New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-12-01
HE ASKS FOR ARBITRATION.
A PROPOSITION FROM W. C. ANDREWS.
his TROUBLE WITH THE STANDARD eAsMeH1


co. NAY BE SETTLED OUT OF COURT.
Wallace C. Andrews the cx president of the standard
GaslIght Company has offered to submit the matters
in controversy between himself and that company 10
arbitration This proposition was formally made by
Mr. Andrews TO the board of directors at meeting
held at No. Cortandtst. yesterday. Although inc
directors have made grave charges against MI. An
drews. they apparently prefer TO arrive at CON-
promise without taking the case 10 court lhey h'o
stood firm however In their demand that common
stock to the par value OF S20ooOoo be re'ui''eo ="
the treasury of the company.
Mr.. Andrews's proposition was couehed In the ioi'
lowing language:
With reference to the controversy which has arisen
rs 20 certain OF the common ana peeSa s ~ me- in
diyidually and trustee and undegs'aus' ss
do that majority Of the directors ~ . stocS shm,d
be judiCially determined so that the Iese.vh sD'
OF the company ana OF the parties eteeed pnr
suant TO such Adjudication, ana Delhs wilnng a,u
anxious 70 unite with i9 hs ed to secure this
speedy settlements beg to submit on 'he S"D'e'' '''
Is the a,sestons which have asisen or can aise, In
reercnoe % this stock are S gnss"ms
mw these quesfionsanu OF nun The ieSa oucsiion
three as able and honorable lawyers be selected
the company selecting one, selecting another' aao
these two selecting the till the uagenI ma VI onrn
three, the majority Of thea lie hnal ana coholu
Ave upon the parties. ~
BY this arbitrator the rights and Interests Oh al
far moe expeGitiousy. than can be accomplished by
pr0tracted litigation conducted thrOush tlo Na'lV"o
courts under techniGa rules Gi Of course
that the sole object Of the ms!o ty Of the directors OF
the company Is 10 obtain such an adjudication of The
Controversy reISng TO this stock will secnre to the
company as sgeediy as TINS can ee g POSITION in
the matter as Is wei KIN TO all the directors Is ana
has been that the company has no rights Whatever IN
to this II should he determined in the arbitration that
am mistaken then am ana shaii be PrepatHeu III ~,
SSnnced. and 10 nav over every dollar which under
that Judgment. lie company may be found entitled to
II The foregoing prop sion is agreed TO the part
Of the company, am further wiling, II insisted upon
bv the der0is tNet N" existing niunctlons as to the
common stock should continue until final judgment Is
given in the arbitration hut in that event It VIII NC
psnv be increased. 50 that the actual damage may
sustain by or through these inuncons shall be made a
good to This Is but just my legal rights IN the
matter are limited by the amount OF these BONDS
The directors Of the company took action upon the
offer for arbitration but postponed the consideration OF
the subject until to-day. They adopted resolution TO
psss the December dividend. aud then adjourned.
Mr.. Andrews aftcrwaM issued statement to the
press, which In part as follows:
In the statements made in the newspapers by secre-
tary McKege, and possibly Others, concerning the
find many things so absolutely false. ard Others SO
misleading, that am constrained to say that hod ~
stock that Is not my own and further that nave san
this to the Board from the start also thai the stock
issued to me was legal at the time, ana mas never
ceased 70 be The stOck. therefore belongs to me
and to one else. have never changed my position
on this point. still. compromise without violating
principle is always in rter. As that has failed,
have today offered arbitration IT, sS is claimed, the
Gas Company has everything on rs side, and have
nothing the company should not be SLOW 10 accept so
speedy settlement.
Tie fact IS that tine ara conditions change all
things At the time took This stock for values il had
market value whatever II would not have sold for
two cents the dollar. even two cents pound for
the paper written on. Growth my capital, labor and
skill, and that of others, has made 10 valuable
Secretary McKege read the statement Of Mr.. Andrews
to reply to ii.
But L not ready To make a statement inst yet"
said he. "Tom ] win look up q few points
not eer.sin about. and VII answer Mr.. Andrews,
Or rather ask him cersin questions that great many
people would like 10 have him answer"
II. p. Brookman. q wellknown operator in Wall
Street, was at Mr.. McKeige's Office yesterday. He
declared that the charge that he had been elected
director Of the concern - assist IN underhanded work.
as dummy" was absolutely false.