The Democratic banner. (Mt. Vernon, Ohio) 1898-192?, 1912-09-27
PROPOSED
Sale Of The MOhICau Gas
And OH Company
To Another Company Creates
Much Interest

The proposed sale OF the Mohican
Gas company to the East Ohio Gas
Company has created lot of interest
in northern Ohio, where, these com.
panies supply gas to the various
cities. The following interesting
story was sent out of Cleveland Wed
nesday:
The East Ohio Gas Company Is
ready to spring big Joke on the
state public utilities commission, from
which 1t has asked permission to is.
sue $5,0O0,000 of bonds to be used to
lay new gas main to Cleveland and
to buy the Mohican Oil and Gas
Company and Akron Gas Company.
The question for the utilities com.
mission to decide will be whether
the East Ohio shall be permitted to
absorb the Mohican, its only "compe.
titor" in Akron. The Akron Gas Com.
pany only owns pipes, which the Mo.
hican leases.
LII ~. petsloH W tHc cOullHisSiOIi
the East Ohio Gas Company has
not word to say regarding the Ohio
Fuel Supply Company. the corpora.
tion that bought out the Mohican af-
ter 1t mad been squeezed by the
Standard Oil Company about a year
ago
The Oil Fuel Supply Company
bears about The same relation to the
Standard Oil Company that the East
Ohio Gas Company does. independent
oil men say.
The East Ohio would deal with the
officers of the Ohio Fuel Supply Com
pany in negotiating a sale In other
words, the Standard Oil Company is
asking permission of the public utili-
ties commission to do something
which 1t already has done.
The sum-up of the whole thing is
that the public utilities commission
is helpless when it comes to debating
TO the Standard Oil Company.
II permission to buy the Mohican
Oil and Gas Company is granted, John
y. Rockefeller, by means of a little
bookkeeping, will transfer his ac-
counts from the Ohio Fuel Supply
Company books to the East Ohio Gas
Company books.
II permission is refused-well, it
won't make any particular difference.
II won't be quite SO convenient for
the Standard TO do business in Akron
with two companies as with one. and
Cleveland will be cut off from the gas
source
The Mohican Oil and Gas Company
began operations in 1903 with about
100 wells In Utica, o. The Stand
ard has been active in the affairs of
the company from the start.
The original stock holders were
Francis l.. and William Potts, E. C.
Converse, n. +. Clark and G. T. Brad
en-. The stock was equally divided
between the first three and the last
two men. The former were supposed
to be in favor of Standard control;
the latter opposed.
By means of dlcker, which Clark
at the time of suit Is months ago in
United States district court charged
was not understood by him, Converse
and the Pottses obtained 500 addi-
tional shares of stock, thus giving
them controlling interest.
In 1910, although the company had
a big income, the Fidelity Trust Com.
pany, holder of a mortgage on all the
property, brought foreclosure suit,
charging the interest on $1,0O0,0 900
bond issue had not been met nor the
bonds retired. Clark filed a bill of
complaint. claiming Potts and Con-
verse had mismanaged the company s
affairs.
Final decree authorizing the sale
was handed down Nov. 2, 1910. Then
followed motion of appeal. request for
adjournment of sale, and finally, all
parties agreeing, dismissal of the suit.
Within 10 days the Mohican Company
sold out to the Ohio Fuel Supply Com
pauy and Clark retired from the com.
pany.