Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1890-03-27
G.4sE0Us ABDions.
The Wilmington Company Cares
H.iiLln Tor Esin Prom % IA AntnienIs.

j mis- question GAZETTE AND JOURNAL rep
sentative has tried TO unravel since the
publication of his circular last week.
Obviously that circular YVES designed to
brighten timid holders of Wilmington
Goal Gas stock into suTrendering tho
snme, but the question remained what
would Mr.. Addioka be likely to do were
it possible for him to secure controlling
interest IN the old company. That this ia
what he has aimed at all along and that
he never seriously entertained the idea
OF duplicating the gas service OF Will
nlington, Ii even the Street and Sewer
Department would permit our streets to
be torn up for that purpose, ia the ruling
sentiment in gas circles. ,lhia makes the
question whar he would do with the home
plant, II he got possession Of 1t, refer
able for answer to what has been done
elsewhere. The answer ia simple. Tho
professional manipulation of gas stocks
secures control of such plant, capital
lied say at 100000 and paying per
cent interest annually on that amount.
lie forthwith proceeds to bond the plant
that Is to water the Stockton $780,
600 more, puts up the price of Gas high
enough to consumers TO enable him to
pay one CT two dividends ON these bonds.
gradually unloadJ them all or the bulk
Of them upon the public, puts the money
in his pocket and departs for new zelda
OF speculation, leaving behind him as a
lasting memerlo OF his exploit, gas
company no richsr in material resources
than before but weighted down by q
bonded debt OF 5000, 600 II is aoheme
that has been worked elsewhere, but can
not be worked in Wilmington.
MesBrs. Edward Belts, president, and
N1nnpe~n TarNA lla via L..
Wilmington Goal Gas Company, when
seen Thursday morning, did not look as if
they had lost amy sleep on account
of MIR. Addioks and his circular.
II hardly feel that there is any necessity
OF saying anything in reply TO it" said
Mr. Belts. 'tMr. Addioks is simply
man who comes here and volunteers to
tell the stockholders of CORPORATION
what to 60. We never asked him to buy
us out, and we don't want him TO buy us
out. He knows that We have more than
four-ttths of our stock pooled and ms
knows that the no ders could not sell it II
they wanted to-"
''He gives advice and then makes
throatH," interposed Dir. Capelle.
"We have about 900 stockholders" re-
eumed MIR. Belts, ''of whom thvre are 200
in this pool who cannot sell their stocs
until after the expiration OF IL months
from November Lust. Really, | don't
think 1t worth wbile to take any notice Of
Mr. Addicks' circular"
The reporter, however, urged Mr.. Belts
to go on, and interposed en- iuterfogAtory
regarding the eminent domain provisions
Of the AddichB charters.
we thlnk it extremely doubtful" was
the reply, that under any charter which
he claims 10 control he can go ahead aud
tear up streets and lay pipes, even If he
felt disposed to do 80, without the con
currence OF the street and sewer depart
i4ens. don't think ths zy-HydroRen
Company organized until after tho Street
end sewer Department was created"
did you ever think lie really intended
TO lay gas pipesa"
We'll, man once told me that
Addicks said TO hin: Our plan is thu
We buy lot and, IL that doesn't have the
e6sct OF friahrening stockholders, We
commence putting up building. If that
DOESN'T do the work, we put in some
machinery. X that doesn't have the
tneot we Ivy some pipe, and that gensr.
ally brings them to terms.'"
Neither OF the gentlemen named de-
sired to expross themselves on Mr..
hddlcks' TspIted wealth, bu. they dl-
fAceed attention to the tact that about
two months ago MIR. Addicks made d
puelio o!fer to purchase Wilmington gas
stock ut sG5 in cash, or $T5 in 5 per
Gent bonds, or $50 in par cent bonds
Kind OF bonds not specified. The terms
Of this offer, they said, would speGk for
themselves, The Judgment Of any tiuan-
Ger would be that a man with plenty OF
funds 10 his hand would have made q
higher offer in cash in preference to so
Heavily discounting the Face Of his bonds.
Mr.. Addicks has also said that the
price OF gas here ia too low and the diyi-
dends too high" said Mr.. Belts.
he has told me VIC were selling gas
here TOO low" remarked Mr.. Capelie.
ISN'T IT KIND OF MR.. ApDIcRs?
Ejitor Gdgette dlld Journal. have read
VITO considerable interest the remgr kable
circular addressed to tho stockhol1ers Of
the Wilmington Goal Gas Commonly in
SourEpapes Of last week by j. ard
Addicks; il which he desires 60 ave rs
authentic knowledge as the controlling
stockhoider OF tie Oxy-Hydrogon Com
panY that he has erected first. clssI works
sufficiently large to supply the city OF
Wilmington, and that IL is his intention
TO furnish gss in competition with cur
company, in which he owns five shares
of STOCK, and which fact is very
important for the public to know
iii about. lie is frank enough to tell US
that no does not neediessly wiah to ruin
tae value OF our stock and therefore he
proposes to put his own value upon it
ind purchase. At the same time he gives
va .air warning that if we do not take it,
he will probably destroy our aarnir Z
capacity, in which event his will get it &c
bis own price. He also adds that the only
thing LETT for MS is ruinou3 competition
resulting In loss, and that Eve will be-
allowed to do the business" Iij state
ments throughout are rather remarkable,
and one might think that his ownership
OF hys shares OF our stock gave him as
much control in the Wilmington Goal
Gas Company as he has in the so-called
Oxy-Hydrogen "Addioks" Company, and
oil that it was necessary for him to do was
to command, and we must accept whatever
ho, in his great wisdom, offers to give.
His advice TO the email stockholders, who
he SCENE to think are dependent upon
the dividends for their income, Is exceed.
ingly kind. He wishes to give MS fair
warning, 30 that il ~ crush you you
must not lame me-" The large
works which he has erected
sufficiently large TO supply the
city ~ he has snid have been
built out Of his surplus income,
and have no doubt at on early day we
1hali hova rt1r rioh If,.t,, :, g..