New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-09-30
GAS COMPANIES TO UNITE.
ACONsoLIDATIoN PLAN UNDER WAY.
rRorosING no coMDINE AdAINsr Tnr EQUrABIE-

ALL OFFICIALS RETICENT.
1t has been stated that project s on foot for the
consolidation Of the gas companies of YORK
into single corporation. The plan of consolida-
tion has already been tried by the gas companies OF
London aud has there proved successful i'll dimln-
shing both The market price Of gas and the cost OF
ITS production. Whether or not the Ncw-lork
companies are actnated solely by a desire TO fur
nish cheaper gas to their consumers Is not known;
but it is supposed that the desire TO he able to cope
successfully with the Equitable Gas Light Company
is one of the chief reasons for the proposed CONSOLE
dation. The Equitable is the newest of all the gas
companies and is not yet doing active business.
The company, however. claims to have some highly
valuable patents for the manufacture of gas. by
which it will be able to furnish to their customers
at 81 70 per 900 cubic feet. The pool which now
exists among the gas companies of the city fixes
the price at SO %. consolidation Of the companies
and the formation Of a single corporation would,
however, materially lessen their expenses by dmin-
Ishing the number of saaricd Offices and enabling
the new corporation to close and sell some of the
less productive works. In this way it is thought
that by consolidation tho older companies will he
able to furnish gas cheaply as the Equitable
proposes to do.
The Equitables license from tho city is condi-
toned upon its not joining withany other company
for the purpose of selling gas above 81 20 per
thousand. 1t will therefore be possible for it to
! enter into the new combination if the price does
not exceed this limit
II il not known how long the proposition for con-
soidatio1 has been before the companies. BY an
act of the Ncw-York Legislature passed
last spring. it became possible for
manufacturing corporations engaged in
the same business to unite INTO single corpora
tor the capital of which should consist of the
sum of the capitals and franchises of the several
! corpora ions taken at fair valuation. OF this
| law the companies will avail themselves valll-
alton will be pat upon the stock of each company.
and this stock will he looked upon as forming a Ger
tain proportion of the entire stock of the new cor
| poratlou. Each stakeholder in each of the old
companies will then receive number of shares III
| the new company, dcpcnding upon the number of
shares which he already holds and the proportion
which his company supplies of the entire capital
stock Of the new concern. The law provides
! that whatever franchises any one of the com
bining companies possesses shall belong also 10 the
new corporation. It is not known exactly when
the companies will definitely pass upon this
projec'. II is believed however, that the papcr'
were laid before the boards of directors of some OF
the companies yesterday. If the proposition meets
with the approval of the directors meetings of the
| stOCkNhlItI- VI inc N'N'IHi ''HHdni'' WIZ w
called aud an approx ng vote from them will rcn
| der the consolidation an accomplished fact.
The officers of the companies showed great re-
luctancc yesterday to saying anything upon the
subject to a 1ElprSE reporter. Oscar KoIlt
kon,r. of tho Metropolitan Gas Com
many. did not deny that u proposition
| ior consolidation was under cnnsW'thilon
! but refused to state nny particulars. ihc report"
! aupprstcd thai-thc action oi the companies m1gh
hc opon Ia uiscouslruction on tho pnli oi the pm
lie and thnt word of cNplnnlion from hlin nigh
prc cut ~. but Mr. koli k9ilet rep'", f'''
! done doubt II but really don't carc.p
| j. ". smith. sccrotnry of the Man'nttan 6n
! Liplt tompnny, declined to c9mmii him-eli ~ a9'
! wny upon ihn subject. alyinR th!t hn womb llN
! upou ~ lniBr>E TO state ialfIy whatever lnIoi
nation # had but that lo was not at liberty 10 ln
| ere. n lt1 stock. - . u.
Gna liplt Company. chrrfiully c"n7'utrd I" ~, ,'
| the rcporfcr his yicVa up'n the ptor97cd CON "ll
d,lion Of tho Other comph1iG7. We hlNc n.n'.,
Sad ho "trrutts that tho other Fl7 computes hl'
! nlnut tn unite INTO ono corporation, bulN W'
week. heard that All thc plprrs Wcr" drawn up
! l,ut So de- not interest out.rlV'7 '''E wu,U Nnoi
! what the Oll ltrT COupIutH ul} d'' We nI' W,Nd
mo niir own btiuoa1 and n y, go 1u1 IlrulN 10 d"
"lf combination abonld ho arranged "'uI'
''"to ,c Wnnt 10 ho nltogclhrr independent
| We think that our patents viii cnull" I" manu-
! incruro gnn htlc br'tI ana lilI' rhr"p,t ln'i
tho otllrrs and Wc huYo 10 object u l"ihinR lh'w'
| DO Won believe that fear 0t your 90 nphhN .ug
pestcd The idea of consolidation 10 the "thrih
"Of course ! can VNe }"h no lhi"lml'
finn ou that uoint bat IL is obviously necessary
! tLIt they must do somcthIna If they wish 10 con,
pete with ~. We VIII hc able to supply H's at =
| ~ thousand. The other companies chiltn y -
| and supplv annually four million thousand i'rt
If the, reduce to our rates without dIminsllll
their expenses they decrease Their proht' ~
! ~ 900 900 %, 49,
GIf the combination reduce their prices to - -
will Won make "A still further reduction
"Ihat cannot say. but IN war WIKI us INC gIca'
strength of snch combination W"unn % p'"r%
greatest weakness, tor We might force our rVal'
to sell gas at a great loss all over the city whcie'
! as vet we have only fortyone mics ol mains ialo
| and would lose proportlonatcll htlIr. a..
| Tic proposed combination Is sdId TO lncludc tn'
| Mnn,cipnl the Metropolitan. he knlckcrbock ker
the New York Mutual. the New "rk ana In' 'lam m
| haitian companies OF all the companies "ulC" "l'
| now engaged in active business.
RAILROAD IATELLIGEACE.