Evening journal., 1896-11-03
E1-RECEIYER BRAMAN TALKS.
HAS THE FOLLOWING TO SAY
ABOUT THE AFFAIRS OF THE
BAY STATE GAS COMPANY.

HAS THE FOLLOWING TO SAY
ABOUT THE AFFAIRS OF THE
BAY STATE GAS COMPANY.
NEW YORK, Nov. AT the reouest
of counsel on both sides Of the Raw
State Gas Company litigation. Judge
Lacombe, in the United States Circuit
Court yesterday vacated the receiver
ship order for his jurisdiction. The
papers contained no details of the
agreement.
Ex-Receiver Dwight Braman. the ap-
pointoe OF the United States Court for
the Delaware district, is in New York.
He said of the Bay State Gas Com
panys affairs:
"The books, accounts and assets OF
the corporation were scattered through
FIVE states. Our attorneys found the
various offices of the company closed.
The Officers had fed from the iurisdic-
tion Of the court. The Real Estate
Trust Company, of No. 1910 Chestnut
street, Philadelphia, was found to
have The bank balance and some books
of the company in Philadelphia, in
cludirg the stock transfer book. The
Mercantile Trust Company. of New
York, also had some books and papers
of the company, and the Mercantile
Safe Deposit vaults were the deposit
tories Of the officers of the company.
"A contract was becoming due No
yemb7r I, by which the Bay State Gas
Company, of Delaware, was to purchase
the BroOkline Gas Company. OF Massa-
chusetts, for the sum of about So. .OOO.-
600. Instead of proceedings against
the officers agents and employees Of the
company for contempt in not obeying
the orders Of the court, it was consid-
cred for the best interest of the COM
pany to try and secure a speedy reor-
ganization of all it's affairs, as It was
impossible 60 advise the court whether
it was advisable to carry out or cancel
this contract, as it was impossible to
know what the assets of the corpora
tiQn were, and its right or stability to
carry out this contract
THE first thing to do, therefore. was
to protect the interests Of bOndholders
Of all classes, as well as all the stock
holders, by securing the resignation of
all the former officers Of the company.
President j. Edward Addicks and all
his associates, officers and directors I'm
the bay state Gas Company. Of Dela-
ware the Bay State Gas Company. of
New Jersey; the Bay State Gas Com
pany, Of Massachusetts,; the Boston
Gaslight Company, the Dorchester Cas-
light Company the South Boston Gas
light Company, j. Edward Addicks
being president of all six. We got the
designations of all these boards, and a
board of directors representing the
largest interest of all securities was
placed in control consisting of William
Rockefeller, G. r. Huntington, II. H..
Rogers, Henry NJ, Whitney, John ID.
Moore and General Hubbard. and rep
resentatives Of Messrs. Brown Brothers
e Co. representing the foreign bond
holdcs.
"All of the largest interests have
agree ] to these representatives, and an
absolute reorganization OF the corpora
tions has taken place, almost endless
litigation saved and the heavy expenses
attending reorganization proceedings.
assessments, underwriting and legal
expenses saved Valuable time has
also been saved to security b0ndhold-
ers, which litigation might have de-
stroyed. The various interests havenow
been brought into harmony and reor-
ganization has probably saved several
millions of dollars to all these corpora
tlons with the united capital of $50,
100000.
William Buchanan. who instituted
this suit against former President Ad-
dicks and the officers and management
of these corporations deserves the
thanks OF all security holders of an
classes of these corporations, by which
The exposure of the mismanagement OF
the former officers of the company,
which made it necessary for the Unitea
States Court to intervene and take pos
session of the properties
Mr. Braman also admitted that the
deal made by former President Addicks
to bug cut the Brookline Gaslight Com
pany six months ago., and for which
he held an option expiring yesterday,
and FOR which he had pledged all the
stocks. bonds and assets OF the other
companies had much to do in bringing
about his resignation, as he could not
. complete the deal