The Washington times., 1914-03-01
GAS STOCK OFFER|S
NOT WELL RECEIVED
Little Attention. Being Paid to
Bid for "AII or None" of
Georgetown Shares.
By GEORGE H. GALL.

There is no change in the program to
consolidate the two gas companies of
Washington, despite the fact that an
offer of $3.50 a share for the minority
stock of the Georgetown Gas Light Com
pany has been made by outside parties.
This was learned from an authOrita-
tive source today together with the in
formation that. while such an offer has
been made. the offer is for '.all or none"
of the shares not now held by the Wash
ington Gas Light Company.
The very fact that the offer of So a
share more than the figure agreed upon
for the transfer of as many shares of
the Georgetown Company as can be OBJ
tained by the Washington Company has
the string to it that all of the 2,47O
shares must be delivered, has convinced
officers of the Georgetown Company that
the Offer is not made in good faith. but
simply for the purpose Of upsetting. If
possible, the present program to COM
bine the two companies.
The offer comes from New York par
ties whose identity is not disclosed. but
who are believed to be acting upon the
suggestion of local interests who are
opposed to conditions under which it is
proposed to merge the two gas COM
panies and legalize the present holdings
of Georgetown stock by the Washington
Company. Little attention, therefore, Is
being paid to the proposal and both gas
company officials are continuing to
urge the amendment to the District ap-
preparation bill that will enable them to
get together The best bid for George
town Gas stock on the local exchange
yesterday was 100.
While there is no change in the pro-
gram to merge the two companies, the
amendment authorizing such lnerGer is
expected 20 meet some opposition be-
| fore It is passed. This opposition and
the basis for it was outlined at the
| hearing before the subcommittee of the
Senate Appropriations Committee last
| week.
! Thomas L. Hume, plaintiff in one OF
| the cases against the washington Ia
| Light Company, in which the validity
of its holdings of Georgetown stock Is
questioned, appeared beofre the sub
| committee as stockholder OF the
| committee as stockholder of the
| amendment. Mr.. Hume said that there
| were three cases awaiting decision IL
the Supreme Court of the District Oh
i Columbia, in each of which the vaidity
of the Washington companys noialnss
of Georgetown stock was attacked ne
is plaint.f in one Of these cases.
| AS plaintiff. Mr. Hume declared that
| he would be deprived Of his ves.eo
rights and dislodged as lltigant, II tns
legislation were enacted. He preferred
he said. to have his rights determined
by the courts rather than to nave tneh
removed entirely by Congress
! He questioned the good faith OF th the
Washington company in seeking ;ne tne
To
of gas uniform in the District. sayins
that the Washington company had con.
| trolled the Georgetown company ~!
| years previous to June. 1872 and tha'
there had always been a. dilteIe. ieo conn. n
panies. Yet. he declared. the Wash.
ington company had never sought ts
make the price uniform until II wa
face to face with a judicial aeclsio, o,l
that might result in divesting the com,
many of it's holdings of $3.50 shares o'
Georgetown stock.
| Edmund X. Fox. chairman OF the coi.i ~,
mittee of minority stockholders or I'M
Washington company VINO soust H.
tors of the company at the last annut
meeting, while not objecting to the pro
posed merger, took the occasion u poI,
out an alleged interlockinS OF the direc
| torates of the Washington Gas lAsh
Company and the American SecurltN
and Trust Company and to urge I'M
changes his committee wanted
| Mr. Fox urged that not more thah I'VE
directors of any pubic utility corpora
tion should be members OF the board
directors of the same financial lnsutu
| zion He asked the committee to Include
in the amendment provision for thes
and other public regulation of the ga
companies. -
The District Comm, ssiohers ma.
have taken the ground that any leSlsia
ton afYecting the gao companies shoui'
be in line OF municipal ownership AM
lnperat tiOp