The times., 1899-04-27
THE GAS DEAL.
Mr.. Mclean and others Issue n Circu-
lar to Stockholders.

Mr.. Mclean and Others Issue n Cfrcu-
lar to Stockholders.
The gas circular, of which SO much has
been printed recently, was received by the
stockholders of the company yesterday
morning. 1t is signed by the directors of
the company, who are also the largest
stockholders, and a formal offer to pur-
chase the stock of the company, by party.
whose name is not given, is detailed. 1t
is stated by the circular that the signers
have all agreed TO sell their stock and that
deposit Of s250,0O0 has been made by the
purchaser. The forecasts as to the price
offered by the purchaser and other details,
made heretofore in The Times, are all ver-
ifed by the document
Following is the circular in full as print
ed in the evening edition of The Times
yesterday:
Philadelphia. April "a, 1860.
To the Stockholders of the Washington Gaslight
Company, of Washington, d. C.:
The undersigned committee, acting behalf
OF such of the stockholders of the Washington
Gas Light Company as may vote with them, have
entered into an agreement in relation to the sale
of the shares of the capital stock of the COM
pany on the terms following. The agreement is
dated April 3. 1893, and has been deposited with
the Fourth Street National Bank, of Philadel-
pha:
First, the price of the stock is $50 per share,
which is to be paid in three equal installments,
one-third on the 18th of June, 1899; one-third on
the 18th OF July. and one-thrd on the 18th OF
August, with interest thereon at the rate Of
per cent per annum from April l. 1899.
Second. The purchaser has deposited the
sum Of s25o,ooo with the Fourth Street
which all the expenses of the com
mittee are to be paid. and depositng
stockholder will be subjected to any such ex.
penses. In case the committee shall have Sc
cured the deposit OF at least 5000 shares Of the
capital stock on or before May 10, and the right
of purchase shall not be exercised by the pur-
chaser on or before June !. 1890 the $3.50. .OOt
deposited as aforesaid shall be paid over to and
among the depositing stockholders pro rata, a.
liquidated damages, less the amount required
10 pay counsel fees, costs, and expenses incur.
red by the committee, and the agreement be-
comes null and void.
Third. On before May 10, 1890
stockholders holding 5000 shares of the
under the agreement and in the event
that the purchaser elects so to proceed he
Is required to take all shares additional to said
81 600 shares deposited before June l. 1893.
Fourth. All dividends declared upon
the stock of the depositing sharehold
after April 1899, shall be paid to the
Fourth Street National Bank, of Phila
delphia, and will accrue to the purchaser, pro-
vided he completes his purchase, the per cen,
from the lst Of April, 1899, upon the purchase
money being allowed 10 the shareholders in lieu
of dividends. But IL the purchaser fails for any
reason to complete his purchase, then the divi
dends shall be paid over to the deposting stock
holders. according to their several proportions OF
stock so deposited and at the same time the
stock shall be returned to The stockholders.
Fifth. The purchaser, however, has the right
TO buy the same terms any less number thar
the $1,000 shares that may have been deposited
on or before the lst day of June; provided how
ever, that such less number shall be equal to
majority Of the whole of the shares Of the com
pany, it being distinctly understood that the
committee are not bound 10 sell their own stock
that of any other stockholder, unless a ma
iority Of the whole of the stock shall be thu:
deposited.
Sixth. The agreement also provides that il
case the purchaser shall exercise the right o
OF the one-third Of the purchase money in the
fifteen days OF June, July. and August, respect
lively, they become due, then the committee
shall have the right to sell the stock and apply
the proceeds TO the $50 per share to the stock
holders, according to the agreement.
The committee believes that 500 per share j.
a fair price for the stock. They willing tC
sell their stock at that price, and have nc
hesitsncy in recommending the sale of theii
co-shareholders. They have thoroughly protected
the rights of the shareholders by the agreement
and without unduly urging that others shoulC
unite to the sale, they do not hesitate &c
give il as their opinion that the price is a very
fair and full one. No member Of the committee
is TO receive any compensation OF any kind in
connection with this matter, and no member o
the committee will sell his stock unless a ma
jority of the stockholders shall unite in the sale
copy of the agreement is deposited witt
John r. Mclean, at the Office OF the Washington
Gas Light Company; with John G. Bullitt, Bu
lit building, Philadelphia, and the agreement
itself with the Fourth Street National Bank
where access can be had TO il by the stockhold
ers, and full explanation made in regard 10 it
provisions =
Any stockholder residing In Washington or it
vicinity can hand his stock TO John II. Mclean
at the office OF the company, TO be transmitted
without expense TO the stockhOlder, and procur,
the temporary receipt, which will be issued by
the bank for the stock.
Receipts will be issued By the bank 10 III,
stockholders for their stock when and as depos
tied in a form which will make the receipt
transferable and negotiable. II is desirable that
the stock should be deposited by such stock
holders as wish TO dispose Of il with as littl,
delay as possible, and we would therefore ask
if you approve OF the sale, that you will trans
nit or deliver your stock as convenient
You will find herewith form Of assignment o
your STOCK which you will please execute ant
send with your stock to the Fourth Street Ma
tional Bank, Of Philadelphia.
JOHN X. MCLEAN,
JOHN c. BULLITT,
| JOSEPH G. R0SENGARTEN,
JOHN F. RODGERS,
JAMES W. 0RME
Committee.