Kingsbury County independent. (DeSmet, Kingsbury County, S.D.) 1894-1929, 1904-12-09

OF tfsc agreement between the Hay
State company and the Mercantile
trust, which held their share. preclud-
ed them from contracting any debts.
they We're empowered, through us. their
officials, to buy or sell gas. and all their
great wealth was behind such con-
tracts. III then. we agreed on their be-
half to buy gas Of the Rrpokline COM
pany for a term OF years at such 4
price and in SUFFICIENT quantities to give
the latter concern a profit equal 10 10
per cent dividends IN its stock, surely
we had complied with the very letter OF
Rogers exaction. Testing the idea IN
way and another / found ii sound
as d bell. The problem after that was
TO get into shape for the substantial
issue OF new stock we must make to
pay for u purchase. The banks and
trust companies were loaded up with
securities pledged for loans and be-
fore there would be any conviction be-
hind prosperity II behooved US to
get all our ~valuables out OF pawn. So
I went to Mr.. Rogers and frankly told
him ] had solved our problem and his
by a financial invention OF my own. I
entered into the details OF the plan, ex-
planning Ii would not even be necessary
for us 10 bury n gas of him. because
we would turn over a sufficient number
OF u own customers to the Brookline
N(tfh ~ 00&tl1 ~ y tilG lG1AiiGa
profit. He saw the scheme with all
it's far-reaching possibilities ia an In
slant, and nodded assent. Then /
preached the rest of my plan-we
would pay him $4,000, 900 in six months.
70 DO this we must sell stocks and
bonds. Before we could do that Ii was
necessary that he help as still futher-
he must buy of ug all the bonds now
In pledge and the stock OF the Dor
chester Gas comEany. another Bay
state asset up for security, all for the
sum of $780, 900. with this amount
these securities would at once be re-
leased and turned over TO him. Then
he should resell them 70 as together
with the BroCkline tsas company for
5000. COO. There should he a formal
turning over OF the management OF his
properties SO the public should be con-
WINGED that we really were the pictors
In the strife. Mr.. Rogers saw my point,
quickly ran over It's details in hts COM
prehcnsive way. and closed the trade
without further bargaining. That
time. thank heaven. It was not within
Addichs' power TO thwart me.
On May 1 we made our settlement IN
compliance With the terms I had arr
ranged. The 81 .060,000 wAse to be paid
November ! As the necessary options
and saieH could not legally run to our
company they were made TO Henry M.
whitney, and he simultaneously trans
ferred thcm TO us. and we eiccted him d
director IL cur GsffAseat CORPORATIONS.
Rogers publicly resigned and turned
over to us the control OK The Brookline
company. and we elected eur own man
agement 10 Ill infents and purposes
we had won.
The settlement was the rensatlop OF
the day in financial circles, and I was
the recipient OF many generous con-
gratulA,ions. / had neither time nor
inclination 10 take care of bouquets
at that moment, however, FOR I was too
keenly aware OF the difficulty or ais
Ing $S,00o, 900 ia the limited period at
our disposal. Times have changed
since 1896. Then $4,000. 0o0fwas quite a
large sum. larger than 100000. 900 now.
That was before the halcyon period Of
'frenzied finance"