Evening journal., 1890-03-19
ADDICKS' GAS COMPANY.
WHAT THE COMPANY is GOING TO
DO IN THIS CITY.

j. Edward Addicks Writes to the vii.
mington Gas Company ana says That
It May rs Well Come to Terms He
Tells Them Of HIS Intentions.
]. Edward Addicks, controlling stock
holder OF the Oxy hydrogen Company
addressed the following letter to the
Wilmington Gas Company
OXY-HYDRoGEN COMPANY.
Room 9, EXCHANGE BUILDING,
WIMTNGTON, DEL. March 20,
To the stockholders of the Wilmington
Coal Gas Company:
Not having list of your company,
address you thus publicly. My object
in doing so is to give you authentic
knowledge Of my intentions as controil-
ing stockholder of the Oxy Hydrogen
Gas Company. 1t is matter Of public
nptoriety that have erected frst.class
buildings for gas works sufficiently
large to supply the city Of Wilmington.
A portion Of the machinery for
the same is now on the
ground and the rest am purchasing, ard
! will be prepared to make and supply
gas early in the fall Plans are now
being prepared, fixing the location and
size Of the necessary pipes. Upon the
| completion Of these plans l will &C once
ship these pipes to Wilmington, and
am now making contract to lay the
same.
1t Is my intention to supply gas to the
citizens OF Wilmington in competition
with your company, in which hold five
/ shares. / have no desire to ruin the value
! of your property needlessly, and there
/ fore, say frankly to you that | would
prefer to buy your property at its value.
The estimate of value, however, must
not be predicated upon the present
earning capacity of your works, as the
competition wlth new company in
operation will probably entirely destroy
this earning capacity, and account must
be taken of the fact that the OxY-
Hydrogen Company has the right to dc
| part Of the business. This charter still
runs for three years and it is hardly
likely that the Legislature will refuse an
extension Of the charter. After the exhi
hilton, / will have made Of the
bonsfde Of my intentions.
A majority of your stockholders have
| think, wisely pooled their stock fol
sale. | have made an offer for this
pooled stock, that offer is the best ] an
able to make under the circumstances
and it is folly to expect that / will ever
make any better As l continue expend
ing money, the value Of your plant to me
is daily reduced.
The only thing left for your company
is competition and resulting low prices
for gas-prices which will not pay you 6
/ dividend.
You will be allowed to do the busines:
at these low prices
| The best legal talent in the state as
sures me that my chartered rights arr
nndoubted.
The valuation placed upon your prop
erty is about $500, 900. HBy the expendi
ture of 500 900 ! will be enabled Il
reach more than half of the consumer
now supplied by your company. Thl
Oxy- Hydrogen Company will commences
this contest free of debt; you can
therefore, Judge what the result vii
be- My purpose in giving you thi
statement Of the situation Is by timel,
warning TO enable small stockholders an
those dependent for their income upo
Investments in your stock to sell out q
present high prices. Those who declin
to do so can find no fault with me in tn
future. J. EDWARD ADDICKs.
Wilmington Del, march 49, 1890.