. Burdette was
chosen to the position, and Mr.. Barbour
was appointed secretary
Mr. Gribbell of Philadelphia was intro
duced. He is a holder of stock and is in
tefested along with the Washington and
other Philadelphia holders in opposing the
sale of stock at the offered price He ex-
plalned In concise terms the position of
those present at this afternoons meeting.
am opposed to depositing my stock in
accordance with the circular that has been
Issued for the reason that that paper Is
vague and unbusinesslike In the second
place the figure offered Is not commensu-
rate with the value of the stock and
thirdly, l am opposed to putting our stock
IN the hands of a syndicate composed large
ly of board of directors that is now with
holding dividends that have been earned
for the benefit of prospective purchasers.
The syndicate offers us $50 and the stock
Was-sold on the market for cash at a higher
inquire than W. are to get from the syndi-
cate on the installment plan
MI Gr7bbell said he had been advised by
local authorities that his position as a
minority stakeholder would not be i'm
periied, even though the syndicate secures
Inc two-thirds majority it seeks. The syn
hcate can only get its, dividends in the
theirs.
businesslike minority could make II I'M
pleasant for the new management If any
thing that was not proper should be at
tempted. Mr.. Gribbell said he was con-
Vlnced that the gas company could do as
well in the future as in the past There
need be no fear. he said. of an opposition
company, nor of unfavorable legislatio
The Washington Gas Light Company has
bright future. He suggested in conclusion
the appointment of committee as init
mated above.
Secretary Barbour read a letter from Jara
M Wilson, the attorney, In which that
gentleman states that no stakeholder in the
gas company Is under obligation to turn his
or her stock into the syndicate: that every
stockholder has a right to inquire into the
aHalrS OF the company through an investi-
CATION OF Its books. and that the directors
or that company have right to withhold
a dividend that mas been earned
rms the stockholders claim the directors
OF the company are now doing. Mr. Wilson
Is OF the opinion that If the directors re-
fuse demand for this dividend the courts
VIII uphold the rights of the stockholders
and enforce the payment
When The Stars report closed q detailed
list of the stock represented at the meeting
was being taken.