The Washington times., 1910-02-10
Substantial Concessions Said
TO Have Been Made
insurgents
MEETING PLEDGED
TO BE HELD SOON
AL al Sea Regarding the
New Issue Of
Bonds.

DEVELOPMENTS OF the proceedings at
the meeting OF the stockholders Of the
Washington Gas light Company on
Monday which came 10 light today
show beyond peradveuture Of q doubt
that the so-csUed Insurgents who
have been fighting the insiders tof a
showdown, with q view 70 getting pos
session Of some OF the profits OF The
company which have been held back
from those who are entitled tC thems
have al last not only secured conces-
sions from the John r. Mclean man
aZemenr. but have. i would appear,
get the Mclean faction Upon the run
In addition 10 an important point
gained BY the insurgents at the meet
ing Il has been developed that the stu
alton has so disarranged itself that
there Is now dlsseusion among the in
ssders upoA at least one salient and fun
damentaI ground. which leads the insur-
gents 10 the conviction that they have
gained an extremely important victory
which is bound 10 lead TO others in the
near future
Points Insurgents Gain
A point gained is that the board Of
directors is absolutely and unequivo-
caIly pledged 10 the promise that by
p
a special meeting OF the stockholders
Tor the purpose Of funding the Liabilities
Of the Eas company IN accordance with
some plan which may then be agreed
upon
Another point is that the insiders -
OF the Mclean faction, holding Certi-
acates OF indebtedness, are widely split
In the matter as TO whether or not the
bonds. which are or may be issued,
shall contain. i or when they are IS
sued. 6 stock conversion clause giving
the holders OF the bonds the option or
right TO hove the bonds converted into
stock at a basis of par when the com
paay shall be authorized by law 10 in
crease its stock
Besides this. as one Of the stock
holders most prominently identified with
The meeting explained II today, what
was gained BIZ the insurgents al the
meeting was this
The arrival Of q definite understand
ing Of the time limit which the stock
holders shall have for q meeting at
which Il shall be the purpose Of such
stockholders 10 determine TO what eN-
tent an extra dividend shan be paid
20 ali OF the stockholders, ana whether
such dividend shall be in the form OF
stock or cash
Extra Dividend Favored
n man most prominently identified
with the proceedings at the meeting
stated this morning that the fnsurEeut
forces favored the declaration Of an
extra dividend either in cash OF bonds
TO an amount at least equal to the
amount obtained by the stockholders
when the certificates Of Indebtedness
were issued i've OF six years ago, that
IS to say 100 per cent on the present
capital stock
Il was also insisted that there should
be an issuance OF & per cent bonds for
the purpose Of retiring the Per cent
certificates OF Indebtedness. This is
suence, II was declared was asked for
the purpose of saving 10 the stOckhOId-
eTs the difference in the rate of inter
est between the 8 and 4 per cents which
VIII amount TO over 1000 a week
close questioning among those who
attended the stockholders meeting fall
Cd 70 elicit the exact position Of the
insurgents on the matter Of the differ
ences on the convertible clause in the
proposed bonds Tt is q Well-kuDwu
fact that it has been the custom Of the
washington GasliCht Company 20 in
crease its capital stock bF the method
Of converting bonds into stock.
The Insurgents said today that IL was
TO be expected that the stockholders
VINO are sIiH holding the certificates Of
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