The morning call., 1893-10-03

Beach were erscted. These commenced
operations in December, 1892, and rank as
the most improved and complete in the
United States.
GREAT SUNS EXPENDED.
This improvement and collateral ones
have cost the company thus far over
81 ,000, 900. A further outlay of S500,000
will have TO be expended before the works
can be called complete. This 81, 100000
has been raised on the securities of the
company and must be provided for by the
dis position of the lands on Howard street
and other availa ble properties owned by
the company and which will be disposed
of as soon as values become settled and a
demand exists tor this class OF real estate.
The Improvements made at North Beach
have necessitated extensions of pipe lines
and connections which have involved q
large expenditure for material and labor.
One OF these pipe line extensions is nota-
bly, that from the works to the junction of
Van Ness avenue and Market street, con-
sisting of $4,000 feet of 24-inch iron pipe,
and supplying the entire western portion
of the city with gas. Other connections
have been made throughout the western
division that the rapid advancement OF
that section has rendered necessary. All
of these new lines are not profitable to the
company and many of them will not be
for years to come, bat the convenience and
habited and growing sections had 10 be
con sidered, and the company willingly
went to the necessary expense, even though
profitable return on the investment could
not be looked for for years to come.
THE GREAT NORTH BEACH PLANT.
The improvements made at North Beach
are notable and rank among engineers OF
the country as the finest plant for the man.
ufacture of gas in the world. Only re-
Gently an expert from Paris arrived in this
city, having journeyed from the Worlds
Fair for the express purpose Of inspecting
them. The opinion of the expert was
shat they were admirable and were sur
passed BY none in the world" These i'm
proyements cover large tract OF lard on
the water front, a considerable propOrtion
of which had TO be filled in, and upon
which tha company is constructing
wharves, so as to reduce 10 the minimum
the cost of the handling OF those bulky
products Of which it consumes so much.
The great gastank. which holds 1000, 900
cubic feet, is the largest in the United
States west of Chicago, and all Of the other
structures on the ground are built just as
subSta ntially and with an eye to the future
wants of the community.
THE FUTURE PROVIDED FOR.
The San Francisco Gaslght Company
was compelled to make these extensive
improvements not only on account of
present needs, but to provide for future
requirements. If only the present was to
be considered. not one-third of its outlay
of 81, 100000 would have been necessary,
neither would it have been obliged to
mortgage its real estate in order 10 raise
the money for them, but this vast oblga-
ton was made inevitable on account OF
future contingencies. The city promises
to experience growth In the near future
| hot II in itS frnn
a struggling community of 100000 souls,
occupying an area quite as great as that
| peopled by 1,750 600 inhabitants of Man.
haitian Island. Every year witnesses a
growth in the compactneSs of the city, and
| the time is not distant when every
available acre in the city and county will
| be as closely bnir as is now the Mission
and neighhoring districts. The question
of future growth had also to be practi-
cally considered. and iG grasping this
problem the company has been compelled
| to make improvements and extensions
| from which it cannot hope to realize an
| income for years to come. With the works
at the Potrero supplying the southern and
western districts, and those at North
| 5000 GOO cubic feet per day, which is over
| three times as great as the actual present
daily consumption.
VOLUNTARILY REDUCED.
Heretofore tie reductions made in the
price of gas has been voluntary. and no!
through the action Of the Board Of Super
! visOrs.
In the early days SIS ger thousand feel
was charged, and from this extreme figure
rates have been gradually reduced until
the minimum of 81 was reached.
COMPETITION TO FIN RATES.
The present low rate has been reached
hxy hp Of IN w
the company has been subjected, and
this competition instead of resting is
becoming more keen and daily mora for
midable. ANY intelligence can compre-
hend the astonishing growth of the elec-
trie-light interest and how rapidly it has
displaced and is displscing tbs most profit
able sources of income that the gas COM
panies possess. The future promises an
indefinite growth in the use of the electric
| light and the consequent decrease in the
| use of gas. In order TO reclaim its patron
age the gas companies are compelled
not to overcharge. They must meet this
competition, and in this conflict between
gas and electricity the private consumer
| and the public have the best assurance
against excessive rates. Competition to
the gas companies is not alone from elec-
lricity but from nunberless designs for
| reducing consumption and from the erec-
tion of portable gas machines which pro-
duce an appreclaole decrease OF revenue
and have TO be considered as live and
| energetic factors.
FINANCIAL QUESTIONS.
The capital stock OF the San Francisco
Gaslight Company is $4,000, 00O which is
its only liability outside of the 81, 500. 0GO
borrowed to make recent improvements.
Upon this stock, which is quoted al from
68 to 20 per cent. it pays a dividend of
per cent upon its par value. Its stock
holders number nearly a thousand and
embrace holders Of from one share ur-
ward. Much Of the stock is held by The
dependent, who would experience a serious
loss in the event of a cnrtaim ent of their
income and who would be subjected to
great hardship should dividends cease alto
gether. Should rates be even partially
| reduced the company would be compelled
either 10 reduce the present small rate of
| dividends or cease paving them altogether.
and in that case the result would be most
disastrous to the majority of the holders
of the stock.
Whether or not an impression exists
| that the stock of the company is held in
large blocks by wealthy stockholders. such
an impression would be a greatly mis-
taken one. IL is fact that no one stock
holder owns sufficient stock in the conf
pany to enable him or her to dictate as to
the appointment of single director.
REDUCING LABOR WAGES.