The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-02-26
I holder: ..: 4, ,si II. COZ the average holding DO

holder. n III. company. the average holding DO
p%sniss" asked Senator Cantor. "by which com
pea!i Non Is e,bminasea' ror,,.a Mr. rhour.or
unless IL be an understanding that In getting
new business they shall not encroach on each
"Doesn't that eliminate competition - asked
thl1E moi. wa. the reply; I'm some part,
there are fourteen and sixteen mains In q single
street. The composition remains there" -.
far as the East River company is concerned,
there is no agreement OF any sort with the other
w. r. Bronx. for the Mutual Gas Company,
gave some figures which went to show that his
company was not an overcapitalized monster in
profits were moderate. The capital stock was
5000 600 and the plant alone could not
Scsa%Sisted' a surplus q, $500 ss.' Of which, ds6
last reduction in the price. nodividends had been
earned Tor several years. The average dividend
cent ." Iast year ' the pr waS " we're ere'S ss saseo PET
tho Cantor bill were passed there would not be
enough to pay 2 per cent; on tho stock. to say
David Mcclure, for the Consolidated Gas Com.
40O,o0O stock which had been issued. Fifty-one
per cent, of these were women and children
tHiSros 81 ih In , ss'ste: .tS s5a th TSo G sS%ssn 40 i psr
the city s4oo. 900 and to the State $50, 1000, a year,
he said ARE the people who work for us and 70
whom full wages could not be, paid; This bill
demand for i from the citizens or from anybody
,o HIIsnTy Z an MG GamnlS also a%.pPPSSs . .i, for the Con,
s%s' he hs said G% Us perfsc T. t S%sspoi Hs inc T Rt's so@ q!
his bill to ono company the other companies
shall not sell gas to him. There is no other agree
Judge Rowland went on to say that the COM
pany had on its books bad debts to the amount
OF = 100. 900; This started the irrepressiblc =" ex-
fore, OFF again. He had been a quiet and mac
tive listener for some time, while The other Eek.
pages and pages OF notes. The inquisitiye sex.
pert = evidently thought 1t was time that no
sh SI. iS den tSs bns Se his inF oE sas y tSS: or III, Nc.
cumulaiion, OF several yearsf" no demanded Of
Everybody but the expert /" understood that
II was the accumulation of several years, and
Chairman Brown frowned at the expert" and
ats important to know about this. Mr.. Chair
man." protested the expert"
Judge Rowland enlightened him. and he sub
r, n. Coudert appeared for the Equitable Gas
Company. After speaking to somewhat the
same effect as those who had gone before, he
My interest in this matter goes much further
than my retainer by a gas company, You gen.
tlemen should take caro- that you do not ruin
the city OF New York. You are in a fair way to
do II now. cannot go on II capital IL
TO be frightened at every moment by attacks Of
this kind. These gas companies were hazardous
ventures at their Inception. BY dint OF develop
they have been made to pay. Are we to DO
punished for that Is that a crimei We can't
go out OF the State like the sugar retineries.
You have us at your mercy. The consumption
OF gas Is not increasing. but decreasing, and IL
costs my company now between 90 cents and 81
to deliver gas, outside Of all tho extra expenses
which have been mentioned. The trouble with
informed as TO our business. Let me ask you a
question, sir. What did our real estate cost g.
The Expert addressed hesitated a moment
and then said triumphantly:
Il know what your capital stock Is"
Senator Cantor said his side would sum up,
and the experts " fumbled with their notes and
tables In anticipation. THE same arguments
said Senator Cantor, have been used to-day
as were used In 1885, when the price
said then that the companies would DO ruined.
but they have gone on and increased ! In wealth.
The gas corporations constitute practically q
a monopoly. The companies haven't stated
their output or given the information we need.
They rely simply on tho general statement that
there would be no profit In dollar gas"
The rival experts" talked some more about
what gas cost in Chicago. and told how the con-
solidation, OF gas companies In London had
bers OF the committee went home and the others
read the evening papers. At length they got
through and Chairman Brown declared the
hearing closed for good and all.