Evening journal., 1903-02-12
ADDICKS At END
OF HIS TETHER
As A GASMAN
He Lost His Fight in Boston
for Bay State Stock
Yesterday
SOLD At AUCTION FOR S11OOO,OOO

Great Scheme to Stay Victory of His
Opponents Balked-chief Assets Of
Delaware Corporation Reorganization
Announced.
The career of J. Edward Addicks IN
the gas enterprises in Boston and It's
environs threatened yesterday when
Kidder, Peabody & Co., the New York
and Boston bankers, bought at fore
closure sale in New York the collateral
underlying the Boston United Gas
bonds for sl1 600, theirs being the
only bid. The sale of these assets, the
most important of which the Bay state
Gas Company of Delaware laid claim
to- and which have been the source OF
bitter litigation, is interpreted in finan-
cial circles as the lapsing of the last
equity of the Delaware company in the
Massachusetts, gas companies.
Supreme Court Justice Truax, in New
York, yesterday. dissolved the tempor-
airy injunction obtained by Joseph c.
Hand on Tuesday to restrain the sale.
on the stipulation that bond be executed
in the sum Of $4,000 TO protect the
plaintiffs rights. Then the securities
were put up at auction and sold to Kid
der. Peabody & Co. The securities
were:
Boston Gas Light Company, 1894
shares Roxbury Gas Light Company,
1898 shares; South Boston Gas Light
Company, 43S3 shares, and Bay State
Gas Company, of Massachusetts, 49,
993 shares.
Addicks Protests.
On the reading OF the conditions of
sale three protests were entered against
it by representatives of Addicks liti-
gants, who had sought to prevent the
sale. Hand, Jacob Edwards and c. G..
Patterson.
Under the reorganization plan Kid
der, Peabody & Co. will transfer the
stocks purchased yesterday to the Mass
aohusetts Gas Companies. The plan is
approved and its acceptance recon-
mended by Brown Brothers & Co. and
Vermilye & Co.
The holders of the first and second
series of the Boston United Gas bonds,
which amount to $11, ,159, 500. who as
sent to this plan shall be entitled TO re-
ceive from the Mercantile Trust Com
pany. Of New York, in the case of the
first series, and the Old Colony Trust
Company in the case of the second
series. the following:
Holders Of the first series Of the Bos-
ton United Gas bonds, 100 per cent in
the preferred shares of the Massachu-
sets Gas Companies at par and 25 pen
cent. in cash.
Holders Of the second series of Bos-
ton United Gas bonds, 67 per cent in
preferred shares of the Massachusetts
Gas Companies at par and 67 per cent
in the common shares of the Massa'
chusetts Gas Companies at par.
Dividends on the preferred shares o.
the Massachusetts Gas Companies to b'
issued as above provided will com
mence to accrue from the first day o
December. 1909 The cash required un
der the plan of reorganization will b.
provided by sale of shares of thi
Massachusetts Gas Companies, whicl
have been underwritten.
Holders Of receipts whodo not desir
to accept the offer of preferred share
holders Of the Massachusetts Gas Com
panies and cash, may if they elect, re
ceive for their bonds in cash 100 pc
cent. and accrued interest at rateof
per cent. per annum from January
1902. to the date when the money 70
such bondholders is paid to the Mer
camille Trust Company only
Addioks' Last Straw.
The attempt to restrain the sale b
Injunction. it was said yesterday, wa
the last straw Mr.. Addicks could grasl
His failure to successfully float hi
scheme of gas companies, eXtendin
from Boston to Dover, was known seN
eral months ago, and then. it is said, b
began negotiations with several an
portant banking houses in Philadelphl
and in New York to learn if they woul
not undertake an unraveling of the pui
zle-in other words, a reOrganizatiOl
All his efforts failed, and he then a
tempted a negotiation with men popl
I'll larlv supposed to control the Bosto
gas situation. Defeat stared him in tf
face again. and the efforts made Tue
day were to enjoin the sale of these a
sets, against which millions OF shares
stock have been issued.
End Of Career.
"Addicks' career as a gasman,' sa
F. w. Whitridge. trustee Of the Ne
Jersey company's stock yesterda
seems about closed. He has run TO u
end Of his tether What will becon
of the shares of the Delaware compal
when these assets are sold I can't pr
.