Savannah morning news. [volume] (Savannah) 1868-1887, 1885-03-19
eossIP OF rae GAS DEAL.
Street Talk About the New Arrange
ment-Its Eject in the Market.

Street Talk About the New Arrange
ment-Its Eject in the Market.
The lease OF the works and plant Of the
Savannah Gas Light Company by the
Mutual Company has added an altogether
new phase to the gas business in Savan-
nah. Amove in this direction has been
known by those who had any knOvl-
edge OF the situation to have been
on foot for some time, and its
elimination on Tuesday In the
transfer Of the property was net by any
means a surprise. The deal was the talk
not only in commercial and financial
circles yesterday. but all over the city.
The people have been enjoying the bene-
fits OF cheap gas since the war began and
were satisfied just as long as the price
was kept down 10 let the companies n sht
II out as they would. The advantage
was on the side of the public.
The consumption ran up higher than
had ever been known in Savannah, put
the people had the best Of it since theY
were enjoying cheap light and fuel at the
gas companies expense.
There were no new developments worthy
OF note in the deal yesterday. The papers
by which il was cOnsummated were
signed on Tuesday night and only remain
now TO be submitted to the stockholders
for ratification. A meeting OF the stock
holders OF the old company has been called
for next Tuesday for that purpose. Since
the deal has been made the public eX-
meets the new company to stand by its
DIedge TO furnish gas at not over 81 80 per
thousand, which its officers say they will
do under any circumstances. The new
arrangement will not go into effect until
April l, and during the remaining two
weeks OF the present month the present
price Of 50 cents per thousand will pre-
vail After that all bills will be made at
81 per thousand feet. with 10 per cent. dis
count for prompt payment, making the
net price 81 50.
All sorts Of indefinite runners were cur
rent Yesterday as to the causes which led
to the deal. The story was started that
the opposition of the new company
forced the old company to accede to such
propositions as it saw hit TO make, and
that the lease was upon terms dictated
bv the new cOmpany's directors.
This is understood not to be the case at
all. The old cOmpsny's officers, while
they refuse to talk in regard to the mat
ter, give out that the terms of the lease
! were accepted because it was to their ad-
/ vantage to do so. The downward move
ment in the stock Of the old company,
which began with the war, continued
with scarcely a moment Of reactionary
strength, ended with the deal
on Tuesday, and yesterday the stock took
an upward turn, advancing points and
closing at Is bid and % asked. The de-
cline reached at one time IL. The up
ward movement, which began as the re-
/ suit OF the deal, restores the stock to
nominal value.
The new company, as soon as the lease
! is ratified by the stockholders, will COM
mence operations in introducing its sys-
I TEN Of manufacture into the old works.
The change will result in the retire.
ment OF a number of employees Of the old
/ company. who have held positions of trust
IL its service for years. 1t is possible thai
/ some of them will be retained under the
new management, but just what will be
Y done is not vet known.