Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1895-10-24
BAY STATE GAS co,
Stockholders Not Told the Object
of Increasing the Capital Stock.

Stockholders Not Told the Object
of Increasing the Capital Stock.
Ruinors That Addicks Took An tho Nav
Stock-He Is said to Have Given His Note
for II and to Have Received the Ayn,iable
Cash Assets AS ~ Commission for Placing
IL.
Last Saturdays issue of the Com
mercial Bulletin" OF Boston contained
the following:
Bay State Gas has been fairly strong
of late. Something may be going on
under the surface, but tits probably
not the purchase or consolidation with
the Brookline Co. This new issue Of
$40, 900, 900 of Bay State common stock
looks peculiar. Stockholders were not
told for what purpose is this new issue
and are as completely in the dark as
! TO the ultimate use of these fresh ten
millions as Chinese laundryman.
7 This is not right to the stakeholder
and ia contrary to the spirit of the law
il not to the letter Mr.. Addicks is
PROFESSIONALLY one of the smoothest
men in this country, but such a
secretive policy, suggestive Of things
which won't bear the light may be
tolerated for time, but there comes
at last the end. Some stakeholder or
body of stockholders, instead of apply
ing in the Delaware courts for d re-
ceiver, as happened recently, should
apply for an injunction in the matter
of this new issue of stock until ex-
plicit information is vouchsafed as to
the exact purpose for which it is in.
| tended.
There has been altogether too much
playing fast and loose with stock
holders rights and money in this
country and a halt should be called.
The day has passed when railroad
finances can be iuggled as they once
were, but the time should also have
passed when financial adventures oil
any sort can carry things with high
hand, unquestioned and undisturbed.
Rumors are heard that Addicks took
the whole of the new stock giving the
company his note for 1t and the COM
pany giving him its available cash
assest as commission for placing the
stock.
They may succeed in putting Bay
State stock to ~ or Is, on this hitch,
but it is for the purpose of tightening
burden which has become wearyinp
with the progress Of time. Larger
blocks of tho stock are awaiting salt
whenever anybody will take them. Lei
some people begin TO see daylight anc
the stuff will come out In reams.
ADpIcKs' GAS SCHEMES.
Buffalo, N. Y, Oct. II. j. Edward
| Addicks, the Delaware and Boston gas
man is in town. He has secured The
| Queen City gas franchise by which the
New York State Legislature of 1896
gave permission to tear up streets anc
lay pipes anywhere in Buffalo without
supervision by the Board of Public
Works or any other city officials. He
says he will be delivering gas before
winter sets in and there is much specu-
lat on as to whether he intends laying
a new system OF pipes or absorbing the
old gas companies.
sPEcULATINe IN BAY STATE HERE.
For week many Delawareans have
been specializing in Bay State Gas
stock. Mr.. Addicks, it is said, sent
tips to every part of the State and in
duced large number of people to buy.
| During the last few days excitement in
specializing circles has intensified and
the flyers that are being taken have
become the talk of the street. When
| the price of the stock began to rise il
was quoted in New York at about 1e
on the hundred The last quotation in
that city Wednesday was "a 5-6.
| During conversation with repre-
sentative of "The Gazette" Thursday
morning, a broker said; at is rumored
that information respecting the stock
was sent out by Mr., Addicks. He is
said to have advised all his friends to
buy and I don't believe he would de.
ceive them The market has been ad.
vancing and at present it looks like no
body who has bought will lose. The
buying is largely all over the city.
Those who have bought will have no.
body but themselves to blame if they
lose. cannot learn that any great in
tereat in the rise is being taken in
Boston Dr. New York, especially in the
latter city,"
Another broker said: "Mr. Addicks
advised his friends to buy and sont the
advice all over the State. His action
soon became known in the market ant
finally rumors were herslded broad
cast
One Wilmingtonan, it is stated, holds
1000 shares, another 500 and many
others hold 100 shares each. There also
are many persons who have purchased
smaller blocks.