The Washington times., 1910-02-08
Slicing of Melon to Be Con
SideFed Later In
Spring.
OPPOSING FACTION
GETS CONCESSIONS
Believe Insurgents Might Have
Won Upon Test
Vote.

II the management OF the Wash
ington Gas Company keeps the
faith which was given the insurgent
/ stockholders at Yesterdays annual
meeting there viii be another meet
ing Of directors and stockholders
during the coming spring, at which
steps will be taken for the big prize
distribution which the stockholders
will demand.
DesP;ie lie utmost efforts 10
maintain secrecy as 10 The proceed
{ ings of yesterdays meeting enough
/ has become known today to cause 4
( considerable sensation in DiStrict
financial circles
/ INSURGENTS CONFIDENT.
The insurgent element Of the
stockholders believes IL could have
shown majority If d direct test
/ Of strength had come. but II is
said that such concessions we're
made by the Mclean management,
as would serve. for the time being
/ at least, to obviate show down
Of hands
The anti-AIcLean element among
+ the stockholders has been growing
( increasingly suspicious of the pur-
! poses Of the insiders ever since the
& 4so-called GaIlinger bill was intro
duced IN Congress providing for a
+ reorganization Of the company's re
capitalization in the interest OF the
certihcateholders
Conflict Not Ended.
. Consequently as the annual
OF Yesterday proceeded, It tbeca
parent that the real contest v
tween the Mclean faction. which want
ed no reorganization OF capitalization
F 50 long as that reorganization could not
. he made primarily in the interest OF the
certificate holders. sud the insurgents.
" 40 wanted a recapitaIization in the
Interest Of the stockholders IN genesaI-
B Having failed 90 set sutlsorizstios for
f rscapitaIizati1h on this basis. the Nc
Lean faction wasted 10 prevent re-
: capitalization On the other hand. the
E tnsur>ent element. fearing that the in
siders would find some new plan bv
which JHey could recapitalfze in the in
/ terest rf the certificate holders. we're
anxious 10 force a distribution OF the
surplus without DELAY. with the purpose
lof giving the benefit OF the distribution
20 the Stockholders
( This frrepressible conflict between the
/ certificate holders. VINO control the pres
I eut management. ana the Stockholders.
! who are beginning TO realize that they
{ are largely on the outside. Is not at
an end.
/ Concessions Forced
On the other hand the Mclean man
/ agement was compelled yesterday 10
{ concede to the insurgents two places
3 on the board Of directors and in ad-
+ dition TO that give assurances that
/ there would be another meeting OF
I! the company during the coming
+ spring at which the whole matter Of
/ Tecap apitsIizatiOn and the distribu-
J Of surplus would be taken up
/ T. H Goldsborough. genera co
sci of the company, said tod ~
+ he anticipated such meeting woy
+ be held in the approximate future and
: that it would develop some plan for
+ the retirement Of the certificates Of
/ Indebtedness. Nj Colds borough de-
/ clared himself very strongly of the
/ opinion that the certificates should
( be retired and conveyed the impres-
sion that they would be.
/ He had no response TO make 70 4
/ question as TO whether he believed
( the company would be reczpitaIfzad
; at this time on any basis that wou5d
4 increase It's aggregate Of capitalize
I tiOn-
Concerned Over Legislation.
| The Gas Compauy-s management Is
just now as much concerned about pro-
lCeedings in Congress as about the in
/ ternal factionaI troubles Of the com
pany- The measure introduced by sen
ator Brown looking to an investigation
I OF the company's affairs viU be SUP
pressed II possible. but some misZivin-s
are entertained as 10 whether Con
greSS viii consent to close the matter
pending the grand distribution which
/ the opposing factions both want 90
/ make, although they are not agreed
7 as TO Just how such distribution should
Z he made or as 10 who the beneficiaries
should be
-@r1- @D-r-