Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-04-26
Circular Received Today by the
Local Company Stockholders.
SENATOR ..hoRMANS PROPOSITION
All Stock Offered Will Be Taken
-.....-. 10 .EsgS
at $50 Per Share.
con NIB ED INTE EST S

The long-expected circular in regard to
the sale Of the Washington Gas Company
stock was received this morning through
the mails by the stockholders. The details
which will be found in the exact copy
which Is given below, do not differ from
those which the readers of The Star have
been led to expect. While the offer of the
purchaser to buy the stock of the company
is not sent to the stockholders over the
names or the board of directors as such.
yet with one exception, all the members
OF the board have their signatures at
tached to the paper. This exception is Mr.
George L. Dunlop, who, it is stated, is not
opposed to the deal, but whose duties as
president of the Capital Traction Company
LED MIN to decline to take any active part
IN the transaction. In his place appears
the name of Mr.. Rosengarten of Philadel-
phla, who is large stakeholder. and who
at one time was the counsel of the com
pany With Mr. Bullitt he may be said to
represent the Philadelphia stockholders.
"hlle Messrs. Mclean, Rodgers and Orme
represent the Washington holders.
Inc agreement is to the effect that the
purchaser will buy all the stock that is Of
1ered at $50 per share. AS the readers of
ne star are aware, the name that is signed
=" 'tiS e1soi CcueHl 10 Duy Is undt OF eX-Sen3-
lor dorman. He represents the purchasers
VINO are supposed to be practically the
same people who bought the two electric
nsht1ng plants in this city, and also all
me me street railroads with the exception of
the Capital Traction. Mr. German also
signed the agreement for the purchase of
the United States Electric Lighting Com
pany franchise.
The Circular.
The following circular was received today
by stockholders in this city:
PHILADELPHIA, April p, 1899
ITO the Stockholders of the Washington
Gas Light Company of Washington,
D. c.:
The undersigned committee acting on
behalf of such of the stockholders of the
Washington Gas Light Company as NAV
unite with them, have entered into an
agreement in relation to the sale of the
shares of capital stock of the company, on
the terms following:
The agreement is dated April g. 1899,
and has been deposited with the Fourth
Street National Bank of Philadelphia
l. me price :iof the stock is $50 per
share, which is to be paid in three equal
lnstailmentS,. One-thlrd on the 18th day of
June, 1889, One-third the 18th day of
July, 1899. and ohe-third on the 18th day
of August, 1899. with interest thereon at
the rate 30 per cent per annum from
April 1. 1899.
%. The purchaser has deposited the sum
of S2oO,oO with the Fourth Street National
Bank of Philadelphia, out of which all
penseS of the committee are to be paid,
and no depastingj stakeholder will be sub
Jected to any such expenses In case the
committee shall have secured the deposit
of at least $1,000 shares of the capital
stock on or before May -, 1889, and the
right of purchase shall not be exercised by
the purchaser on or before June l, 1899, the
S239,oU3 deposited as aforesaid shall be paid
over to and, among the depositins stock
hnl.t Ia tod fl Yy1E. lac
the amount required to pay counsel fees,
costs and expenses incurred by the com
mittee, and the agreement becomes null
and void.
g. If on or before May Is, 1899, stock
holders holding 81, coo shares of the stock
shall have deposited the with the
Fourth Street National Bank of Philadel-
phia, under the agreement, and In the event
that the purchaser elects so to proceed, he
is required to take all shares additional to
said 81 900 shares deposited before July /,
1899.
Dividends Accrue to Purchaser.
~. All dividends declared upon the stock
of the depositng shareholders after April
/, 1899, shall be paid to the Fourth Street
National Bank of Philadelpli and will
accrue to the purchaser, provided he COM
pletes his purchase, the per cent from the
LIST of April, 1899, upon the purchase money
being allowed to the 81 breholders in lieu of
dividends. But If the purchaser fails for
any reason to complete his purchase, then
the dividends shall be paid over to the de-
posting stockholders according to their
several proportions of stock so deposited
and at the same time the stock so depus-
tied shall be returned to the depoSiting
shareholders, respectively, without expense
to them
'5. The purchaser has the right however
to buy on the same terms any less number
than the $1,000 shares that may have BEEN
tod hot 1ct n
1899. provided, however, that such less
number shall be equal to a majority of the
whole of the shares of the gas company, it
being distinctly understood that the com
mittee are not bound to sell their own
stock or that Of any other stockholder I'M
less a majority of the whole of the stock
shall be so deposited.
IS. The agreement also provides that in
case the purchaser shall exercise the right
of purchase, and shall fail to make the
payment of one-third of the purchase
money on the 18th days of June July and
August respectively, as they become due
sell the stock and apply the proceeds to the
payment of the 500 per share to the depos-
iting stockholders according to the agree
ment.
Fair Price for Stock.
1.-THE committee believe that sixty dol
lars per share is a fair price for the stock
Trey are willing to sell their own stock at
that price, and have no hesitancy in rec
onmending the sale to their co-shareh hold
ers. They have thoroughly protected the
rights of the shareholders by the agree
ment, and without unduly urging that
others should unite in the sale they do not
hesitate to give it as their opinion that the
price is very fair and full one. No mem
Der of the committee is to receive any COM
pensation of any Kind in connection with
this matter, and NO one of the committee
will sell his stock unless majority OF he
ha in he
"A copy of the agreement Is deposited
with John R.nMcL9an, at the office of the
Washington Gas Light Company, WASHING
ton, ID. c.; with John c. Bullitt, BulliIt
building, Philadelphia; and the agreement
Itself with theoFourth Street National Bank
of Philadelphia where access can be had
to it by the stoc khelders, and full explana-
tons made in regard to its provisions.
Amy stockhQldsrf residing in Washington
r. Mclean arathe Office of the Washington
Gas Light COMPANY. to be transmitted
without expense tor the stakeholder to the
Fourth Street, National Bank Of pbiIa5al