Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-05-16
Offerings Of Gas Stock Fall Short of
Control.
REFUSE TO SELL THEIR HOLDINGS
Gossip in Regard to Future Per-
sonneI of Management.
A CHAN PREDICT ED

The proposed gas deal has fallen through.
This fact was announced in The Star yes
terday and officially confirmed at the gas
office this morning, where stockholders
were informed that stock was not being re-
ceived for deposit under the terms of the
circular issued by Mr.. John r. Mclean and
his associates, offering $50 per share. This
result was received with undisgused as
tonshment In local financial circles here,
where it has been supposed all along that
Mr.. Mclean had dead sure thing on
the control of the stock before he had de-
cided to issue the circular to the stock
holders.
1t now turns out that this supposition was
incorrect, but it was one which it is thought
gave the main strength to the transaction
from the beginning. 1t may be said that
the stockholders, as a rule, had no stomach
for the deal, but it was thought that man
OF Mr.. McLean's financial astuteness would
not enter into such a transaction unless he
was sure of carrying 1t through, and for
TINS reason it was supposed that by an
agreement with the large stockholders ne
practically had control of the stock
The issue of the circular to the stock
holders was explained by saying that the
purchasers naturally desired to get as much
of the stock as possible and for this rea
stockholders to come in, 1t turns out
however that this impression was entirety
without foundation.
10 say that people in local financial cir
,u Tnes are surprised is putting it mildly.
Iney are simply astounded at the turr NJ
alIalrs, as they supposed it was a foregone
conc. usion that the deal would he nadn
rtilcipally for this reason the stockholders
VINO nave consulted those supDosed tn he
familiar with such matters as4to ,,bt. ~
they should accept the terms of the cir
GUAR were advised to SELL 1t was notntnd
oet 10 them that the change in tho rontrai
and itb tbac' company was bound to take place,
anu tney would be left in the minori+t, ~
would probably not get another ,onnnrt,ni ant,.
" iecelVe such a price for their stock
II is stated however on good a1,tho...
tha Mneh ihose interested in behalf IF
the proposed purchasers ar tha oIaad VI Z
business yesterday counted nm H. oIose OF
" shares which had been denositad 80
nc Terms OF the circular the total arooI,,,+
ed 10 about 10000 shares. 1t is sin ho'ia,l
~ III some quarters that the syndicate, as
sne prospective purchasers are termed
nave enough stock which toaethar nneu me-,
me number of shares deposited would 81
them control. but that such a totai 49,
so Iar below $1,000, the number mentjone5
make the purchase --o' ~
II IS also claimed that a few davs aeo
tne shares of stock on deposit was greafer
tnah the number at the close of businese
esteiudy' as stockholders had sent in no
tices OF withdrawal. However. if is
thousht that such withdrawals did not
amount to 10000 shares, and. on the sun
posltlon that the committee had no shares
up tnelr sleeves, as it is termed. their total
noldlhgs under the circular fell 25.OOO
shares short of a bare control,
In view of the present situation and the
events which led up to 1t, the eossip in
regard to the future of the company and
us management is interesting 1t is nm
derstood that the Philadelphia stockholders
VINO objected to the terms of the circular
nave expressed Willingness to cooperate
with the Washington stockholders and 9TH
ers TO bring about change in the present
management of the company.
1t is even intfmated that as soon az a
show of strength can be demonstrated that
a request for the resignation of Mr. John
X: Mclean as president of the company
VIII be made. AS the annual election for
directors does not occur until next Febru-
ary, 1t Is not expected that a change in the
board OF directors will be made before
that time, but If tha opinion of those op-
posed to the recent proposed sale can be
rened on as indicative of the sentiments
OF a majority of the stockholders, 1t is
the intention to get rid of the president
and members Of the board OF directors at
as early date as practicable