Evening journal., 1907-12-17
LAWSON HEADS
BAY STATE GAS
Bosom "frenzied FinanCier"
Plans Big Speculation
With Company
ALLEE IS WCE.PRESIDENT

PHILADELPHIA. Dec ia SURE
prising turn IN the affairs Of the Bay
State Gas Company the SiS0,000, 600
corporation originated by j. Edward
Addicks. took place yesterday. whom the
stockholders met in the Real Estate
Trust Company and elected ns its pres
.dcnt Thomas w. Lawson, the frenzcd
hnancler, of Boston According to the
Insiders Lawson and his friends have
been quietly picking mp the deprecated
stock for long time, but of this the
general public, a course. knew moth
ing Lawson's plans for the company
are thus outlined IN statement is-
sued by him la Boston last evening
"At the solicitation of a large mum
bor of Bay state stockholders / have
accepted the presidency of the COM
pany. The company viii stand free
and clear of an Indebtedness and on-
tanglcmcnts of any kind. IL viii have
over Si.0OOO00 cash IN lts treasury.
and, instead Of being llQuidated at
from "a Go 20 cents share, h will
be made the holding company of a
great enterprise, once before | at
tempted what is now reality, but
double-dealing from the inside upset
my plans. AZ that time. with an In
vestment Of but 100000 of the Bay
States money. I turned IN over S0.000,-
600 cash profit from Boston and Butte.
Later | viii give IN advertisements the
fun plans of the company and will
call meeting In New York city OF
rs scores OF thousands of stockholders. %
Speculation Planned.
A less nattering Wow OF Lawson's
plans is given hy a Boston director of
the company who had this 20 say;
During tho past year and a half
Mr.. Lawson has been quietly formulat-
ing a most comprehensive and radical
roiuvenation of the Bay State Com
pany. His plnn8 whom they are Nude
public, win startlc Wall street. There
has never been anything Ike this Hay
State Gas scheme IN stock spocula-
( ton. In the first place there arc $500,
600 shares of stock and over $4,000
! stockhoders. and the stock is known
ana traded la the three leading mar.
i kcts It's stock machinery Is all IN per.
feet order
Tn addition 20 tho legitimate end OF
tho business, which Is simply taking
slcOO.OO cash by the most prominent
stock manipulator Ia this country ans
turning n into ten, twenty or any mum
, bcr OF millions there the stock spocu
lation ends II is known that AL owe
! the country there are hundreds Of thou
sands of people who are desirous o
gambling In a low-pricod stock--a sor
. OF leRalizec Louisiana lOttery-und b
Bay stale they have IT, I look to SCI
the stock, upon the prorulgatlon o.
Mr.. Lawson'a plans, shoot 10 So 4
50 n share, and 10 hecome the mos
Philadelphia. with widc fluctuations
hardly less surprising than LaNsoni
advent as president was the election
as Wce-presldeut OF oN-united State
n Senator j. Frank Alice. OF Delaware
v formerly AddiclSs first lieutenant bu
who aftcrward turned against him
IL Alice. who represented large Delaware
8 Interests at the meeting. expressed him
b self as sanguine that the reorganiza
:. tion plans would now move steadily
g forward and that the company woul'
h soon be In position TO show somi
bona-hde earnings for it's stockholders
l. Reoeivershp Nearly Over.
@ George Wharton Pepper, receiver o
d the company, when seen at his oflic
z after the mectings ssaid about its affairs
I IL have no interest in these stock
\ holders proceedings. and, OF course
!. they cannot resume active charge of th
!, business until / have been relieved b!
the Court. expect 10 ilo my repor
az Wilmington ON December o. ant
/. Estually have the affairs Of the receiver
ship nearly wound up. After payinl
all the debts. and converting all tn
V available resources, with one exception
e into. cash. there remains TO the credi
Of the company between Sl,SOO.000 ant
q 81 100000 The exception referred e
o Is a judgment against j Edward Ad
= dicks. fer moneys Of the company lie
gally devoted To his own purposes, ag
[ gregating nearly sijoo,000. This
have been unable as yet to liquidatC
but am now negotiating with Charlie
S. Hinchman. who has been funding
p good many Of Addicks' debts, and
have reason 20 think I can dispose O
this item for 100000. which, con
sidering the debtor, ! regard as
I. good bargain. Allowing for $4,000
income bonds. the net assets OF IN
4 company would then be about $1,000 90
I With this as working capital, and unde
sensible management the compan
ought 10 make some money"