The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-11-05
THE TUMBLE In GAS STOCKS.
SEEN As 1T rs SEEN BY MEN VINO IRE
PECUNI1RILF INTERESTED.
No Apprehension OF Immediate Danger riom
the Electric Iight-Some Gas VI aiting Phc.
nOtnena Set Forth by An Old Stakeholder.


Since tho announcement in THE SUN Of
Sept. %. ut.. that Edison had perfected machine
nv for the subdivision Of tho electric light. there
has been an uneasy feeling among the holders Of
gas stocks. many shares have been thrown upon
the market and prices have declined rapidly
At the recent annual meeting OF tho American
Gaslight ASS, citation the application Of cloc-
tricitv to the lighting VI anything but vast struc-
lures or open spaces whore its intensity Is miti-
gated 10y distance. was vigorously pooh poohcd.
yet at the auction sale on tho next day blocks Of
gas stocks were sold at ten and twenty per cont
below the quotations Of tho week before. Hith-
erto gas stocks have been regarded IA among
the best Investments. those OF good COM
pancs commanding. at no remote period,
two and three times their par value. Like tho
shares OF the Chemical Bank or the Union
Ferry Company. they were never thrown upon
the market unless In the settlement Of an cs-
tate or in cases OF bankruptcy. They could be
depended on for dividends ranging from ton to
forty pcr cent. with an occasional dole Of
scrip }" when the earnings were TOO largo to
divide in the ordinary way. Before the panic
of 1873 1t was almost impossible to obtain n
share Of gas stock but after that disaster many
wealthy holders were compelled TO unload. and
the natural result was n decline in prices.
Before Mr.. Edison gave TO the world the re-
port OF his experiments with Wallaco's dynamo
electric machine. many attempts had been made
TO utilize electricity in the place OF gas. and
Brush. siemens. Gramme. Wallace. and other
electricians had elaborated machines. Wal
lace's. the best, had n power Of 1000 candles.
and he succeeded in dividing this force into ten
lights. but beyond this point he could not 20.
Edison. striking out on n new path. believes
that he has discovered what his predecessors
sought In vain. and Ii now able to furnish any
whore from 1000 To- 10000 lights per machine.
What his process il. is known only TO himself
and his assistants; for, proiltinR by his expert
ence with the telephone. he decided to say
nothing about HIS discovery until he had fully
protected II here and elsewhere. Meanwhile.
he laid his plans before certain capitalists. who
wore SO well satisfied Of its practicHhilty that a
company was incorporated and measures taken
TO begin business rs soon rs the necessary pro-
lection against infringement should be secured.
| II is estimated that the electric light can bc
manufactured At from twelve to fifteen cents
| per 900 cubic feet while gas costs $3.50 per
1000 in the lower part Of tho city. and % in
| Harlem. Mr.. Edison says that his light will bo
equal To gas, II not superior, but he does not
| say what price will be charged for II.
The following table. compiled from thorough
| " Trustworthy sources shows the decline In the
| New York. Brooklyn, Jersey City. Baltimore.
and Washington gas stocks during the past
| three weeks. Al the quotations are based on
| the unF value of 400 share.