New-York tribune., 1885-02-22
THE GAS CONSOLIDATION.
GEN. ROOME THINKS " ADVANTAGEOUS.
r,,r u,xu.rr.y coMpASY's STOCK AND DIVIDENDS

TIE MANHATTAN CoMPASY's STOCK AND ptVipENps
DANGER OF AN EXPLOSION DOWN TowS.
The Senate Committee yesterday continued
M Investigation of the Of the gas companies Oh
this CITY, General Charles Roome, president Oh tne
Manhattan Gas Company when the consolidation 'ooA
place, was the first witness. He said he pecaiho Gun
nccted with the company in 1887, was made ehsiiei "
1912 and president IN 1855 The company was ioi'no
I'm s3j with an original caI ital OF S5ooOOo In l'f'
the caplta was Increased to SlO0O,Ooo, III i''- '"
g. 900 900 and In 1865 to $i.0o0OOO. The company
never issued bonds of any kind and every dollar Oh i
capital stock paid IN. No stock was ever 'ssue ,o
property In 1885 charged 81 per 1000 feet III io''
So in $751; 81 IN 1852. SO; in 1863 81 %; from .ho
TO August 1872 81 75 from then to 1879 - oo' s.o
then there have been many fluctuations Gas ma" so'u
rs low as 70 cents In 1879 and 1880 competition was
bitter and prices uctated greatly especially TO large
consumers. General Roone described at Ieng'h '"o
formation OF various companies, and the manner III
which their business cut into. In 1879 looReu "s
though all the companies would go intobankruptcy A
pool was formed and territory divided among the various
companies. While the fight was going on cahvaS'erS
were employed TO procure business for the .Aanhaah
Company. The fight was sharp one Every ehor' was
made to break down the opposition companies anu
increase the business of the Manhattan
neneral Trcmain-Will yon kindly tell the committee
the amount of dividends paid by the company for the
past ten years
General Roome (readlng from a memorandum In
1873 on the nominal capital Of the company OF
81 600. 900. while tho property is really worm
Sl2 600 600 the dividends paid were 30 per cent lo'
10 per cent 1877 20 per cent 1873, 10 per cent 1907
10 per cent? 1850, Is per cont; 1881. - per cent
1882 2 per cent 1888 % per cent? 1854. % per cont
an average for years OF 81 per cent In
the concern prior to consolidation special dividend Oh
| 10 per cent paid. Tho Manhattan stock Is now
being surrendered for consolidated stock The rice ot
Manhattan stock has been rs low as % ana as hlsn as
80. The standard OF Illuminating l. hho'0 "
twenty candle power.
TO Chairman 1bomas-Thc electric light a has not not
injured much with private consumers OF ehs iGo
city has replaced many OF the street lamps win eecS
made y us for several years in supplying for street
LAMPS The price per lamp was too low.
General Trenain questioned the witness closely as 10
the pressre I'm the gas mains General Roome said: - It
is greater in the evening than at any cther time h T
lighted. The pressure varies. too with stormy weather
Icaer than in clear weather. 1t cannot be kept at
Uniform rate all over the, city. For every ten
ope lGss tenth on n's OF an inch The following
mort OF the pressure a the testing works at Eighteenth
| inches $50 PIN. . 9lo inches; 5I5 =. M, 1910
me- 6l nchcs: 10 p. m 40 Inches lip m, 6i6
inches midnight, inch. on sundays ana uohuhys
when stores closed the pressure In the evening ~ ne
dncei Different kinds OF coal require different burners
produce the best illumination with the same pfessIe
abOut the difference Of pressure Atmospheric gas In the
pipes may make difference for time In the lumna.
| length OF time losses much of its power OF
| illumination. II Is better 10 use gas .u,o as
The ordinary increase reduction ia pressure would not
make any difference IN INC reSisry ol te n,er rn
stopcock ON the Gas pipe really regu,tes ths qhany or
consumed II more gas Is tnrned on tha the burner
will consume. tho blows or hhes upward ana II u
necessary reduce the pressure, by turning tho stop
| cock To have clear ismc
said that it, property capital Of siooooDo win ~,
stock at 1870 would have market value Of $500 600
lie said that the companys stock had sol! ~ hieh -
800 and General Roome added. Yes, 30
a .I.,
| $1,000 900 Il don't explain what don't under
stand. can say nothing about H. cha oo,,r,n,,or
Al the consumers meter by Increasing the pressure ny
| The work Al would not II the consumer looked
ar his burner, not to allow the to burn to waste
Q-Docs the meter ever register unics, gas passes
through ~ A.Ncyer II the gas + turned on all The
burner unlc.. there is leak IN the pipe, The company
has nothing to 10 with the pipe =, TO nc lce oi ga
making money. There amt newspaper IN the CITY oi
Mr. Anderson counsel for the gas companyl-Lcayc
'T Tc %iinG.s%wSii viii leave wish
| could leave them ont nltogrihcr. It'll
1lc witna.- then proceeded 10 explain that the mutt
u,icaiion nf pipes IN streets made II dleu 70 hA
Hts Thrr. i." he said. al this moment a leak in
lone ,ome ElI E, AZ tnTes Tas 10 ind Tho ea. from
| flat leak may get into some mousse anu II "ul
caS g%si oSi IN he Tn acnGc ' With H loss Of us
scarcely sleep nj neht carins some nrcieni II th,5c
| wrrr only one plpc could follow 10 Tor II, "hoic
length and find ID, leak There Is also nor OF ', e.
cape Of ra into ilc ,9 th,1n.h ta' po'', o." i' nor nor
You gci 40 substitute tt u 40, NOR ~ 49,, & l pr
ous and. Of course the multiplicity Oh pipes increases
| this evil" ,.,-.t-. a..
| iurrpy 10 questions concerning tho consolidation nc
witness tlii consider it great boon for the puhlc
Tie more ga- there j. air the cheaper IL can %" manu-
f,rrurcd The consolidation Will prevent the companies
| from cutting zach others throttS Already "' nave
| reduced h- price. w. Will reduce " still iurthcI e.
| o DO YOU consider that tho r@OoOO,OoO addition 10
| ihr capital stock of the companlc, viii rnhhlr
you 10 ovinc tho dculiic, Of which you have SPOKEN
Al have 10 doubt that It Will enable tho price to DO
| reduced ,e,o oon ooo o.
| a. DO vou think that IL would take Sl@oooooo 10
| duplicate ihe works Of the Manha,tan Company At
| would ~ they are now. ,, A..
I'm reuly To- further questions, the witness SAID thc
ayrr.gr fc Of meter ten years Referring I" tho
cnuso,luon again. he sand that II 70 hdd not been Tor
comuetion h, company would hay" -oi ras ior = 'p
nfcrn wear. ago The Legislature Instead OF ntcr'rhS
with them should prevent the organization o! any more
| companies ...,l
| some doubt ~ to whether or not ti'
COMPANY could have the papers required by the com
mttice ready for It's next meeting on February -.
senator DAILY SAID that the object o the investigation was
TO report remedial legislation II required. aud the com
| mittcc wished 10 avoid delay.
Al This point An old and In s"ntorian voice
exclaimed The people should have Eh- for hy ccnls
Thr q raraut At rms quicod him The committee VIII
csiue its .cssiou the Morton House next FRIDAY me
pea for changing from free room Ia one iof whoh o