New-York tribune., 1882-04-23
THE AMERICAN ELECTRIC LIGHT COMPANY OF
MASSACHUSETTS. OF WHICH COLONEL FREDER-
ICK GRANT Is PREsInlNr cOIIApsEs

THE AMERICAN ELECTRIC LIGHT COMPANY OF
MASSACHUSETTS, OF WHICH COLONEL FREDER-
IcK GRANT is PRESIDENT. CoLLAPsEs.
BosToN, April 22.-1he Herad tomorrow
will announce the collapse Of the American Electric
Light Company Of Massachusetts,. The company
$1,000 and has no assets The following statement Is
made the authority OF f. H. Gor, vlce-president:
The firm organized by prominent b son
gentlemen upon representations OF New-York persons
who included Colonel Fred Grant, Stephen Morarty.
the partner Of jesse Grant, Edward NJ. Fox, George
Crosby, william Mcmahon and Alexander Bernstein. the
electrician. These persons secured charter about
year under the general law of Massachusetts,. and
sold the same with majority OF the stock to Edward H.
Go for, it is believed, the firm Of Prescott, Hersey,
Hastings & Co.. which has since dissolved. The
company reorganzed. with Colonel Grant presi-
dent Edward ii. Go vice president, Eugene NJ. Her
sey as treasurer and Edward H. Hastings secretary
Among the directors William Window formerly Sec
reary Of the Treasury ana other prominent gentlemen
OF Washington. conspicuous Office was taken in IRE
montst. and an elegant display made with mean
descent electric lights and prominent advertisements
England agent OF the Pennsylvania RailrOai Company,
10 become general manager. which he finally accepted.
ana Immediately began operations to place the business
parent company in NcwpYork wa, called upon for
machines and lamps and at the time efforts were
made to place the capital stock upon the
cution of the business and to meet the
large payments due TO the New-lorkers
II soon discovered that supplies could not be fur
nshed and that TO utilize the power engaged IT was
necessary to call upon the American Electric Light
Company, of New Britain. Conn. for dynamo machines
company advertised for sale In Boston at very low
stock so thai large payment became to Mcssrs.
Grant and Moriarty, which Mr. Cot found 1t impossible
70 meet IN consequence OF his market having eeh Dros
EN- up. New contracts were made ana prom
sSsa. ss renewed 1 to SPS @ and % stock S Proec pr
the Boston comnany Those were again violated ana
Mr. GOfrs protest led to an Interview with the officers OF
tle New Ork COMPANY when II was ARRANGED ny ness,s
Grant and Morarty with Mr.. Andrews, president, j. "
rector virtually to consohdae the parent company
with the Boston branch, believing that the enterprise
ma lie more avang in developing the entire interests:
TIs however, failed OF consummation after several
account OF the disco dant elements which could not
be harmonic d. Durng ali this time the capital stock OF
the NcwYor company Offering AT less than half It's
par vaue, while the Boston sock was held ana sold at
par until finally the market for Il Was broken by New
Workers unloading STOCK winch should nave Deen
About two weeks ago Mr. Gofr Informed the principal
because OF the npossiolity to raise money
in large sums under such circumstances,
and because the parent company had never gwen any
valuable consideration fr money already paid that
they mad no system, machines ana no lamps OF any
value, and that he mad never used anyhn. beohgng 10
lteXccpt ne name ana desired. To hahd over al Lh9
papers, contracts and stocks 10 person authorized
To receive thein win the reslgnatons OF himself and
No having been paid his several requests,
ne closed the Onlce OI tue company, oOk Other quar-
ters, and organized another COMPANY under tlc
ulc Of the AinerIcan Elcclrlc and illuminating Com
pauy, based upon contracts with The New-DrItaln
Company. In this organization arrangements are oeing
made TO exchang- Stock the victims Of the other
company purchased through HIN ON his representa-
lions with TO tnelr protection. Culy
about 200 shares OF stock have been sOld
turOugh Mr GOn all Of watch were purchased
from Messrs. Fox, CROSBY ana Aichanon.
But not sng,e share been sold from the treasury
stO k belonging to the company. How mucl has been
sold Dy various Ncw-lOrk prsOns through brokers Il not
Known, but tho company issued 10000
shares, Of winch 1000 belonged the parent company
aad loo 10 TIE boston Treasury stock,
there necessarily 5000 be accounted iOr
and sock is been offered here low ~
snare tnst up SlO " probable that large
quantities have been DISPOSED