The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1911-06-11

The charter of the Roslyn Electric
and Gas Company would be a very valu-
| able document If it guaranteed to its
| owners or owner the rights that 1t SO
| freely gives-indeed, there would be
| millions in 1t. The sovereign State
| OF Virginia granted this charter, and
then 1t wisely enacted a law refusing
to charter corporations doing business
| outside of the State.
| AS it is, the charter would seem to be
a slight infringement on the lights Of
that coterie of lawmakers referred to
In general way as Congress.
The Roslyn Electric and Gas Company
is empowered to do business, manufac-
ture, maintain, generate. ETC.; purchase,
| lease, generate, store and sell gas or
electricity, either or both, within 200
| miles Of Roslyn on the Virginia side,
and in the District of Columbia"
1t Is perfectly natural that some Of
the hopeful, looking for something to
happen, should direct their eyes to
| the Roslyn Electric and Gas Company,
with the ownership thereof in the possess
sion, according to report, of the presi-
dent OF the Washington Gas Company.
| And the Roslyn Gas Company has a
| main under the bridge between Roslyn
and washington; has sold gas to the
Georgetown Gas Company. So that its
gas has literally been distributed in the
District of Columbia.
Permission to put the main under the
bridge was obtained from the War De-
partment, on the promise of lighting the
| bridge and the way to Fort Myer.
| Perhaps II may be the Roslyn COM
pany that will eventually become the
/ holding company and take over the
, stocks Of the Washington Gas Light
Company and Of the Georgetown Gas
Light Company.
About that Scent gas in Georgetown
1T Is not in sight. One director made
the motion. the others sat down hard
| on that motion.
J self with an extra expense Of 81, 900 a
year; not very big at that, but, COM
| paratively speaking, 1t looks large
I alongside the S59 surplus of 1910. And
| the corporation. with its present plant,
| cannot make and sell much more gas
| during the year to come than it did in
| 1910. The new plant will not be ready,
| interest to accrue Immediately.
There are a number of directors in
| the Georgetown Gas Company who seem
determined to maintain the entity of the
corpora ton and to do the best they can
to put il on a paying basis. They have
the charter. They are now buying their
surplus requirements from the largest
ington Gas Company, paying therefor
40 cents in the holder This largest
stakeholder could, IL the powers would
permit, connect its mains with the
Georgetown company's mains, take over
the Georgetown company's securities,
and supply gas to the District without
the slightest trouble. There are those
who believe that a low price on gas for
the District might be inducement to
Congress to permit of the amalgamation
and elimination of the Georgetown
company; others differ. The guarantee
ing Of the Georgetown SIS by the WASH
ington Gas Company did not seem nee
essary-perhaps 1t Is a simple matter
of form to further the elimination-per-
haps Scent gas might be another mat
ter OF form.
Stockholders in the Georgetown Gas
Company will have the right to sub
scribe for the new bond issue, all but
$50, 900, the amount set aside for the
payment of debt. Three banks will get
these bonds. One of the banks prompt
ly made a bid of 102 for the 5000 but
the offer was refused-a matter of pol
icy.
certificates of Indebtedness of the
Georgetown Gas Company, may or
may not make the exchange for the
new per cents Many of them will
not, for the reason that these bonds
are convertible for stock on the basis
of four shares for each 800 share,
provided the Supreme Court of the
District of Columbia will allow the
company to increase its capital to a
fair valuation of their plant"
The bonds are due August 1, 1913.
Naturally with the prospects" Of the