The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-10-17
ADDICKS IN TROUBLE
CHARGED WITH MALADMINISTR A
TION OF A BIG CONCERNS AFFAIRS.
Receivers Appointed for the Bay
State Gas OF New Jersey,
Embarrasse Banks.

WILMINGTON, Del, Oct. 16.-Before
Judge Wales in the United States Circuit
Court to-day ex-senator Anthony Higgins
made application for the appointment OF
receivers for the Bay State Gas Company,
of New Jersey. the principal office being
located here. Judge Wales granted the APP
plication and named j. Augustus McCauley,
president of the Artisan Savi-.gs Bank,
this city, and Dwight Braman, of Boston,
receivers. Security in the sum OF $zo,eVo
was demanded. The appointment of re-
ceivers being only temporary, a rule was
issued on the. office of the company return
able Nov. restraining them from selling
or disposing of any of, the company's eff
fects. The proceedings were entirely e&
parte, Mr.. Addicks not being represented
The complaint on which the application.
was based is made by William Buchanan,
of New York, a holder of Bay state Gas
stock to the extent of $1G0, 900. The com
plant is very long, but in brief 1t makes
the following charges: That the company
has not paid any interest since April. 1888;
that the capital stock OF the company Was
raised from s., 600, GOO, and that the majority
of this stock was retained by Addicks ana
his agents, without just consideration and
fraudulently; that the directors and Of
fiCers CT the company are the creatures OF
A6dicks and submissive to his control:
th1t Addicks endeavored to dispose of
81. 500. 600 of the stock to the Bay State COM
pany. of Boston; that. but for the malad-
ministration af Addicks and his agents the
company WOuld Hdfe ptCh pdyihS wi
dends of per cent. The petitioner further
alleges that, in his opinion, the affairs of
better manner while J.. Edward Addicks is
in control. He claims that the company is
indebted to him in the sum of $1,000. and
asks the court to adjudge it insolvent and
appoint receivers. Associated with eX-
Senator Higgins as counsel in the case are
Roger Foster, of New York, and Frederick
marshal was looking for Mr.. Addicks all of
this morning in order to serve him with
q ~ ~ n 8 ynr Two, nnl
the rule to show cause why the appoint
ment should not be made permanent. He
could not be found. he weyer.
About 5 o'clock this afternoon ex-senator
Higgins and j. A. MacCauley. who was
appointed one of the receivers of the Bay
State Gas Company. went to the office of
the company and demanded the keys of
the desk. Charles H. Graeff was in the
office and refused to deliver the keys. Mr..
who opened the desk. and Mr.. McCauley
took some papers from the inside.
Jersey, was incorporated in 1889. principal
ly for the purpose of consolidating the
city of Boston. This company. in addition
to obtaining control of all the Boston gas
companies. subsequently, absorbed the
Brookline Gas Company at a cost of about
sI25.000. The financial statement on Jan.
/. 1896, is as follows: Capital stock. SO. 000,-
coo; funded debt. Boston United Gas first
mortgage sinking fund. gold. fifty-year
) per cent. bonds. due Jan. !. 1889. interest
January and July. issued, SO, 900. 600; Boston
bonds. due June /. 1899, interest
January and July. issued. $1,000, 900; Bay
State Gas income per cent.
1000 bonds. due 1899, issued. 81. 900 900. To-
tai stocks and bonds issued. 500, 000, 900. The
authorized issue under the mortgage of
secured by the Mercantile Trust Company,
trustee of nearly all the stock of the Bos-
ton, South Boston. Roxbury and Bay State
(f Massachusetts GasliSht Company, of
Boston. the reported cost of which 10 the
company was $40, 900. 009. OF the balance
1s5. 900, 000) 81. 900. 900 We're reserved for bet
termentS and improvements and 5000. 900 to
acquire control of other gas companies. An
annual sinking fund of / per cent. of the
entire issue was provided for and bonds
can be drawn at 105. All bonds issued are
pany,. New York. which issued it's Boston
Cast Trust certificates.
A dIsoatch from New York saws: Will
liam Buchanan. of New York. who petit
toned in Delaware for a receiver for the