The Austin weekly statesman. (Austin, Tex.) 1883-1898, 1891-11-26
A SUI FOR MILLIONS.
AGAINST EX,PREsIDENT ANDREWS OF
THE STANDARD OIL COMPANY.
Z He Will be Gitad to Prove the Validity of
" About Three Million Dollars Worth
Of stsck Which it isssclaimed He
Sec red Illegally.


president OF le Standard Gas anC
Light company, is likely to be involv
ed Ill a new auit with the latter com
pany as 10 the validity of certain
stock, amounting to about So 900, 900
which it is alleged Andrews obtained
Illegally from the company while he
was president. Andrews resigned the
presidency Of the Standard Gas anC
N Light company two or three weeks
ago, and J. \. Bostwick was elect
ed IA his steH0 1t said that had moi
Andrews res gned, he would have
(, been expelled from that office by a
vote of the directors, resolutions hav-
ing been prepared for that purpose.
M Immediately after the resignation OF
Andrews AMI the election of Bost-
wick in his place an injunction was
issued on application of the company
toles1aiu AL rews from selling or
otherwise disrosing of certain of the
compGuy's stock then in his posses
sion.
The company also issued the follow
ing notice: Questions having arisen
as TO the validity Of certain common
stock Of this company, the board of
directors thereof have this day voted
to close the boYks for the transfer of
common stock pending examination
and uugil further orders OF the board.n u
l 1t Is cnarcad that from 81 900, 600
K IT, 50 ,00O, 900 OF the Gas Light COM
cOmbany's stock which Andrews OBJ
tained from tho company fraudulent
~, as charged. is held by the New
HorG Steam Heating company, Of
which Andrews is president, and
Which he is believed TO control. In
addition to tbs proceeding it is said
that another action has been ipsti-
tuted against Andrews to recover
tIOci; Of the Gas Light company's pre-
ferred stock, owned by Andrews and
the accounting of certain disburse.
ments by him as president of the COM
pauy. In this suit it is charged that
Andrews has subordinated the in
terests Of the Gas Light company to
those Of bis Steam Heating company;
thai the uuproductive proper
ties of tho Steam Heating COM
pany have been unlOaded on the
Gas Light company, and that these
and other things Andrews was able
to do through dummy" directors in
the Gas Light company, elected
through his influence.
MIR. j. \. BDsrwick, the new prcsi-
4 dent OF the ~tHldard Gas company
was seen at Bit home this morning
and spoke very treely concerning the
rumora about andrews and of the af-
fairs Of tine company in general. He
Sad: '.l have leen connected with
The company from its beginning, but
M vote was aiv ays in the minority
and I gave Up c ending the directors
mGetiug. FIuli' some of their notes
were protested ald | was inundated
with regret By persons who held
stock. 10 protect myself and those
4 who had goue wto the concern on ac-
count Of my u5ne, | offered to assume
all the debts yi ne company until its
affairs could De Strengthened out.
u Andrews, who schemes had far out
& Reached his capital, had made con-
tracts which he )uld not keep. AS
result, paid put nearly half million
dollars IL this city, and much against
my advice therc vas $5,O0O,OOO worth
of stock ISSUED. 1t was given to
\ Messls. Andrews. Spinola and Mon
heimer for distri bution. | had sup
posed that at least half OF this amount
8 was held in trust for the companyS
treasury. WHon the new directors
were elected 10 vas discovered, that
much of this stock had been sold 1of
y insufficient camneusation and that
/ the rest was held by the three men
tioned persons oc their estates. IL IS
absurd to say hat any of this sIock
ia unacc1upfad Gor. We know Where
eyery share is and for how much IL
was sold. Hherr las been nothing, sur
rentitious about it, We simply thlnk
4 Shese gentlemou sold the stock fof
much less than It was worth. ms
stocl, ir It's present state is tainted,
aud TO protect the puollc
- hsv. issued notice
c,os;ro O-r books for the transfer
~ this common stock. 1t is possible
tbat Andrews mi ght sell the shares
[cn Inc bI or viii suffer as much
as ourselves Taere is no questloh
f. Andrews 5,d have complete con-
4 StrnI NJ oo+h IL, as Light and steam
con1pani,s g. hu. : charge thal ne
transfrrrcd useless real estate lfon'
tbo ustI' Sfc7n cSpei. ~ to the Gas com
,n9 I'M y is, IS NOT fa,r > him. At the time
" f. P@H[ Ht[y,WsfsIrea - , tie property, he IN
gone.tionabiy inter nded putting up the
19 "a 81 bogrd OF directors of the
sS eta,,Iard a"I met here today. The ses-
SI,",'C,sr,' Va, ~vas an eyeoltive one. The Sec
Ssl4n '.S saiG to,- ,ome action had been
taken in refsrenae to the ,,s tronoie ond the IV
A tween ex-Prr iidentt AhoremT a',"SoSt @tiu what
board, bal rscused to s&ggess s44gg!gpresident Mfnt
act.. IN had been daken. EHrTleo'een ,I,hen aeer
y Andrews was PRESENT d ana Wntn thnt Hene seuf
after the meeting i ciaImfub had benn efla0 trans rams
acted.
csrmcncita ne Dancer, Married
aNff 80 Nov O1 -CarlmenClCa