Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1893-04-13
ADDICKS m TROUBLE.


He Finds Himself Unable to Float HIS
Big Gas scheme in New York and
Brooklyn.
New York World, April 9Th.
The scheme Gf Mr.. J. Edward Addcks
Of Boston. to control the gas companies OF
New York and Brooklyn and combine
them in one big trust appears to have
fallen flat, and Mr.. hddlcks is having
trouble both here and at the Hub.
a dispatch was received from Boston
saving that several New Workers had been
induced to subscribe 81, 800 900 towards the
project, and that now, when the last
assessment is due they are convinced that
the scheme will not 60 through.
The l}eckton Construction Company,
| which ii AddiCks company, as has been
| fully told in the World, was organized
| here few months ago for the purpose of
huying up all the gas-making concerns in
| New York and Brooklyn. BY paving
| fancy prices away above par, President
| Addicks secured half OF the stock of the
Metropolitan and Brooklyn Gas companies
| of Brooklyn.
Then he could 20 no further. The
| other stockholders in the two companies
| named and the owners of the other gas
companies coveted BY Addicks would not
| sell to him.
Mr.. Addicks is president of the Bay State
Gas Company of Boston, an organization
OF his creation which is just now subject
of legislative investigation. There are tive
companies embraced in the Bay State, and
from returns made by them to the Board
Of Gas Commissioners it appears that the
people of Boston have been made to pay
outrageous prices for gas all for the benefit
| of Mr.. Addicks. The Investigation by tho
legislative committee began III Boston yes
terday, and it promises 70 disclose some
rather startling tinanCierlng.
II. Il. IollnS q Co, who were mentioned
as subscribers to the Beckton company
said they had no interest Of any kind IN
the concern. AddiCks approached them
some time ago, they said, when he wanted
to float the scheme. but they refused u
have anything to do with it, as they die
not regard it as practicable.
President Graves Of the st, Nlchola!
Bank, also named as subscriber, coulc
not be found yesterday, but the yice-presi
dent of the bank said that Mr.. Graves hat
no interest in the concern.
Mr. Graves was asked early in the dea
to subscribe and was set down for larg
amount Of stock, but after looking
Addick's plan over he decided to remair
outside the breastwOrks.
In Wall street the aim of the Becktol
Construction Company is looked upon a
being entirely impracticahie, as the entir
gas interests Of Brooklyn, outside Of tn
, half interests in two Of the companie
/ which Addicks secured are controlled b.
G. T.. Huntington, the Hayemeyers an
the Standard oil people who are united il
! opposition e. Adjicks and his consolida
ton scheme,
I II was said there was an informal meet
ing of several of the stockholders in tn
IIeckton Company at the office of |. i
+, Newcombe, No. 81 Wall street. yesterda
afternoon.
, one Of the men interested explained tn
situation in these words: Mr.. Addick!
! scheme was all right if he had been able
7 carry it through. Ills proposition to i
! was that he would secure the consolidi
, ton of all the gas companies i'll Brookly
: by forming the Beckton ConstruetiO
Company with capital OF S5,0OOuOU an
using that as a basis to start from ii
d told us that he would take 81, 5000 {
!. the common stock for his work if y
/; would subscribe to s2,5O0,W0 preferre
u stock
e 1--WE paid in IS per cent Of the latf,
amount, and with that he purchased tw
( thirds Of the stock Of the Brooklyn Git
: Company and a majority OF the stock ,
!, the Metropolitan Gas Company Of Brool
d Ign. This stock he purchased above pa
d and considerably above the market pric
d But he could get no more stock.
y THE stockholders in tho five con
e panies who hold the remaining il
It terests in the companies named we
IS consolidated in opposition to AddicI
# and his methods and refused
r part with their holdings. This left NJ
IS Addicks in the position Of being unable
deliver something which he had alreaC
A. sold. We are now asking for our secul
IS ties. Where Is our stock? We haver
re got it; he hasn't it, neither con he get it.
b. The money is gone, antrSAl that NJ
re Adicks can do noW, so far ASH can see,
g to divide what stock he holds Of the tv
it companies pro rata among subscriber