The times., 1899-05-14
Mr.. Wilson'S Letter.

MIR. Wilson's Letter.
Secretary Barbour then read the follow
ing letter, addressed to himself, from Judge
]. NJ. Wilson, who was called from the
city:
l am compelled to leave for Boston this morn
ing. In reply TO your enquiry in relation to the
gas stockholders, have to say:
First-No stockholder is under any obligation
to dispose of his stock TO this syndicate. OF
course, any stockholder can dispose OF his stock
TO whomscever he pleases, and at any price he
pleases.
Second-That every stoekholder has a right by
any proper investigation to know the condition
of the company's affairs by any proper and time
ly examination OF its books.
Third-The board of directors have no right,
willfully or in aid OF enabling parties desiring
10 purchase the stock, TO withhold the declaration
| and payment Of dividend that has been earned.
II is the duty Of directors 10 declare dividends
Of earned profits not necessary for the reasonable
| business operations OF the company. 1t is the
right of any stockholder to demand the declara-
| tion and payment of dividends, and upon fail
ure to do so without any just excuse, the courts
will, by proper proceeding enforce the interest
of the stockholders in that regard.
| | am constrained to believe that the board OF
directors of this company, if demand therefor is
made by a stockbolder or stockholders will per-
nit such examination of its books as is necessary
to give the stockholders full information the
| condition of the company; and also upon proper
| demand OF any stockholder stockholders the
board OF directors will declare and pay the usual
| dividend. assuming that money has been earned
with which such dividend can be properly de-
| clared and paid.
| But think it very clear that willful omission
| TO declare dividend and pay it, or the with
holding OF such declaration and payment to en-
able a proposed purchaser TO acquire stock would
| not be justified, but would be condemned by q
court in any proper proceeding instituted in that
| regard.
F. A. Richardson, of the Baltimore
| Sum-" suggested that the next step should
| be to pass resolutions declaring the sense
| of the meeting with reference to the pro
posed deal, and he offered the following,
| which was unanimously adopted, after be-
ing seconded by Mr.. Gribbel;
Resolved, That it is the sense Of the stock
| holders of the Washington Gas Light Company
| here represented that under the circumstances
We deem ii inexpedient to dispose of our holdings
under the proposition set forth in the circular
| addressed by the officers of the company 10 its
| stockholders.
| Mr.. Richardson's Motion.
| Mr.. Richardson then moved that a COM
mittee of three be appointed by the chair
| to wait upon the officers of the company
| and ascertain why the dividend was not
declared and paid and further Information
| in regard to the proposed sale of the
| stock, the committee to report at a meet
ing of the stockholders to be held Wednes-
day at o'clock. This motion met with
| the instant approval of the meeting and
the chair appointed F. A. Richardson
Henry A. Willard, and James F. Barbour
to act in that capacity.
Mr.. Willard declined a place on the
committe because, as he said he had al
ready deposited his stock for sale under
the terms OF the proposition. He said
however, that If he had understood the
matter he would not have done so. Later
il was announced that Mr.. Willard would
withdraw his stock and not sell
Judge Ord was then suggested to take
his place, but was reported to be too sicl
TO serve, and Charles A. Shafer, of the
firm of Harris & Shafer, was appointed
There were represented at the meeting
1884 shares of Gas stock. This does moi
include the holdings in Philadelphia ant
New York, which are quite large
Mr.. Barbour announced that he had beer
authorized TO state for Mr.. Letter that he
should not sell his large holding OF stocl
in the company under any such PROPOSE
ticn as that made.
Justice A. S. Taylor suggested that the
I committee demand of the directors that tn,
dividend be declared Immediately but this
action was considered inadvsable at the
present time.
John Ridout expressed his opinion thai
the committee would get no satisfaction
from the company unless they went as in.
dividusl stockholders. He thought the,
should get as many written authorization,
from the holders of stock at the meeting
as possible in order to give weight to theil
Interview with the directors
The thanks OF the meeting were extended
to the management of the Ebbitt Hons,
for the use of the parlor. and the meet
ing adjourned to meet again Wednesday i,
| the same place at o'clock