Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1896-10-29
Conclusion Of the Argument for the Dis
charge Of The Receivers.
REFUSAL TO PRODUCE THE BOOKS
Addicks is Not Guilty of Con-
tempt of Court.

favor Of Mr.. Wards motion to dis.
charge the receivers, who were recently
appointed, continued his argument. He
said be would show what interest Will
liam Buchanan, the plaintiff. had in
the company. His interest was as an
income bondholder, and the agreement
was that il the company made any
money he was to be paid at the rate of
per cent, but If the company made
no money, he was to receive nothing.
He held that the cancellation of the
bond would not have affected Buchanan
at all. He commended that this bond
transaction, which is alleged to have
been fraudulent, did not affect Mr..
Buchanan in the least The reduction
in the price of gas, he said, was the
reason for reduction of his profits,
and not the cancellation of the bond,
The dividends from the Boston COM
panies are increasing, and the prin-
cipal of the plaintiffs claim is good,
and the cancellation of the bond was
as much for his good as the good of
anybody else. The bond was can
celled in 1893, nearly four years ago,
and the speaker held that Mr.. Buchanan
must have known it, and although he
swears that he did not know of it,
4 nobody will believe it.
Mr.. Carter said he had not seen Mr..
Addicks before. He appeared for others
interested in the company, and he de-
sired to know in what particular Mr..
Addicks had committed any fraud. He
had heard at the morning session Of
Mr.. Addicks being guilty Of contempt,
and, although he did not believe he
was guilty, presumed the court would
punish him il he was.
Mr. Higgins, of counsel for Mr..
Buchanan, asked for postponement,
in order that he might send to New
York for testimony in rebuttal.
Judge Wales said he proposed to go
on with the hearing, but thought it
would continue more than one day.
Roger Foster, of counsel for Buchanan,
said he had not had an opportunity to
acguaint himself with all the facts
However, he desired to refute state
ments made openly in the public press
by agents of Mr.. Addicks He had
been asked by Mr.. Buchanan to inform
the court that he had no interest in
the political affairs here.
He held that his client is the holder
of lien for 800, 600, and that they
had ground for asking for the appoint
ment of receivers. He referred to the
allegations made in the bill of COM
plant, the substance of which has been
published in The Gazette, and alleged
that Mr.. Addicks was the beneficiary
in an alleged fraudulent transaction.
He cited authorities to prove his asser-
tions. In reply to the assertion that a
receivership is calculated to close up the
business of company, he said the
object is TO save it from those who are
wrecking 1t and protect the interests
OF the parties concerned. He contended
that the Mercantile Trust Co. is unable
to pay the interest on the bonds, and
held that $50, 900 in some unknown
bank is all that is left to meet the
81, 800, 600 of the alleged fraudulent
obligations. The affidavits, he held,
were made for a double purpose, and
inferred that insolvency appears on the
statement of the defendant, He ALLEGED
that Addicks concocted the scheme tc
buy out the Boston gas companies OF
wind. He hold that Addieks' offence
in New York would be grand larceny
men have been sent to Sing Sing 70,
less than that. He stated that 1nsol
yency was established by the fact tina
the company of which Mr.. Addicks il
the reputed president has an undis
closed bank account of $50, 600 some
where outside of the State with which
to pay 1000, 900 of bonds within 81
years.
After Mr.. Foster said he had proved
Insolvency and misconduct, no statet
that it would take at least a week IL
prepare atfidavits. He also referred Il
the allegation of contempt of court
saying that MIR. Addicks had barri
caded himself in the Hoffman House
New York, and that the books of tn
company had been spirited away fron
this State. He held that no iniur
would be wrought by the appointment
of receivers in this State.
Mr.. Higgins, Mr.. Fosters colleague
followed Mr.. Foster He contende
that his client had right to receive
provided there had been mismanage
ment of the affairs of the company
He was going over history Of til
company when adjournment was mad
until 10 O'Clock this morning.
When the United States circui
opened on Thursday, Rogers Foster, {
counsel for the receivers of the Ba
State Gas Co. of Delaware, said thf
the receivers were willing to withdra
the charge OF contempt of court againt
y. Edward Addicks, provided the latte
would agree to deliver the bank a,
count, books and papers of the CON
pany by Saturday, but j. G. Carter, {
counsel for the Bay State Co., was in
mediately on his feet, and said no sue
agreement would be made. Mr.. Fostt
then expressed his Willingness that ID
contempt proceedings should 90 on, an
the court SO decreed.
ARGUMENT ON THE MOTION TO DIsCHARG
THE RECEIVERS.
Anthony Higgins of counsel for I'll
receivers, at once resumed his argr
ment in favor of continuing the rt
ownership.
Mr.. Carter commended that M,
Buchanan knew all along what wa
TRANSPORTING, and held that counsel il
the receivers had not admitted any r,
cent Encouragement, but simply +,
viewed the affairs and transactions {
the company and other companies wit
which it had been connected He hel
that in the whole transaction there wa
no ehade of fraud or dishonesty, bu
as far as the Delaware company is cor
cerned, generosity. In substantiatio
of his claim that the transaction whic
is alleged TO have been fraudulent wa
done according to the laws of Massa
chusetts, Mr.. Carter submitted in evi
dence the laws of that State. He bel
that the question at issue is as t
whether an immediate receivershi
should be appointed, the books an
papers taken away and thp romnan