New-York tribune., 1884-10-04
THE GAS CONSOLIDATION.
ACTION OF THE STOCKHOLDERS AWAITED.
BOARD OF TRUSTEES TO MANAGE THE NEW CONF

BOARD OF TRUSTEES TO MANAGE THE NEW 'oM-
PANY-THE CAPITALIZATION.
The project for cOnsoli iatipn of the New ioTk
gas companies will be definitely passed upon and
either accepteI rejected by the stockholders IN
the early part Of November. The act by virtue OF
which the consolidation IS legally possible. and
which passed last May, prescribes that the
directors of corporations intending to combine shall
enter into an agreement specifying the terms and
conditions of consolidation and the mode OF carry
ing the measure INTO eiec.. This has already been
don" by the seven gas companies of the city. On
Monday meetings of the several boards of directors
were held. and an agreement of the nature required
10y the statute was ratified. TIE law. however,
requires further that notice of at least thirty days
shall be issued to the stock holders of the companies
intending to consolidate. that they may meet and
pass uDon the measure. vote of two-thrds OF the
stockholders of each company is necessary for a
ratification. II any stOckhoder objects to the pro-
posed consolidation he has the right TO apply tn the
Supreme Court. which Will appoint persons to ap-
praise the value of his stock This appraised value
must he paid to him by the new corporation 1t is
expected that on next Monday the companies will
notices to their stockholders and that the meet
ngs will be held thirty days from that date.
The number of Trustees of any corporation formed
under this act is limited to thirteen, and the extent
the affairs of the company entrusted to the
mana agement Of a board of trustees whose names
are be specified IN the agreement entered into by
the directors Of the combining companies. Ii is not
known who have been chosen by the companies
to fill these positions but il is believed that the list
includes Percy r. Pyne, James w. Smith, treasurer
of the Manhattan Gas Light Company; Henry
Day. Charles Roomc, president of the Manhattan ;
Oscar Zollkotier. president OF the Metropo Titan
Charles G.. Francklyn president of the Municipal {;
Thomas Rutter. president of the Harlem, aud John
j. Kennedy, president of the New-York Mutual
These gentlemen. with as many others rs shall he
appointed trustees, TO meet Immediately after
the meetings of the stockholders to choose the ot-
GERS OF the new corporation and organize the hns-
ness Probably II Will then be decided whlch Wolks
are to he retained aud which. # any, closed. vt
present. however. definite plan has been deter
mined upon. and in fact no such deterlnlnatlon ls
possible until the decision OF the stockholders IS
known.
The law prescribcs that all debts and obi igat ions
of every sort Of the combining companies shall be
assumed by the new corporation, and tlat III any
suit against any one If tho combining companies,
the name uf the new cOfpotatiUn may he sub tute
for that Of the original defendant he capth STOCK
OF he new gas company ~ ettimat II ~ = l'Voo.ooo
but many of the companies have issued bonds upon
their real estate and hfvc other obligations whlch
form liens upon their property Tho companies ~ -
a liberty tn pay of those obligations at thr the ol
the cunspii afinn. IT, however. thrv dO not do ~,
the new CORPORATION VIII IN the distribution of iis
capital stock retain from the shareholders ol ehrh
company y snficiont quantity of the new stock ="
pay od all debts nnd cucumlfHncra. Bv the saln
ol the stock retained the n"w company wul
be- enabled f. begin business licr from all pio-oAis
Ing obligations.
CAstrAL AtucR or fur cONrtNtra,
Tho following II believed 10 be- nn nppfoS Simalnly
correct statement Of the ynlua ai which tho capital
stock OF cich oi the companies IN 10 be received IN