New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1898-03-15
TREATED UNFAIRLY, he SAYS.
q r. ROGERS AND OTHERS pEfhNDA''
slit GROWING OUT OF THE BRooNL1N
CAS- CONSOLIDATION.

GAS CONSOLIDATION
1ys,ice Daily. in the Supreme .ouI" 80, de-
- a-s,-nent and reserved decision "Pol
800 raised by Jean g Moore Grant =, 60
william II DuN Eiyerion H. O'ap' 1,a,,o-
-,,,,,a-ran. Henry II. Rogers, Nlihaii 80
- - yIsrran " Campbell, being all inc oe
.sar,s Nth the exception Of T. c benedlct III
,ha suit brought asains; them BY N!l''a-' "ro,,
arising out Of the consolidation Oh 'H0 .a
T,rooklvn gas companies. Logan Co'"P -
1s,ourred 10 some time ago by MT. beheu'O1 VIZ"
Rae suit pending IN the Cnited o'a'es
60. ega,ns, Logan and other Defendants III
Ia.,,s s,,l, Both Mr.. Logan and MI. Beneaic'
contend that the purchase o; the cohtrV''he III
,eres, IN the Williamsburg Gas Company was
h-oucbt about by them and they say 'ha' '"e!
have not been dealt with fairly by the syho'ea 1
which was formed to acquire possession OF 'he gas
conpanies then operating IN BROOKLYN
The defendants. MI Logan alleges IN MS com
nla,nt formed a syndicate In 1884 TO purchase inc
stock Of the various gas companies in brooklyn
which comprised the williamsburg Gas Company.
~ p-ootlvn Gas COMPANY, the Nassau Gaslght
Cornanv NJ the City Of Brooklyn, the People
Caslight Company. the Metropolitan Gasight COM
many Of Brooklyn the Citizens Gaslght Cohpai!
OF the City OF Brooklyn and the Brooklyn "asis"'
Coropany The arrangements for the purchases
were begun by Messrs. Rockefeller ana Rogers
through the firm OF Moore Schley
Logan saws that he and his brother, Frank J.
Logan were al the time engaged in the erection OF
gas plants and owned l.cco shares OF stock IN 'he
williamsburg Gas Company, out Of total OF NV"
shares which OF the par value or $50 eacn.
On learning OF the action Of Messrs. Rockefeller
and Rogers. the plaintiff says that he and his
brother and John Gribbel began TO purchase the
stock. with view 10 their protection IN the event
Of consolidation These purchases "s T Hl'ue
Co and Asiel & Co. and 14oS shares Were pqr ,,
chased In addition Charles Rowsn6 pace ~
plaintiff Gribbel acquired t?l shares ana ne
plaintiff also hed an Gp'0a G as o Of 5
shares. The defendant, Bened:st acquired LyD
pany OF Brooklyn, which Logan says were TO come
mo the amount OF stock under his control THIS
snstb h Of the capital stock Of the Williamsburg
company two-thrds being Necessary TO carry the
hat he was hus in position 10 prevent or Hssst
He alleges that he had various interviews with
the defendant R9gers ana ha MI RGge ,5 prom
o. consolidation The defendant Moore IN the IN,
Rockefeller offered 10 purchase the stock controlled
by him a, s275 for every 800 worth Of stock at
value but this Offe Logan says he declined d.. as he
Ss seGg me St Se promises made By
he says tina, ne delivered his stock to Moore &
worm $500 By hs Yynac.is after me con-
.Ths plan o. consolidation adopted eventually by
as the Brooklyn Union Gas Company, which issued
It's stock Of SIS 10000 in exchange for that Of ne
stock .ot the Williamsburg company, was, Logan
g per cent OF the total and each stakeholder
was 10 surrender his stock and receive in exchange
ior each so share stock IN the new company OF
ne par value OF Si5 80 and bonds Of the par value
ofC1
Logan says that II he had retained his stock. in
stead OF turning Il over Moore & Schley, he
you'd have received that price. but that Moore a.
Sehley coniended that his proposition would only
ne az the St75 for each 800 worth OF stock
ms Price. he says. ne refused, the ground that
~ was Inadequate. arl ADDS that he was treated
rOSe f~f,s k,-. bn lefe ,,A
ms associates and Moore & Schlcy. and that in
ss.eac o. making profit he has actually suffered
loss OF over SS~ 900
simpson. Thsaher & Barnum appeared in support
plaln,i~