Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1890-04-27
ESPECIAL TELEGRAM TO THE DISPATCH J


PHILADELPHIA, April 26.-Financier'
in this city and in New York have sue.
ceeded, during the past week, in placing
stock for the biggest syndicate ever formed
on the face of the globe. The incorporators
of this great concern expect to meet during
tion under the title of the Anglo-American
Gas Lighting Company. Arrangements
have already been completed to list $50, ,200, :
600 of stock on June on the Philadelphia
and New York exchanges.
W. W. Gibbs, President of the United
Gas Improvement Company, of this city. is
the leading spirit in the new enterprise.
His subscriptions aggregate nearly $5OOO,-
000. He has been at work on the scheme,
which originated in his individual brain,
for nearly eight years, and such has been his
success tina: he is already alluded to as the
Jay. Gould of Philadelphia. Eight years
ago Mr.. Gibbs was unknown to local fame.
THEN AND NOW.
Then he occupied small office in New
York City as the president of a company
similar in character to the vast enterprise
now successfully launched but on a de-
cidedly miniature scale. During its exist
ence of nearly a decade the United Gas
Improvement Company has secured owner
ship of the gas lighting franchises of more
than 40 cities, the most important Of which
are Kansas City, Omaha, Des Moines, Al
lentown, Jersey City, Paterson, Atlanta,
Savannah, Columbia, Waterbury and
Lewistown.
When English capitalists, following their
lucrative experience with American brew
cries, began casting wistiul eyes upon gen.
eral American industries and examining
their earning capacities, their attention was
quickly attracted by the alert and enter
prising Gibbs to the United Gas Improve
ment Company. English agents, who are
now in New York City, were sent out to
negotiate with Philadelphia and New York
shareholders of the plant.
They represented Sir Julian Goldsrind, a
London banker, and the Imperial CONT
mental Gas Company of London. Mr..
Gibbs spent Friday and yesterday in close
conference with them in New York and re-
turned to this city yesterday afternoon
with all formal negotiations closed and
sealed.
THE EUROPEAN CONCERN.
The Imperial Continental Gas Company
was organized in London twenty years ago
1t owns and operates gas properties of the
most important cities of Europe, and its
shares, representing an original capital OF
e15, 900, 600, are marketed on the London
at 200, or 100 per cent above par.
The new concern is . consolidation of in
terests of the Imperial Continental Com
pany and the United Gas Improvement
Company, with view to extending on a
large seal operations IN this country with
practicall unlimited capital.
Subscriptions to the new concern, with
its upward ot $50, 600, 900 capital. have been
handed IN on a basis of $100 a share. Of
these shares 500, 900 are already placed in
this city and New York. 1t is the intention
Of the AngIo-American Company, immedi-
ately after organization to project
plans for securing control of
tn. gas works OF Philadelphia
and New York. About three years ago
capitalists connected with the new enterprise
offered the city of Philadelphia, without
success, 81 .000. 900 year and one-half the
profits of the gas consumption for the con-
troll of the local gas properties, guaranteeing
a reduction in price and a superior standard
of quality.
A considerably more lavish offer will be
made and the projectors of the Anglo
American concern are confident this time of
success. After securing the immensely
valuable franchises of Philadelphia and
New York opera tions will be extended to
Boston, Chicago and other cities until the
new monopolistic dream is realized in ma
terial facts. Prominent among the local
stand Postmaster General Wana-
maker, traction officials and leading Phila-
delphia and New York bankers.