Evening star., 1914-02-01
GAS DIRECTORATE
FIGHT INTERESTS
Issue Will Be Fought Out at
Stockholders Meeting
Tomorrow.
RESIDE is BELIEVED
TO HOLD WHIP HAND
Edmund K. Fox Answers Statements
of Acting President of Local
Company.

FINANCIAL washington IS loohlIi6 loi
ward with great interest to the annual
meeting OF stockholders of the Washing
ton Gas Light Company to be held to-
morrow. At that time an effort will be
made by certain stockholders to bring
about an increase In the membership of
the board Of directors from seven to
fifteen. Such a move will be opposed by
| the majority now in control.
Howard S. Reside. acting president
of the company. declares he holds as
member OF stockholders committee
the proxies of 1000 stockholders repre-
senting more than 100000 shares. He
has announced that he will vote these
in the best interests of the stockholders.
1t is reported he will oppose the pro-
posed increase in the membership OF the
directorate for the reason he can see
no benefit to be derived by such move.
Yesterday Edmund X. Fox, chairman
of the so-called minority stockholders
con- mittee. made answer to statements
made by Mr.. Reside in an interview
printed in The Star Friday. Answer.
was made in the form of a letter ad-
dressed to Mr.. Reside. and particular
emphasis is laid on Mr. Resides state
ment that "the wave of speculation is
fast coming to a close"
Mr.. Fox's reply Is in part as follows:
Il am at loss to understand exactly
what meaning you intend to convey.
other than to identify the additional di-
rectors selected by this committee with
speculation or gambling.
"In this connection please let me as
sert positively that not one of the eight
gentlemen selected by us In this capacity
is connected with chance or speculative
business in any manner. form or degree,
while. on the other hand. you are not
able to say the same for our present
board Of directors. which you state you
will re-elect."
Continuing he states that four members
of the present directorate of the COM
pany are identified with speculation or
speculative institutions. He declares that
two members of the directorate are mem
bers Of the Washington Stock Exchange
and one a member Of the New York
Stock Exchange.
Referring to your phrase, fast coming
mind of any false illusions in this re-
gard, for this committees position is hon.
estly taken; it is for the benefit of the
stockholders; it is for the benefit of the
| public; it is in accord with public senti-
| ment and progressive opinion; it is
against clique control and interlocking
| CONTROL" he says.
Briefly, it is right. and it will sooner
or later win There is no doubt about
| our determination or about the ultimate
result
The decision of the Treasury to re-
quest national and state banks and trust
companies which have signihed their
intention Of joining the federal reserve
banking system to indicate their pref
erence as to the location of the reserve
banks to serve their districts probably
will meet with the approval of the bank
ers in all sections of the country. When
returns are received from all the banks
which have decided to join the system
| the organizing committee will have at
hand definite Information which will aid
greatly in the designation of the reserve
cities
There is no doubt but that many Of the
| banks Of MARYLAND and Virginia and
ington as their selection for reserve CEN
| ter Officials of banks in the states
mentioned have promised local bankers
to do everything in their power to bring
| about the designation OF Washington
Several banks of this city have sent let
ters to banks In Maryland and Virginia
| with which they have business connec-
| tions enlisting their support.
| Mercantile agencies report improvement
| in sentiment in business circles through
CIT the country.
Failures reported during the past week
| numbered 453. against 4S4 last week.
| After having looked forward for sew
eral weeks to the sale Of the Arlington
| Hotel site and having speculated as to
| the future for the property, financial
Washington received quite a jolt when
it was learned that the Richmond syndi-
| cate which bid in the property had fall
| ed to make the initial deposit of $4,000
| in accordance with the requirements of
the trustees by whom the property was
| sold.
An effort is to be made again next
Thursday to sell the property, and the
question now is being asked. How high
| will the bid go next timer" will the
Richmond syndicate be able to bid in the
property for $s5o.OOO?
| AT the sale last Thursday only two bids
for the property were received. but it is
probable that more Will be made the next
time the property is offered. It was gen.
| orally conceded that $S5O,OOO was an ex-
tremely low figure for the property.
The bid made by the syndicate was
at the rate of $14.55 per square foot. The
total value Of the property. according to
the District assessors. is about $22. The
| two-thirds assessment is at the rate OF
Sl3 per square foot. The Arlington Hotel
Company paid $1,4oo.O0o for the property
originally.
will be sold at low figure, more bidders
NAV be present at next Thursdays sale.
Frank Massie, son of State Senator
Bland Massie OF Lynchburg. Va. acci-
| .lantaIlv shot ond killed John Camnhell