The Washington times., 1910-10-13
VIII Meet to Consider
Directors Proposals for
Adjusting Finances.
INDEPENDENTS SURE
OF BIG DELEGATION
Exchange of Four Per Cent Bonds
and Retirement of Certificates
10 Be Voted On

According 10 the best information OBJ
tainable the shareholders of the Wash
ington Gaslieht Company will feast at
high noon tomorrow.
At that time they will vote on the
various propositions advanced by the oil
rectors in their circular issued some six
weeks ago. They Will pass on the ex-
change of the $4,000 per cent bonds
for long term 5 per cent issue: on the
retirement Of the S2.6OO.O0O certificates
OF Indebtedness; and on the question Of
placing the stock on d s per cent basis
on its actual value. still an Undeter-
mined question.
The proposition to exchange the per
cent certificates for per cent bonds
will probably not be voted on, as the be
lief is general that the affirmative vote
on retirement will be unanimous. leav-
ing no further argument on the ques-
ton. The holders of the 6s would like
to exchange their securities for the 5
per cent bonds. as the latter are likely
10 be worth about SIG. while a retire
ment for the certificate holders would
mean nothing but face value-S1.000 for
each $1,000 certificate.
Given Without Price.
The holders Of the certificates have,
according to insiders. no reason to ex-
pect anything else as it is nominated
In their collateral that the company re-
serves the right 10 retIre them at par
after June /. 1905. There are said TO De
about 500 holders Of the certificates.
which were originally given TO the
stockh olders without money and with
out price--a free gift
It was supposed that John r Nc
Lean. president OF the company, was
a heavy holder OF these certificates.
and for this reason has continually OPP
posed their retirement or any distribu-
ton Of the assets OF the company to
the shareholders II is now stated with
some show Of authority that Mr.. Nc
Lean has disposed OF the bulk OF HIS
certificates. but this Is doubted in many
quarters
The representation Of independent
shareholders at the meeting tomorrow
will probably be the largest that has
ever attended a gathering OF stock
holders The r. i. Hutton pool OF New
York city row controls something like
1850 shares Of stock. Preston ord
holds and represents over 500 shares
Joseph Letter In exactly the same posi-
Thomas L Hume, the local broker,
who has been a thorn In the side of
the insiders for years. is said to hold
nearly 5000 shares. although his hold
ings have been somewhat reduced Of
late and Tillman J. Hendrick $500
shares
Large Attendance Sure.
Then numerous brokers have been
collecting proxies and many individual
shareholders have expressed their pur-
pose 10 be present at the meeting. so
that Il IS sure 20 be very largely at
tended. The hrst call of the gas Of
fcials for proxies did not bring the
usual quota, and a second call was is
sued
The representation Of shareholder.
the pools with 5000 shares more OF less,
and the individual shareholders and
proXyhOlders will probably be in a
position to control the meeting-if it
should be necessary 10 put through the
propositions they favor-a contingency
now considered as probable in financial
circles.
The action TO be taken tomorrow
will be in keeping Of a promise made
by the MANAGEMENT at the last meeting.
At that time. February I, 1870 the pro-
posed financing was expected to be car
Pfed out, but the fact that Congress was
then in session caused hesitation. and
the president Of the corporation prom
tsed that action would be taken between
the adjournment and reconvening of
Congress Il was feared that Congress
might take some action looking to the
validity of the certificates-indeed the
certificates plainly carry on their face
the declaration that the company cannot
be sued in case Of default on interest or
principal
The proposition at the February meet
ing was to pay IN interest on the first
mortgage As for a number of years IN
order to obtain their retirement and to
give the holders of the per cent GER
ti6cates the privilege Of exchanging for
5 per cent bonds or taking cash As
high grade > per cent bonds are worth.
$40 or better. the former proposition was
attractive. but the plans have been
SaAnGCd in the interim
nj III OEI rnnIrInM