Daily Kennebec journal. [microfilm reel] (Augusta, Me.) 1870-1975, 1882-04-25
Collapse OF the American Electric Light
Company.


The American Electric Light Company of
Massachusetts. claimed to be regularly in
corporated under the State laws, and to which
a charter was granted over year ago, has
collapsed in Boston under circumstances in
dicating beyond doubt fragrant swindle on
the part Of some person or persons as yet not
definitely known; that is to say. allegations
are freely made, and charges of fraud freely
laid. bv the parties interested, at the feet of
various prominent New York and Boston
men. among whom are Col. Fred ID. Grant,
son of ex-President. Stephen Morlarty.
mariner of Jesse Grant. Rostonian- Inc
officers of the company are Fred Grant.presi-
dent. Edward II. Golf. vice president, MAY
CYRUS S. Haldeman, general manager. T. H.
Hastings. secretary, and Eugene NJ. Hersey,
formerly of Bangor, treasurer. Among the
directors were Hon. Bradley Barlow OF Yer
mont. Col. George w. Hooker OF Washing
ton. Fred Grant, Senator Window, Henry
Hastings. Dudley C. Hall and others
Mr.. Golf in his statement says he was IN
vited bv Fred Grant and other New Workers
to 90 into the company, they representing
that their patents were superior to all otrers'
He was finally induced to organize the com
pany. They began to advertise extensively
hut when they called on the New York COM
nanv for the DYNAMO machines they were put
~ ,;,b various excuses. Mr.. Golf says
These excuses continued until we grew tired
and concluded to buy a portion of the cleo
tr;c plant. so-called, of the American Flee
tric Light Company of New Britain. Ct' sup
missing the company would, by sales OF It's
,reasntv stock. be able to pay the debt or thar,
,rben onr stock came from New ork, we couiu
renIace what we had obtained from New Brh-
ain Very soon, however, we found ourselves
".,n,;no business here without any plant OF the
Now York company and paying bills out OF
o,r own pocket We also discovered, to our
sunrise. that the advertising we were DONG
and having tor was being used to uhioa'
stock held by private parties here. as wen a.
stock of the New York company, TINS maj Ne
holm, literally flooded with 1t by numerous
brokers who held it and were adver'is'ne u
for sale privately at startiingE ior
of course We protested against sue" . yus ".
VI IL H. ar.wer we received from the New
W neonle was that it should be discontln
IL +, was promised, too. that other stocs
nh bv pr;yate parties should be placed IN
vol /. nd NUT in the hands of the Interna'lo"a
rr,st Companv. As soon as Messrs' hel
.ar ualdeman and myself became suspiclou,
"a comnIaiued accordingly, we were to'u
that ..everything was all right, and the new ~
would be ready ana sem oi
~ ! fsw DAYS. Then Moriarty came hers
.nra,.l ,;mes. and told us they had secureu
"as orc system which would surpass any
-, 90, natented, and which. also, ~ou''
.a'. ..,a.dv in few DAVIS" 1t could be run
W,r;srty claimed, much cheaper than ar,
s,hsr similar light, and 10-arc lamps oy 'n''
system would cost but one cent an hou' 9
! much for their promises. 40, havoc >
The original stock Was i0;ooo sha arr 49,,
400 being treasury stock. Inc resi- mas him s
| sold at almost any price, the par eAsue ., si,
sIl5. but stock has been sou 'io" -
share.