The evening times. [volume] (Washington, D.C.) 1895-1902, 1897-09-27
TIE GAS TRUSTS GRASP.
New York Is Feeling the Strength
Of the Octopus

| of the Octopus.
| New York. Sept. ~ The gas companies
| OF New York and those who are using
them in the game OF chess now being
| played, with consolidation as the check
mate move, are now attracting the at
| tention OF investors in miscellaneous se-
| curitics. The great game goes steadily
on. with the manipulators constantly bring
/ ing consolidation nearer.
The latest move was the securing by the
New York and East River Gas ComIany
u the control OF the Northern Gas Light
Company. OF this city. The company, which
has canital stock Of $3.50 900 and bonds
outstanding amounting to $3.50 600, oper-
ates ia the anne xed district. IL cut little
figure in the local gas situation until re
Gently, wheE. owing TO the rapid growth
of pepulation in that section, it became a
pa wing concern
This is the third independent gas corn.
pany to fall into the hands of the New
York and East River Company within few
months. The first OF these was the Central
Gas Light Company, which the East River
people reorgantze into the Central Union,
increasing it's capital stock to $3,60U, 900.
This Company also operates in the annexed
district, and with the requirement OF the
Northern Gas Light Company, places prac
tically all of the transit arlem district In
the hands of the East River Company.
Mere important still, tie East River
Company how has the Equitable Gas Light
Company or all the gas properties I'm the
city this " as the cream. 1t had not "A dol
lar OF water" In It's stock, paid IL per
cent dividends and had accumulated a
handsome surplus In addition, IL owned
valuable real estate in the heart OF the
city. which can be sold for an excellent
price.
Thus, step by step, tie citizens OF New
York are being placed at the mercy of a
Gas Trust. Each property acquired re-
moves competition, until even now it is
reduced to a minimum. Outside Of the
East River Company, there are only three
companies now I'm the field-the Consoli-
dated, Standard and Mutual, the first OF
which Will unite with the East River when
ever ythiug is ready.
The life and soul OF the consolidation
movement is the Standard OIL Company. 1t
donin ates both the New York and East
River and the Consolidated Gas Companies.
II. H. Rogers is the principal representa-
tive OF Stand ard Oil In the East River
Company, while William Rockefeller is
himself a director In the Consolidated.
In the latter company Is also James Still
man, president Of the City Bank. This
hank, which is now the largest National
Bank i'm The country, is the Standard Oil
bank. The come tions are SO close that IL
II question OF only a short time W hen
the Consolidated and East River compan MES
become one, leaving only the Mutual and
Standard out of the fold.
Russell Sage, who is the president of the |
Standard Gas Light Company, and who, |
with John I. Terry, controls it, is the only |
obstacle to a trust comprising all the gas |
IT. the city. TIM Mutual is out
side only in name. It's stock is held by |
many OF the large shareholders I'm the Con- /
so,idatcd, and by the Vanderbilts. Its |
charter forbids consolidation.
Just how soon the Gas Trust will DE- /
sprung on the public, even Wall street.
thuush an Xious to find out, does not know.
The Plan is said To be worked ont save
q few flushing touches. Every move brings |
the day nearer. Russell Sage has dbsolu
Iely refused To yield, and unless he changes
bis mind his company will be the only
one in the horoughs OF Man
ha ttan and Bronx.
In the borough OF Brooklyn, the Stand
ard oil Company now owns the Brooklyn
-nion Gas Company, which has little or
no competition in that section of Greater
New York.