The San Francisco call., 1896-03-12
Legal Obstacles to the Pooling of
the Electric and Gas
Companies.
THE PROMOTERS VERY SHY.
Edison Plant May Be Duplicated for
Half the Sum the Gas Com.
pany Pays.

The news about the formation of big
CALL, created widespread interest In the
City. Inquiries were at once made to
ascertain if the details of the consolidation
of the San Francisco Gas Company and
the Edison Light and Power corporation
had been adjusted.
The promoters Of the ibig mbine" had
another meeting yesterday afternoon. j..
B. Stetson, who represents the electric
company in the pending negotiations, was
seen yesterday, but positively yet kindly
declined to be interviewed.
"There is nothing to say at present, "
pleaded Mr.. Stetson. II do not want to
withhold information from THE CALL, and
as soon as anything is settled will cheer
fully tell you all about it. So far nothing
definite has been accomplished, and own
ers Of stock are excited by the rumors
which have been published"
Mr. StetSOn was asked to mention the
names of the gentlemen who were con-
ducting the negotiations, but said he could
not do so in justice to his associates.
Mr.. Stetson also declined to express any
opinion as to whether the object Of the
trust was to acquire small electric plants
throughout the City and thus consolidate
all the light companies.
p. b. Cornwall of the Mutual Electric
Company was seen at the Black Diamond
coal Office. He said the company with
which he IS associated was not party to
the consolidation. What he knew of the
negotiations was derived from The CALL.
Mr.. Cornwall said: II do not know of
any plan to form a trust. Electricity now
is about as free as air, as all the patents for
its use have expired"
"Do you apprehend monopoly in the
business of supplying Light?''
mot as long as | am in the business, !"
responded MIR. Cornwall, "and am in the
business to stay
The information comes from authentic
sources that the chief cause of delay in
concluding the terms of consolidation is
due to the deliberation Of attorneys in ex-
amining the articles of union.
1t also transpires that the overtures for
the pooling of interests come from the
Edison Light Company. The leading
stockholders of the gas company have not
exhibited special desire to consolidate.
A capitalist who is well informed on the
subject said to CALL reporter last night
that the gas company could duplicate the
electric plant for half the money which it
is proposed to pay for the property of the
electric company. If the plant were du-
PiiSoeCu tlo competing liSuG ColH Hpdly
would still be in the field.
Stockholders of the gas corporation
seem unable to understand why the Mu-
tual Electric Company is not considered
as a dangerous competitor. From all that
can be ascertained no overtures have been
made to bring into the trust this COM
pany, of which P. B. Cornwall is the man.
ager and Alvinza Hayward the chief
backer.
There is also another gas company to be
considered in the future. Some time ago
the old Central Gaslight Company. now
the Pacific Light Company, of which AL
bert Miller is president, pooled issues with
the San Francisco Gas Company for term
Of seven years, the basis Of agreement
being that four-sevenJhs of the com bined
profits should go to the latter and three
sevenths to the Central.
The other gas company (the CentraD has
plant, mains and the full equipment for
conducting the business OF supplying
light. Herein may lie one of the obstacles
in the path of forming new trust.
1t is regarded as a foregone conclusio on
that the negotiations to establish a trust
will be successfully carried out. Some few
days may elapse before announcement of
the fact is officially given to the stock
holders.
After advancing from S11l to S4K Tues
day forenoon San Francisco Gas stock has
since fallen down to 81. There were large
sales within that range. Yesterday some
stock sold as low as 80.