The Washington times., 1912-01-14

IN LOCAL FINANCIAL CIRCLES
BY /. A. FLEMING.

by =. n. I
The battle for the presidency OF the
Washington Gas Company il overland
1t wasn't much more than q skirmisn
at that. II takes organization to de-
feat organization: the prestige OF the
proxies IL q hard one to overcome.
The "ins" have the advantage. uniess
the outs" have an organization and q
platform on which to stand, both pow
erful enough to draw votes.
Mr.. Letter had the almost united sup
port of the directors Of the organisa-
tion. That largo number OF sharehoid-
ers. satiSfied with reports and re-
turns. voting regularly via the official
proxy route. Is hard nucleus 10 over
come.
Following the admission. OF Joseph
Letter and Ord Preston to the directory
OF the Gas company. practically en-
forced. the changes for the benefit Of
the shareholders came fast. and the
regular $3.50 q share dividend Is in
every way moro desirable than ian
extra" The financing movement gavc
the shareholders q chance to make a
bunch OF, cash from the retirement OF
the $2.Ooo0oo certificates.
Joseph Letter. aided by Ord Preston.
II. 8. Reeside. and John NJ. Green. were
insistent and persistent in their de-
mands for economies. They smashed
old customs that had long existed In
the Gas company. One of the most i'm
portant was the ending OF the payment
to street men by wagon, and the Incl
dent fattenfng of men in no way con-
nected with the Gas company. Coal
bills were pared in a surprising man.
ner. and the company brought down to
a peace proposition policy that had
the heartiest Endorsement OF r. H.
Goldsborough, one of the older direc-
tors, who has long served the corpor-
alton with unswerving loyalty and
ability.
These men have been instrumental In
bringing about great increases in reve-
nues. Their election of Mr.. Letter as
president following the resignation of
President Mclean. was an Endorsement
and a movement to give him the benefit
OF official Endorsement for reelection.
He was hard man to defeat-more
SO sans the Organization.
The contest. II there be any now, will
center around position or two on the
directory. and the same vote that elects
the president will give the election Of
directors as the insiders direct. II. as
has been stated, Daniel Fraser should
be elected a director. there would be
an addition to the board Of a conserva-
tive. capable business man. The Gas
board is none too large. II there are
other interests of sufficient Importance
to be considered, it would be an easy
matter to ask Congress to increase the
board.
Common stock of the Railway and
ELECTRIC Company Is going some these
days. President King has large fnan-
cial following.
+ .'Remington's Business Manual Of
Bankruptcy Law" the title OF a book
just published by Harold Remington,
the authority on bankruptcy law, on all
matters pertaining thereto, and one OF
the trainers OF the present law. Cir.
bennington Is the attorney for the
Credit Mems Association. The volume
under review is shorn Of all legal
verbiage-a volume for the business
man who wishes to know all he can
about this law, without paying for its
Interpretation by high-priced legal
light The business man may find be-
tween the covers of this work Just
what he wants to know, plainly stated
A sixty-four page index, covering every
possible condition that may arise. points
direct to the answer in the simplest OF
terms. The duties Of the trustee in
bankruptcy, unliquidated debts, unpai
stock subscriptions, tracing trust funds.
taxes, surrender Of preferences. stock
exchange seat as asset, stockholders
liability. legacies, interest. insurance
garnishment, etc, etc, are some of the
topics considered. The publication is a
49S-page volume.
There are some stocks on the EX-