The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1888-06-01
GAS AND ELECTRICITY.
Some Considerations Interesting to
Holders of Gas Stocks.

Financial Article in N. Y. Sun, Monday.l
What encourages me more than anything
else, however, to forecast a cheerful future
for gas stocks is the growing consumption of
gas. When Thomas A. Edison, in 1873,
demonstrated the feasibility of incandescent
electric lighting, there was panic among
holders of gas stocks all over the world.
Many of them jumped to the conclusion that
gas was going the way Of sperm oil and
candles, and when the Goelet boys saw the
poles for the street arc lights going up in
front of the old Broadway family mansion
they tumbled overheard at 90 their inherited
stock in the New York Gas Light Company.
which, converted into Tco nsolidated stock, is
selling, even in this6era of depression, at the
equivalent of l57. An English friend of
mine, who,m4 CHANGED to meet in London at
that time, consulted me about parting with
his London gas stocks, and was sensible
enough, am glad to say, to follow my adj
vice to keep them. The result has been that
on the noint of selling out at It's or less. My
argument with him was what it is now, that
years would elapse before electric light for
domestic use could be furnished anything
IKE as cheaply as gas, and that in the mean
time the consumption of gas for all sorts of
purposes would so increase that it could
without serious loss, stand a very consider
able reduction caused by the use of cleo
tricity. Experience has confirmed my gem
sral conclusion. The incandescent electric
light yet costs four times as much as gas.
Quantity OF light considered, and the multi
pllcatl0n OF the large arc lights in streets
and in shops has so fatigued peoples
eyes that they require more light, and there
fore burn more gas than they ever did before.
Hence, Notwithstanding the displacement of
certain quantity of gas by electricity, the
actual amount OF gas consumed in this city is
40 per cent. greater than it was three years
ago. Some OF the increase, it is true, must
be attributed to the increase of population.
ana some Of it to the substitution of gas for
Ior petroleum in parts of the city where
petroleum had been used because of its rela-
i've cheapness. Now that gas is sold at
Sl.25, against 1925 four years ago, many
people Dnrn gas where they formerly burned
OIL; and the change is still going on.
Inc use OF gas as fuel is also another ele-
ment OF increasing consumption. Numbers
OIL families, especially those living in apart
ment houses and other confined localities,
cook with gas instead of coal. 1t costs more
to be sure, while it is burning, but ii is
burned so much less time, being lighted only
at the moment it is needed and extinguisbed
as soon as it has done its work, that the TO-
tal expense is not much greater than that of
coal, and the absence Of unnecessary heat
and dust and of the trouble of kindling is
great comfort. How extensive market can
be made for gas as fuel is seen in the neigh
borhood of Pittsburgh and Of Buffalo, where
tne immense supply OF natural gas has been
utilized instead of coal, not only-for domes-
tic purposes, but even for the manufacture of
iron. OF course natural gas is incomparably
cheaper than the artificial, but artificial gas.
where 1t is not required to have Illuminating
power, can be produced at very low figures
and produced in combination with illuminat,
ing gas it can be furnished cheaply enough
70 stimulate immensely its consumption.
BESIDES this, considerable quantity is used
doI nght manufacturing purposes and in
and cheaper.