Savannah morning news. [volume] (Savannah) 1868-1887, 1885-03-18
M GAs we ENDED.

The <evr Company Leases the Old Com
nsnv-s " orIs-The Price 60 be Al
vanced 20 ~ so on April I.
Taere was an unusual stir in gas cir
clas Yesterday. The presence Of the non
resilient directors OF the new company,
ana tire developments from Monday
conference. gave rise to all sorts Of street
runcr. The oil c0mpany's directors
met ~ room. Tae result Of the meeting
was closely guarded, and the officers Of
the company declined % give any ini0r-
nation as to what was done.
Although 10 positive information could
h.nrtafral THAI such was she case, IL y as
-r-sfv generality understood that prOpO-
S-fr- ir.m tle new company 10 lease
rhrir works was under consideration. The
runner WAS confirmed later IN the day.
Afteran Informal conference The directors
90 tse new company met NJ 8 O'Clock. 1t
was evident THAI something % unusual
importance was Euing on, uut the officers
uf ha-h c.mpluies were retiecnt aud de-
enal.i g. he interviewed, and the situation
ta outsiders. UP % this time, was wholly
in taa dark.
III was announced after the meeting
had ari .urnc.i that plan OC compromise
ha3 lecu agreed upon. but the rumor
meeting al THE ola c0mpauY's directors
H.as 81. if. 40 which were present Presi-
daut Blan and Directors Gibbs and
Thomas. Cf tlc Hew company.
ErMOgs or Az ADJUSTMENT.
Es was understood tnata movement was
90 frot to Jesse the cli c0mp3ny's works
essll a view tn their purchase and that a
-r.rr-7tf1u o. thai eject had been made
hv tae new company AID was then under
consideration. Tae new cump3ny's Ofrec-
fers retired from the meeting after a
leuztaV conference. \ few minutes later
8 comuuc' cation was sent from
Presbiert Green % the new COM
rauv's office. 4 hurried cOnsulta-
firn vas held and messenger
was sent hack with a reply. TIE result
Cf fhe conference coon became known,
and Che ruuor spread tEat an am.cabie
a fgzfuclt &c differences bad been az
riFat SO. President Green and SuperIn-
terteHf l5Gtrtrl we've seen AZ the COM
rsinv-s "a iec is a NEWS reporter and posi-
fieCly declined u Dee interviewed. PTesi-
e z1t Graea said be had nothing 10 say,
ar1 d. fused either % admit or deny the
truth 80 the rumors that am agreement
bah been reached.
President Biul admitted that "A lease
had i-eeu Formulated and passed upon BIS
che directories f.. Iria Compauirs. ard
ton hv the Stockholders 80 AN early day.
ruE TERMS UF THE LEASE.
TEc ola compauy's works viii be turned
ever 90 the Mutual Company on April
l.r.er q 51vears' lease. ~ the expiration
af Which the new company agrees 10 pur-
sal~e tle works az a certain price. Inc
terms 60 the lease arc undeTstOHd TO i've
equivalent 60 about a @ per cent. guaran-
tael dividend on thc Old company : STOCK.
Tie present price 81 gas will Ec main
taiued MP % april I, the date Of the ac-
tual lease. when IL viii be advanced so s.
Ter thousand, with discount Of 10 Ter
cent
The process of manufacture worked
~ tbc Mutual Company Will be intro
uuced into the old cOmpany's works, and
tae present works Of the new company
VIII BE held as a reserve
The work Will be turnel over TO the
en-ilc5r ben a few days, and pipes Will be
lais connecting tie new works with the
old. 50 that The old tanks and holders can
D. operated m connection with the gene
ratars used iu the new process. II is
hoped that this can he accomplished
hF she middle ui May. The
work will then le continued and
s1ssgr water ras generators viii suppiaut
tle Gil coal gas system. IL is the inten-
t.on 80 tie company 90 make the works
Inc Gl0>t CON tflCtt ot aliA An the COUNT y.
EFFECTS OF THE LEASE.
As soon as 10 became known last night
thar su adjustment had been reached
there was general inquiry as 10
whether. under tSc arrangement, the
Price al -as would be held under tie
Guarantee or 81 50 per 1,CO0, or whether it
would go back 20 the price which pre-
Falled ciore the new company came into
tbe field.
Er. W. W. Gibbs. representing the
Esailadelrhla stockholders. and one OF the
leading directors, said last night
that TIE p-hl.c ought 10 rest assured
that h. would 10 served with
TIE sst quality Of gas that could be man
ufactur d. and that the price would rot,
uulcr any circumstances. 90 above 81 -
rcr thousand. Sir. Gibbs left for Pnila-
t.eiphia On the night express, and Will
place De fore the nonresident directors the
terms % the lease. IIs is much pleased
with the arrargement that has been
mace. ard is satisfied that the public
viii receive a benefit that IL could not re-
GIVE with two companies in the field.
The lease. 10 Is claimed, viii lie beneficial
10 noth companies. While the old COM
rsany's stock had become deprecated the
lease will restore IL TO about normal
values. and the new cOmpany's stOcA is
exTected 20 go above par.