Evening journal., 1909-06-28
new OWNERS FOR
THE GAS COMP ANY
Syndicate to Take Over DObSOn
Holding in Local Con-
Germ
PURCHASE PRICE IS
SAID TO BE $I,325,OOO

c. H. Gels, and Laurence Mccor-
mick. OF Philadelphia. Charles H.
Dawes and knowleton Ames OF Chicago
representing a syndicate, are to take
over the local plant of the Wilmington
Gas ana Electric Company The sale
Is being negotiated today I'm Phiadel-
phia, although no particulars We're
given out there. The purchase price
is said 10 be $l,S25.000. This amount
Is said TO represent the par value OF
the outstanding stock issue. The cap
ltal stock is $1,000 600.
The company pays 4 per cent inter
est on its capital stock. and the shares
have a par value of $50 In addition,
there Is a first mortgage bond issue Of
s1,O0o,o00 bearing interest at the rase
of 4 IL per cent, but the bonds DC
not figure in the transfer.
Messrs. Geist, Mccormick, Dawes
and Ames have obtained the John and
James Dobson holdings. They con-
trolled the gas company. II was said
that Col. Edmund Mitchell. Jr, would
continue to be the active head Of the
company and that no change would be
made IN the personnel Of the executive
working force. Col Mitchell Is vice.
president and general manager of the
company James Dobson Is president.
Mr.. Mccormick last night confirmed
the report that the property had been
purchased by the syndicate OF which
he was a member but declined to give
the figures The syndicate already
owns a large number Of gas plants IN
the South and West. Mr.. Gelst for
neriy owned several gas plants IN
Delaware county Pa, but sold them
recently 20 the United Gas Improve
ment Company, of Philadelphia. II is
denied, however, that the purchasers
OF the local company represent thu
Philadelphia Company IN any way.
Colonel Mitchell could not be found
this morning 70 obtain any statemeii
from him. and william S. Hilles, coun-
sci for the gas company. Il was stated
had gone TO Philadelphia presumably
70 look after some details in conuec-
tion with the transfer OF the plant. II
was said that Colonel Mitchell also was
IN Philadelphia
The Messrs. Dobson control also tho
Peoples Railway Company, holding
which. n is said, they will retain.
History Of the Company.
The Wilmington Gas and Electric
Company is an outgrowth OF the WI
mington Gas Company. which was or
ganized in 1853 with a capital stock OF
six thousand dollars. James Canhy
served as the first president and VIII
liam X. Nan. as secretary The ofiice
was reduced 10 seventy cents The
firt works were situated on Orange
street below Water. and the first pro-
duct Of the company was furnished a;
the rate OF eighty cents per hundred
cubic feet OF gas, but two years later
was reduced 20 sevent ycents. The
new commodity proved popular will
The inhabitants, and In iS47 Il was
found necessary TO enlarge the plant
m Isat ihe Wilmington Coal Ca.
Company was incorporated, and q
took over the business effects OF the
first Wilmington Gas Company TIC
new company had a much larger cap
ital stock and was prepared for d
much more extensive business. Ste
rhen Bonsall served as president from
1851 20 1864. George Richardson from
lS64 20 1858 and Edward Belts from
1855 10 1901.
The new company bought a lot al
the corner of Reed and Madison
streets. where its FIRST works were
erected. Additional land adjoining
has been purchased from time 20 time
accommodating the large and valuable
plant controlled by the successor OF
the company az the present time
Originally there were but fifty con-
sumers, and when gas was first turn
ed on in 1851, but seventy-two hun
dred cubic feet were consumed during
the first night.
The business ofIice Of the company
for many years was at No. 800 Ship
Hey street, but IN 1898 the company
purchased the property at TO. S2l
Market street where Il erected a
building in which the office has since
been located. Thomas J. Mahaff,
served as superintendent from 1851
TO 1867 when he resigned and wa,
succeeded BY Thomas Curley whC
acted as superintendent until 1901.
In December. 1901. the Wilmington
Coal Gas Company was merged wit;
the Universal Conduit. Light, Hea
and Power Company, and the latter
has since controlled and extended th'
business. The present officers are.
James Dobson. president; Edmun,
Mitchell. vice president; William p
TAYLOR. secretary and treasurer an,
Edward J. Curley. superintendent.