New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-05-12
WRATHFUL STOCKHOLDERS.
LIVELY STANDARD GAS MEETING.
WALLACE @. AxDEEwss SUCCESSOR ALSO IN BAD

|
Of the stockholders of the Standard Gasight Com
pany, at No. II Broadway. yesterday, and promi-
nent in the front seats were eX-Judgc Sloanaker OF
Philadelphia the energetic stakeholder who, at the
| meeting in last January, with dlfflculty re-
strained from annihilatng Wallace Z. Andrews,
| the president who retired after compromise
| by which he surrendered considerable prop
erty to the company The Judge had
with him the big backthorn which he
| had shaken furiously in Mr.. Andrcwss face, but
| he hugge1 il closely TO him most of the time yes
| tcrday and the meeting passed of harmonlolsly.
| II was not, however. without some spicy revela-
| tions bearing upon Mr.. Andrewss past transac-
tons, and some facts got TO light regarding the
president who succeeded Mr. Andrews, Jabez A.
BostwiclS, which called forth reflections upon the
last named man from ex-Judgc Sloanaker, which
| were far from fattcring.
| Many of the stockholders were surprised to find
Charles Dana in the chair president the retire
ment of Mr.. Bostwick from that position last
January having been so inconspicuous that only
| T10sc most intimately interested in the company's
affairs were aware of the change. Mr.. Bostwcll
| went ont of his Office short time after entering
| il in January resgning from the Board of Drcc
| tors and il is said, selling all his Gas-Light
stock, amounting TO about 5000 shares. AS
president Mr.. Bostwick did not seem TO win the
thorough cooperation of his felow-dircctorS, and
il was hintel by of the stockholders yestcr-
day that his resignation followed their disap-
proval Of an ingenious plan for securing the dis
trbution of the 81. 10000 stock which the com
pany had finally obtained from Mr.. Andrews in
settlement Of claims against him.
Yesterday proceedings were begun by Pres lent
Dana, reading report in which he reccd the
facts that have to some extent been in public
print He sail that the examination made by
the board after the last annual election developed
tic fact that tie greater part of the real estate
leased from Mr. Aldrews's Ncw-lork Steam
Company was not needed in the business Of the
gas company, and that important works of the
gas company had been built on land owned by
the Steam Company. 1t was also found thar
stock OF the gas company 10 large amount had
been isS1led 10 Walllrc =. Andrews, and through
him TO General Spnola and Joseph A. Min
hcincr and also 20 the Ncw-York Steam Company
for insufficient consideration. Under advice of
counsel and in order to avoid long and hazardous
litigation the directors finally made an adjust
mcnt tho net result Of which was First, the
gas company acquired title To all lands Of the
steam company on which works Of the
pany had hccn erected second, the gas company
released from all Obligations upon leases Of
unimproved real estate not needed for develop
ing the business; third. there was secured for
the benefit Of the company s2,ooooOO OF the gaN
company's stock. Mr. Dana said
This settlement was recommended by our
counsel, and was believed by our board 10 h.
an advantageous one - this company. ami
the host which was attainablc under the circum-
stances. The board believed that in making
this settlement they have secured property vital
20 the business Of the company and OF very
great intrinsic value
W e. Rcddy. the lawyer who helped to make
last January's meeting lively, spoke in compliment
Of the board and moved n vote Of thanks 10
Mcssrs Sage, Dana, Terry. McApn and McKeige
aud the other directors, for cf!ccting the settle
mcnt II was unanimously adopted and the meet
ing ratified all the acts Of the directors. +. Ne
Keirc. treasurer. then read the annual rport
showing that in the last three years the company
had increased its business over 400 per cent. and
that the business was still growing. Mr. Rcddy
asked if the accounts were made up this year
on the same basis the last.
NO. sir, replied Mr.. McKcigc, &" the difference
il that this year nothing was charged to con-
structon account, except what was actually paid.
all other payments going into operating expenses
This wears report shows the absolute net profits
Of the business
why was the method changcd?7 qucrcd Mr..
Rcddy.
Mr. McKeirc replied Last year had moth
ing 10 do with the closing Of the accounts; this
wear is the first year in which have had abso-
lutte control Of the closing of accounts.
Mr. Rcddy here calico for the report of the
cxperts who had been appointed by President j.
4 Rostwick in January 70 examine into the con
dition Of the company's affairs and finances, ana
which had been promised TO the stockholders.
solemn hush fell upon the meeting as the report
WAS handed 10 Mr.. Eeddy by the treasurer ohe
of the first things to startle the lawyer aS he
read was the existence of Sj,00O,oOO common
stock Then followed this interesting dialogue
Mr. Reddv 10 Mr. Mckeg"-Did thc Gas company
ever receive any cash for this stock! MI M'h@gc-
No ,ir' ~ ,r,or ros this stock delivered Mr..
Mr. Rcddy-ro whom DID Mr.. Andrew, distribute the
roi =, oooooo: Mr Andrews got s..ooo.ooo Mr..
Nonheimer got over S7oo.ooo General ,rnoa received
a lil. more than ttOO0o0. Ecnjamin T. sherman so
800 900 and J. \. Bostwck got s35oro 49,
Mr. FeddyIDo 20" %"Sn to tel Ina, me s,dcE ,Is
Mr. McKegc-lcs, sir.
Here ex.Judgc Sloanakcrs emotions obtained
the upper hand Banging the baclIthorn on the
floor rmrhatically. hc cried ont: Bostwlcks
bigger thief than Andrews!'
Mr. Rcddy went on: Did Mr.. Bostwck pay
any money to the company for this Stock
No. sir" replied the treasurer
When Mr. Rcddy got to the item of Slss,34i
10 debit OF commission account preferred stock
sold he said "Mr. McKcigc, what the great
est commission ever allowed on the sale of pre-
fcrrcd stock ?' Fifteen per cent, was the reply.
Mr.. Rcidy-IIas the Gas Company allowed as much
rs per the preferred stock
Mr. Mckcigc-lcs, sir.
Mr. Roddy-Why II necessary
Mr. Mckrigc-Thc credit Of the company had fallen
20 low that 1t was impossible to sell the stock, even
at II - per cent discount.
As Mr. Rcddy got down in the experts report
10 Mr. Andrcws's personal account Mr.. Sloanakcr
moved uneasily and ominously in his chair Mr..
Reddy's eye caught sight OF the item $lJo,53S 33
note of W. c. Andrews, received for amount due
:" Did Mr. Andrews pay that note in cash in full ?"
he injured No, sir" replied Mr.. Mckeigc,