Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1889-02-07
hpproK,s IIrrLE scHHafD.

| utn uNu w arm SIS HfNt-h-
yvsre Affairs and aD Attachment
for Ginymonf-Wtii not ConpetC
wtth ans Local Company.
The Philadelphia Press OF yesterday
prints the following which explains the
purpose Of the Peuiusular Investment 90,
o bill to charter which was introduced
into the Legislature o, this State last
week The act vRs published In
the GAZETTE and its provlsionsa are
so comprehensive, unlimited and undo
| fined that tho measure attracted some in.
terest, an disirrBt and was regarded as alb
snrd. Mr.. Addicks' name is not men-
toned in the bill but tho GAzETrR's
Dover correspondent clearly infatuated
that the millionaire was the deaigner OF
the measure. Tho charter gave half q
dozen names as Smarter members, ono OF
which, ut least, was used without
authority and the other coSporetnrs have
moi been Identified with financial matters
to any prominent extent.
People in Philadelphia will be as much
interested as people in the State of Della.
ware 10 day when notice Is given In the
Legislature at Dover OF an act TO incor-
polate the Perinsular Investment Com
pany. The actual head Of the proposed
company is J. Edward Addicks, tho we'll
known gas spoculatDF Of Philadelphia,
who Is located in the Diexel Buildipg,
and who achieved national prominenos
few weeks ago bv announcing himself
81 candidate for United states senator
to succeed hon. Ell salisbury. The
oornpsny Is formed for the purpose OF
diaposluE OF the $l2 COO, 0J0 worth OF
bonds recently flooded by Mr.. Addicks
in London for the purchase OF oil the gas
works In Boston, but which have not yet
been issued, Batween two and three
millions OF Philadalphis capital IL eaid 10
ba involved in the deal, tho remainder
belonging to New York aud Boston. The
PnilAdslphians said TO be interested aside
from Mr.. Addicks and his Immediate as.
scciates are s. II. shipley. W, W. Gibbs,
A Nj. Moore, A. o. Granger, George
Philler and Mr.. Gibson.
There we're evidences Of opposition TO
tho bill anoug Delawaresns who were in
town yesterday who had heard OF the
scheme. No one had heard OF the pro-
posed bill, but oil raid at must be o
aehernon AT the time OF tho contest for
the United States senatorship Mr. Ad-
dicks, Who is quite wealthy aud who has
an ct.i3e III Boston on well as in Philo-
dslpnia and who has country seat q.
Ulaymont, Dal. which lie claims an his
residence, entered the field. He said If
the Republican members OF the LeRisla-
t1re could not agree on apY Of those
prominently mentioned for the plaza he
would like to receive the honor as @
peacemaker. He went to The Delaware
5tate capital with number OF friends
and remained until the senatorial fight
ended in the election OF Mr. Higgins, II
ives asserted by Mr.. AddickH' opponents
81 That time that he was using hls senn
tou2l candidacy as q blind by which he
could get acquainted with the members
OF the Delaware Legislature and that
later ON he would introduce gas bill
Of some kind. This was empha.ically
denied.
When reporter OF the Press saw MIR.
Addieks yesterday he denied that his
candidacy for the Senate had had any
thing to do with the bill which he in
tended TO introduce in the Delaware
Legislature. THE fact is,n said he,
that wa can get the same privileges
under the New York or the New Jersey
aDnGt q es} y Nv IS
~ y1Mg "a D6iHN we're
ie 10 associate myself and my in,erests
more intimately with state which now
regard IS my home, and TO which I have
become infinitely attached. Our head
quarters will be in Wilmington, aud we
viii, OF conrse bring q great deal Of
money into circulation in the State. We
DO not come in competition with any gas
company in Delaware or elsewhere, be-
cause the bill which We propose to intro
duce does not give ua any authority to
lay pipes or operate workon
Mr.. Addicks' agent said late last night
that the proposition was purely bust
ness one, The money that had been
paid for the main Boston Gas Works ya5
SfeQ0 600, and the thilteen other oom.
panies cost s. 00O 900. The new CON-
pany had secured privileges 10 enter all
streets 10 the city which the other com.
pantss did not hold, and that tho deal
would result Ia n practical consolidation
o every gas illuminating company in
phe bill to be introduced gives the
company life for twenty years, allows il
70 DC soli "a eny other company OF to
nT% Rny other company, or 10 con.
snliaale with il; fixes itE capital at
: iuu OhU, In COG shares ut $50 each. and
ailows 1t to increase its stock indefinitely.
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