New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-01-22
MANY ANGRY STOCKHOLDERS
THEY SURGE ABOUT WALLACE c. ANDREWS
A DEMAND THAT THERE BE no MORE UGGER
ING IN THE AFFAIRS OF THE STANDARD
CASIIGUr COMPANY

ING" IN THE AFFAIRS OF THE STANDARD
GAsIIGHT COMPANY.
| There lively time the meeting of
| the stockholders OF the Standard Gaslight Com
| pany yesterday. In which Wallace G. andrews
the eX president OF the company. was In
tere'ted participant. lie didn't say much or do
much except to look so.cal though doubtless he did
lot OF thinking. he heard such words as thief
" plunderer' and no iiggering' uttered by ex
cited stockholders. not always connected
with the maledictions but 50 mere detail seemed I'M
necessary to their wronght-up minds.
| The meeting special one called TO authorize
an increase In the number OF directors. II held In
nttlc stihy room the third floor OF No = Cort-
landtst- TIE room was crowded even standing place
being al premium. Mr.. Andrews was present n
director, place which lie retains Notwithstanding
the charges against him which compelled him to resign
| the presidency aud turn over 10 the company more
| than S20O0.000 OF It's common stock aud large
amount OF real estate.
| The recently elected president j. A. Bo'twick. ey-
palncd the purpose Of the call, which was in reality
| Issued In order TO make place for Emerson
| Mcmillan Oh tie board and pave the way
| for his election vice president In place OF
| Charles Dana, whose resignation had been ac-
| ceped by way ot parenthetically Illustrating the
good feelings that Were supposed to exist In the re
organized board Mr.. Dana took occasion to apologize
In laughing way for the presidents forgetfuness In
| not providing Il luncheon for the stockholders. But
gruH old Judge schloneker. OF louisiana would have
| none OF IT, aud shouted
| 40 more Of that We're here for business and
don't want any lunches any more jiggerlng NJ
| more Wallace G. Andrew, business around here
several "ameno7 heard the president pound
ed with his gavel. Friend, of Judge Schoneker qul-
eed him, and the question OF authorizing an increase
in the BE ard OF Directors pat. Almost all Vot'd
! in the affirmative except william C. Reddy, who held
the proxies Of r. j. seller of this city. Mr. heuuS'
who /, lawyer. said: Mr. President, vote no. loi
the reason that we can easily provide for Mr. Mcmillan
| by making long desired vacancy in this boaId sec
| ing that he was not supported in this, Mr. Reddy
changed his vote. Then II was found that nttle more
than a bare majority OF the stock S343O,OOO out OF
| So, 800 ,OOO had been voted. The discussion oi tm'
elected the statement from Il dozen angry Stock
holders that il the first time they had ever hhO"h
| how much Of Ill. company's stock had been Issued.
Never have seen single financial statement sad
| they.
| Then Mr. Reddy threw A bomb by asking permission
| to Introduce the resolution which is given below A'
,o0n AZ nature known. scene OF great excite
ment followed. Mr.. Dana said that the resolution
! coud not be considered al a special meeting Inc
chairman 80 rulcl. and Mr.. Reddy appealed from the
decision Russell Sage who one OF the conserva-
five minority Of III. old boad. moved 3u adjournment
and Mr. Bo,wlck declared the meeting adjourned Win
| out putting The question BY that time The stocA
holders we're struggling mass in the centre o! the
| ROOM Judge schoneker called out TO Mr.. kedhS'
| Don't Jet them choke YOU on
IL. e. GarN ODD pounded vigorously on a table ana
shouted Il demand that We have our nights and
that put foot on the neck Of the thlet % thieves
| who have plundered this company.
ON the advice OF his counsel. Mr.. Bo,twck disre-
gardsd his declaration Of adjournment and put the
| question Of appeal The chairman va, sustained by
slight majority, and the directors quickly whdew to
! another rDon taking Mr.. Andrews with them, and
leaving the excited stakeholder, aght out among
| themselves.
The resolution which Ns Reddy introduced wa a.
| follow:
wheress rrcat scandal with respect tho manage
mcnt Of the Standard ,is>cht Company aud the conduct
II II, late s.dcnt was,c 1. Andrews, has been made
public. 4nd
where's II /. commonly reported nat In settlement
Of the COMPANY, claim against he has transferred back
m tho conuany large bio stock. unla~fully
--u.d amounting nearly 5000 600 and has also con-
ycycd company certain reel estate value unknown
| aud
Whereas. Il is understood that hi. resignation prcsi
dent was forced hy Of the sior said scandal but
aid Wallace Andrews sti remain, director Of this
COMPANY the detfmcnt OF it. good name ana fepun
| 'aton. therefore
Resolved ~ tho -to khollcr, Of standard Gs.sh
Conary ~ the city " York that the Immediate
cslgnson said wl'o" C. Andrews. a. director Of
,hi. con,any be- hereby l.. inplauN"y de-
uaud.d aud that vacancy caused by such resignation
b. nllod IN accordance with the h' laws luther
Resolved That in cs-c resignation be- not placed
In the Of secretary 81 thi- company within ten
day. from thi. date the u this company be ana
arc hereby requested 10 take forthwith. such measure" ~
VIII permit u procur" jho removal of 'Ad "a''e
c. Andrcws from Of director of th, COMPANY
A somewhat similar resolution had been proposed
by Judge >,honckcr and hi, counsel, h j. N'fhcr>"'
Of Philadelphia. who also present At the meeting
oth of tc.c resolution, may it is said. be lntr'duc,d
AT the nc,t regular meeting e the stakeholder, n
| May next.
In hi, prolonged attempt to get his resolution acted
| on Mr. Rcddv said We lind that the common stock
| was all issued almost Immediately after inco'pora
epnoln and j. T. Mohhcimcr for sundry patents (c'
| umoted nj 100000 cach. and the entire balance
estimated Ia be ~ 700 OO0 in vdluel To W g. Andrews
| for his skill In promoting and kindly managing THIS
company. For all this not dollar In cash was ~
cclvcd by the pany. and when the holders OF iho
prrfercd stock could get tn If common stock ON their
options BY applying at the now d"fuht American
Loan and Trust Company. and paying the stipulated
price. the said prc" did not -. 80, INTO
into thc pocket ol Wallace &. Andrews.
There ha, never been laid before the Stockholders
| a statement Of the financial condition of the com
panV OF Of the O common stock. or even o me
aN,rt amount OF preferred stock which has been Il
sued nor the amount received flom the sale oil pir
fcrred stock; aud II Is utterly impossible ior any
stakeholder not "A director to know whether the com
pany solvent or not. IL wa, hnhoul''r ~ Wv ~,
ganizatI0n Of the company that the president Wilt
serve without salary. but In the third or ourth year
NJ Mr. AndrcwS's BOnrI or DIRECTORS Nv.
ony voted him yearly salary of TlOOOO, but upiiiteu
him two or three wears back salary ~ tilt raio anu All
this without notice TO the stockholders u
which WIS held in little sde-roDin, 'r' M'hlI,n
wa, elected vice president and h. v carey WIS "'uo
director
n