The Worcester spy. [volume] (Worcester, Mass.) 1898-1904, 1899-12-01
THAT BIG SALE
Of the Consolidated
to the Addicks
Syndicate.
POOR SPACE FILLING.
kilograms Tale Touches a
Funny Spot All
Round,
POOR SPACE FILLING.

Inc story of the sale of the CONSOLE
dated Street railway to the so-called
Addicks syndicate, published in the
Telegram of Thursday, furnished con-
siderable amusement to the directors of
the Consolidated road and those prom
lnent in the affairs of the Worcester
Electric Light Company.
The statement was made that a New
York syndicate had secured an option
on $780, GOO of the common stock of the
Worcester Traction Company, owner of
the Consolidated road, that the same
syndicate was trying to buy the Wor-
cester Electric Light Company and
that an offer had been made of $3.50
share, but that the syndicate had
SAID through its agent that it would
make no material difference in its
plans If the electric light company's
plant was not obtained; that the nego-
uations for the stock of the Worcester
traction Company has gone too far to
be withdrawn
included in the elaborate detail of the
1alry tale was an announcement that
president Francis H. Dewey and
treasurer Albert H. Stone will prob
ANY retire, j. Edward Addicks, Thorn
as w. Lawson and Henry NJ. Whitney
We're pointed out as the most proni-
hent personal factors in the deal. 1t
was announced that their interests
would be largely identical in the propo-
sition.
ANY one who understands anything
ABOUT the affairs of the Consolidated
otfeet hallway company knows that
ic
traction company, New Jersey cor
poration, which has capital stock of
S5,OOO,OOO, of which $1,000 ,0OC is com
mon and S2,000,000 preferred 1t was
rumored long ago that a majority of
the common stock was in the hands of
New York and Philadelphia men. who
mad agreed to sell it at $40 per share to
new syndlcate whose plan was to call
IN the preferred stock at 105 as pro-
vided in the charter of the connanv
After this was done. new company
was TO be formed under Massachusetts
laws to operate the road.
Every one of the three local directors
or the traction company deny the story
ana say the stock is so scattered that
IL is impossible to deliver a controlling
interest in 1t. 1t is a fact merely that
$3.50 per share was offered the Worcess
ter Electric Light company by the rep
TesentatlYe of New York syndicate
and declined. The representative then
sald that the deal had been made with
the street railway, and that it was the
intention of the promoters to practical
~ unite the two companies under one
management, so that the electric light
company viii furnish power for the
railway, thus affecting a saving in
management. This, it is believed, was
said to influence the sale of the EIec-
trlc Light company stock
connected with this is a story that
the plant of the Worcester steel works
at washington square, which have
peen IDLE for some years, has been sold
10 the Queen City Construction COM
pany, represented by Addicks and Law
son, and that it was their intention to
establish gas plant to compete with
the Worcester Gas Light company. 1t
was said that Henry NJ. Whitney was
in the deal This is ridiculed by bust
ness men on the street
Any attempt to establish an onposi-
ton gas company here would REQUIRE
the assent of the state gas commission
and the Worcester board of aldermen
which might be very difficult to obtain
The promoters are quoted as saving
that they will try to secure favorable
legislation at the state house this win
ter, which shall reverse the present
policy Of the state and open the gas
business in several cities of the com
monwealth to active competition. They
maintain that a controlling interest in
the street railway is held in order that
ii may readily be turned over to pur-
chaser who is willing to pay the price
To anybody who knows the personal