New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1892-11-23
AGAINST w. c.. ANDREWS.
STEAM COMPANY STOCKHOLDERS ACT.
THEY MADE GRAVE CHARGES AND WANT A RE-
CEIyER APPOINTED.

Papers being prepared to be presented to the
Attorney General asking for the appointment OF
receiver for the New York Steam Company. The ap-
plcalion is being prepared for Charles +. Winch by
ex-Judge +. G. Gedney acting as his attorney Mr.
Winch OF the stockholders of the NewYork Steam
Company. Under the law, one stockholder may bring
an action I'm the name OF all the others similarly stu
ated. Mr. Winch is not however. alone in his suif,
having had the promise Of the aid Of prominent man,
j. D. Brookman of Brooklyn who Is heavily interested
in the company. That the developments Will be SEN
sauonal appears from a remark made by Mr. "inch
yesterday. lie said III the general public were
treated TO story Of mismanagement In the Standard
Ga. Comp,nv that story would be cold modesty in
comparison with the inner history Of the New-fork
steam Company"
The charges which Mr. Winch makes are all directed
against Wallace c. Andrews. They are OF the most
serious character. but Mr.. Winch says that he can
srbstantiate them all. lie said yesterday;
have been around among the stockholders they ha's
instructed me 10 proceed and shall do so with ther
aid and see the thing through. seek the removal
OF Incompetent officials, the prosecution OF suca oi
them may have been guilty OF fauds ana Ins
placing of this excellent franchise on paying OASIS.
charge Mr.. Andrews with waste OF the properly OF
the New York Steam Company and
had not brought the action there were dozens ieaay
TO do IT, This is what charge Wallace {. Andrews
With: Of taking assets Of the Ncw-fOrk steam CON-
pany FOR other purposes than for the dement, oi 'ne
steam company. There large sum OF Hioncy
demanded of him by the Standard Gas Light Company
of which lie at that time president ana IL
took the common stock Of that company, which was
then the property OF the New York Steam Company
and paid 1t to certain trustees Of the gas company
AS part settlement of the claim made against him'
that the New-Yorl steam Company has bought
number of Mr.. Andrews's enterprises not connected
with steam heating, and that he has saddled upon
the company other property ana schemeS VI ii' "i'
have proved unprofiable
@One Of these is the NewYork Ice Company, when
was practically paid for by the Newiork steam oon
/ pany Discovering that the ice company was rii-
! ure Andrews made the steam company buy al the
! stock IF the Ice company. Tie STOCK was never
ssued to the directors. that Wallace G. Andrews sou
! 70 tbe NewYorlS steam Company or about the
! year 1Ss7 property at and-hfteench-st
and East River for a25OOO0 and that the steam COM
| panv does not now own this property
@That The management Of the company by Andrews
has been 50 bad and reckless that the stock OF the
company. which was originally sold al 500 a share,
ifs par value Is now worth but 81 10 S3 SHARE
and H. one case very recently lot Of several hundred
| shares was sold for a few dollars. Under proper
management the company should be able to pay diNi
dcnds. The company pays about 81 ton FOR i's
coal and can deliver steam 10 the Consumers at about
So per ton FOR coal that IS, its equivalent in heat AS
! the consumers now pay the equivalent of So ton,
! 1t will seem that the profits should be larger
"The New York steam Company has never paid any
dividends in cash, but paid at one time In scrip
which WIS possibly Illegally issued. They were
never paid ont of the issues Of the company
"The COMPANY has not filed any annual report
with the Secretary Of sac AT Abany rs required
Ly the statutes Of the Of Ncn York. tor several
vca,ss and under this neglected duty cach director
becomes personally liable to any creditor Of the com
! pany But with one Two exceptions the directors
are financially worthless; with but one exception the
eight directors are mere dummies, being all clerks and
| T. Apdr I'm hfc
Tho steam company has been kept pcrpetuaLy
poor bv Andrcws's reckless mismanagement. lie
! now claims that the New-Nori steam Company owes
him one and a quarter millions OF doLlars' anu US
! he holds majority of the stock. the stochloIdeS
think they will b. wiped ont il he Is PERMITTED TO
| remain in control. lie also holds the compahys
not, for about half million
No satisfaction can be obtained as 10 the manage
ment or the condition Of affairs. An excellent prop
ev IS going 10 by Of the illadvsed man
acemen; o. Andrews, and the directors were notined'
| for the reasons set forth. that they
should begin an action TO restore the one million
dollar, worth Of standard Gas stock, common. which
Andrews took from The treasury OF the New-fork
steam company for hi, indirldual use. NJ ,rno,, ,,s
! EN,I, &c iney id Il night; " Mr. N,hcn nas
securd the consent OF i grut number OF 10 oliers
the pap r, are ready they viii be handed T. The At.
| tor. = General for his action. Mr. Winch delayed
his prooehg unn thS IeReIG pms oo OIL , ha h,,
affairs ard reform the ways and conduct Of the com
pany aitogeh r. but Of transfer OF the New
torK am COM any, I. estate - Mr.. Andrews
come pouring in. and those proceedings were isu'
| ,u;cd.' ,.
| rhe New-N York steam Company was orglnzei about
twelve years ago. The company poS'essei lr;lh-
chise furnish steam power 10 factories ana mIchne
! ,lnD, ard f,r hcitn[ pIrp),es. At the crsanlLa'
tion Of the company Wallace <. Andrews, as pre-
dent. la, aside oaetlrl % the capital stock Tor Ile
! Iurpo>cs Of promotion he said AT that time. Inc
| etorl wa, placed uplu The market originally ar par.
| Among the siochh ldcls were Mrs. Grant, vile oI
Gene,nl Grant Oliver Carter. IL. -. Armour h. h
| Willard John d. Hrnohman. Addison Cammlck, Eg'
rert starr j. A. Bos'wlck. L. VI. Hoe, ]. l.. Micaucy
and a number of prominent financial men Of this city
and elsewhere.