Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1889-04-20
GREAT is THE CAS-,
And CHARTERS Bonds Are Sat-
isfactOrily Placed.
A NEG0TIAT0R'S REPORT
To a Joint Meeting of CHARTERS and
Philadelphia Directors.
MOST OF THE SECURITIES 60 EAST,
Though Some of Them Are Taken by Pitts
burgers With Faith.
A NEGOTIATOR'S REPORT
MOST OF THE SECURITIES GO EAST,
A CHAT WITH MR.. ILSLEY ABOUT IT

The directors of the CHARTERS Valley and
the Philadelphia Gas Companies held a
Joint meeting yesterday to ratify the bonds
issued by the CHARTERS Valley. The meet
ing was entirely informal and the business
was soon transacted. The indebtedness of
the Charters Valley has been newly bonded
to the amount of 81 600, ,O00 and the bonds
have been taken principally by Philadel-
phis bankers, though some of them were
placed in Pittsburg, in round numbers,
about $500, 600.
The action of the subcommittee from
the two companies was harmonious, and the
present relations will be continued, the
Philadelphia paying the CHARTERS Valley
stockholders a certain proportion of its
profits for the privilege of operating the
latter company's lines and wells.
Mr.. J. P. Ilsley, representing the Eastern
syndicate of bankers, was present at the
meeting. Mr.. Ilsley, in an interview at the
Duquesne last night, said:
AN EXPECTS OPINION.
''The Philadelphia bankers are satisfied
that natural gas is not going to give out for
years to come, and after this fact had been
demonstrated to them, they had no hesi-
fancy about assuming the bonded indebted
ness of the CHARTERS Valley Company.
Most of the s., ,OOO, 900 issued il bonds was
taken by Eastern bankers.
81 spent a few days examining the gas
territory about here some time ago.
visited the various fields, and, in a short
time, was convinced that there is plenty of
gas and there is no danger of it giving out
The climax of the gas business is yet to
come. 1 am not a geologist, but feel posi-
tive that there are rich stores of it IN the
earth. 1 have noticed that when God gives
anything to man He is not niggardly in His
gifts This is evidenced by the vast coal
and oil fields We have been using Penn
sylvanis oil for long time. and there is
still some oil left. The same thing can be
said of natural gas.
"The Philadelphia Company to-day has
more gas than ever before The demand is
increasing, but the supply seems inexhaust-
ible. Money, therefore, put into gas is
bound to be a safe investment.
THE WAY HE ARGUES.
''The Charters Valley Company hasspent
a good deal of money in laying pipes, devel-
oping fields, etc. 1 think, with its indebt-
edness bonded, the company is sure to make
money in the future. The bankers repre-
sent are perfectly satisfied to take the
bonds, and the contracts were talked oyer
to-day"
Mr. Schmertz was very happy when the
transaction had been completed. He re-
GREETED that Pittsburgers did not appreciate
the advantages which gas gives them, and
that they had so little faith in the supply
holding out. When Mr.. Ilsley was in the
city looking into the gas interests Mr..
Sehmertz said he was afraid his report to
the syndicate of bankers might be adverse;
but when it appeared he was agreeably sur
prised. 1t was much more favorable than
he ever dreamed it possibly might be, and
increased his faith in the gas business. Mr..
Schmertz thought it wasn't right for Pitts
burgers to jump at every straw to show that
the supply of gas is failing. He admitted
that the supply was often taxed to the limit
on cold DAYS when the mills were working;
but they were continually putting new wells
on the lines, and trying to remedy this evil.