New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-11-26
FORGETFUL GAS COMPANY DIRECTORS
UNABLE TO REMEMB. r MUCH ABOUT THE CONsoL-
IDATIoN SCHEME.

UNABLE TO REMEMB MUCH ABOUT THE CoNsoL-
IDAuoN SCHEME.
Senators Gilbert, Robinson and Murphy spent
aigbt hours Yesterday at the Filth Avenue Hotter IN
seeking to ascertain from the directors OF the on
solldated Gas Company exactly upon what OASIS
they acted in increasing the capltal OF the cohpHeu
companies from $17,0O0,0OO to S390OO,OOV NOt
one of them could remember enough TO cnllghten
the committee much, or tell what data or reports
were submitted to the companies before cons0ilda-
tion wnat had BECOME OF them Salhnel o oar
ton ne said. was to benefit the public by reducing
the price of gas and give better service
coo 600 ooo TO The camtal STOCK will have tendency TO
cheaper gas to cOnsunersi Al think that it will
Mr.. Sloan was not able to give the committee the
information it desired, and Oscar LolIkOher
formerly president of the Metropolitan and now
ylce-presdent OF the Consolidated Company. was
called as witness. He could not tell what had
become of the papers relating to consolidation. lie
said that competition tends to cheaper gas.
Senator Gilbert-In other words. to consolidate late
Is my lea. went intO 1t because majority oi our
Has any step been taken toward reducing the price
OF gas About two months ago 1t was moved to re-
duce the price. hut action taken on the motion
O-Wby ls there minute on the DOCKS SHOWING that
such a motion made = A.-Because 1t was Informal
suppose. -. -. - Tai, = . o,ion
was adSpted instructins The secretary NOT furnish
copies Of the minutes to any body Why was thatI A
was passed torbddng it. have taken none since ts,
don't remember who opposed me- YES Is true tna1
ain chairman OF the Executive Committee.
Mr. ZolliKofer admitted that the Manhattan
Company sold property to the Metropolitan Com
pany for SGs5,00O. to purchase which $l ,OOOOOO
was issued in stock and q mortgage of %17s,OOO
given and the difference was charged to construc-
ton account. rhe stock issued TO members of
the Metropolitan Company.
Percy K. Pyne director the Consolidated
Company. and for thirty years stockholder III tue
Manhattan Company and also stOckh0lder OF the
New-York Company was examined Mr. Pyne's
desire to explain every answer, instead Of giving
direct replies led to several conflicts with the com
mittee and consumed much time. He had no recol-
lection of any reports about consolidation prior to
1851 committee bad the matter under consider
alton and made informal reports; but he had no
recollection of the matter. and did not know any;
thing more about the basis OF agreement than could
no found in the formal articles The value of the
francbIses. he thought properly constituted part
of the capital stock but lie could not tell how that
value could be determined. II was shown that the
original cost of the Manhattan Companys real
estate was 1866, S6S, and that it was valued Tor
consolidation at $4,163, 600 Mr. Pyne could not
explain how the increase was arrived at ne SAID
that lie did not know that while T4.OO0,OOO was
the capital stock of the Manhattan that over
500 600 had never been paid in. .
The committee will continue its investigation al
10 q. IN. on Friday