The Topeka state journal., 1897-09-07

great benefit in the consolidation. 1t had
only $3,300,000 in bonds and 81. 00o, 5000 in
stock outstanding. Not only did it yield
a II per cent dividend, but there was
handsome surplus in the treasury.
But the Standard Oil magnates were not
to be hindered by any money considera-
tions. The capital stock of the new gas
trust was said to be $1OO,O0OOOO. The back
ers were H. H. Rodgers, William Rookie
Teller, of the Standard Oil company, and
James Stillnan, OF the City National
Bank, who was said to control the Con-
solidated Gas company.
The Standard Oil finally won.
''Here are interesting facts for Journal:
readers said leading Equitable Off
cial. I'VE did not propose to be driven
out of our property Our position was to
sell if the East River company paid our
price. They finally offered s270 share
for all the stock, no shareholder to have
more than another, and all to be treated
exactly alke-directors and all.
1.-The terms of the agreement are that
each of the 600 stockholders is to have
$270 cash for each share of stock, $50
per cent in per cent bonds and so per
cent in preferred stock. 1t is the opinion
that the stockholders, almost universally,
will accept bonds and stock for their
property. It will give them 15 per cent,
instead of the IL per cent they are now
getting
The official was asked why the directors
of great property like the Equitable,
worth millions, and paying a II per cent
dividend, should be forced to sell to a
rival combination.
Because it's managers invaded our ter
ritory and began a guerilla warfare
our property. We discovered that they
were even painting saloons where our gas
was served, and were making free i'm
provements in all directions-in other
words, they were bribing customers
and stealing away our business.
Consolidation will do away with this
warfare, expenses will be greatly reduced
and it will be found that we shall be at
the head of the new company.
'I say that Mr.. Pierpont Morgan,
who is handling the business for the SYM
dicate, and is at the head of the new deal,
has certainly acted very fairly, and 1 can
say that he's a gentleman in every sense
of the word.
''It will be good news to friends
to learn that Henry Keene, now president
of the Equitable, will be president of the
new organization, and our secretary, H.
Miller, will be secretary of the new COM
pany. The officers of the East River cor
poration will be deposed.
"Our property extends from Thirty
ninth to Forty-third street, on the East
is valued at s4,0OO,O0O There are 16O miles
of mains. Our plant is the best in the
country. think the Equitable people will
dictate the policy in the new regime.
Each man on the present board is capable
of acting as president in any gas COM
pany. We have experienced, conservative,
able men. The other people are infants
in gas making compared with our ex-
perts. The total property of the Equita-
BILE is worth from 100000 to $50, 600. 0O0''
"How do you account for the vast pow
er that has been referred to behind this
syndicate. if the opposition are infants in
the business?''
THAT is what we have yet to find out
There is a power and it is a power be-
yond anything we have yet discovered.
They claim, however, that the Standard
Oil magnates have nothing to do with the
syndicate. They say they are simply
legitimate gas officials who have no in
terest in the Standard Oil. But we will
protect ourselves, our stockholders and
our rights-no one need fear for the re-
Suits