The Topeka state journal., 1897-09-07
AFTER THE EARTH
The Rockefellers, Who Control
the Worlds Oil Business,
Its Sugar Supply and Tobacco
Industry,
LAYS HOLD ON GAS.
How They Got Possession Of
How They Got Possession of
the Eq quitable,
The Greatest Gas Manufactur-
ing Concern in the Country.

Inc RocReIeler millions nave bought
the Equitable Gas company; the complete
details of the transaction that will react
in the most remote nerve centres of the
financial world are given below.
The intelligence that Standard Oil has
absorbed the Equitable-the most pros
porous of the gas companies-is highly
important, but more facinating is it to
speculate: What will Standard Oil alb
sorb next?' and when will Standard Oil
cease absorbing?''
The progress of this, the richest cor
poration in the whole world, has been pic
turesque, spectacular. So vast are it's
operations, SO single-minded it's purpose
so resistless it's power that it enchains
the imagination, stories of genii and
giants enchain the imagination of chill
dren. And in view of recent events the
ignorant onlooker may be excused for
asking himself where the end to such
progress will be found, or whether it will
ever have end-whether, in a word,
Standard Oil will not go on absorbing the
industries of the world until it controls
them all.
1t is only a few weeks since Wall street
was amazed one fine morning at the spec
tacle of the Rockefeller millions combin-
ing with the Havemeyer millions and
making lesser men delirious on the sub
ject of sugar. Next it was tobacco. And
now the interest that controls the oil in
dustry of all the continents has gone into
gas, product akin to OIL
After months of manipulation and cam
paigning, the Standard Oil company has
swallowed the Equitable Gas company.
1t is bonanza property. A preliminary
meeting was held in the Aldrich Court
building, No. 40 Broadway, to arrange the
differences in the way of the colossal deal.
Among those present were E. c. Bene-
diet, Anthony NJ. Brady and Charles F.
Dietrich and certain officers of the East
River Gas company.
An adjourned meeting resulted in clos
ing the negotiations, and Mr.. Benedict
and his associates, in behalf of the direc-
tors of the Equitable company, agreed to
turn over the property to J. Pierpont
Morgan, the banker, of the East River
syndicate and the mighty power behind
that syndicate.
The 10000 shares of the East River stock
are owned by some of the most conserva-
tive business men in New York Among
them are the Sloans, the Joneses (brew-
ers,) the Eugene Kelly estate, the GoeIets
and others.
The story of how the power behind the
East River Gas company has forced the
Equitable to surrender their property has
been told in Wall street for months. In
July the Gas Trust organized the Central
Gas company to get control of gas prop
erty. Later it announced a plan for secur-
ing control of the Equitable company
Every step made by the manipulators
was strenuously denied from time to
time.
On July 16 after much prevarication by
East River agents, it was Officially an
nounced by the Central Gas company that
in view of recent legislation reducing the
price of gas it advisable to unite the
two companies that their interest might
be protected and economies and labor
saving inventions introduced. Better SER
vice, it was declared, would be rendered.
The trust company proposed to form
new corporation and exchange the shares
of the present companies for new securi-
ties. If more than two-thirds of the
shares of their respective companies were
deposited with the trust company before
September 1, some other date limited
by the signer, a plan of organization
would be formulated and published. If
two-thirds of the shares of both companies
were not deposited the certificates of
the shares would be returned to the hold
ers. In case any stockholder should not
favor the plan he would be entitled at his
option to be paid in cash, as follows:
First-For each share (par s10O) of the
Equitable company, $3.50 in cash.
Second-For each share Cpar 5000 of the
River company, $115 in cash.
Third-For each share (par 5000 of the
common stock of the New York and East
River Gas company, $50 in cash.
The circular went on to say that a syn
dicate had been formed to provide the
funds necessary to pay for the stock of
depositing shareholders who might not
| assent to the plans.
The great desire to secure control of the
Equitable company was evidently based
the fact that it was a very conserva-
tive corporation, had paid u per cent
| dividends, was organized, it was said
with not a drop of water in its stock, and
had been conducted on a fair and bust
/ ness-like basis, furnishing to consumers
/ the best gas in the world
The company was formed in 1882, with
| Mr.. E. c. Benedict and Mr.. Samuel Boo
cock among it's leading incorporators. Ac-
cording to recent reports it had "a GOO 900
/ in stock outstanding and 81 ,090, 900 in first
| and So 10000 in consolidated mortgage
| bonds. The authorized issue of the con-
solidated bonds was 81, 000, 900.
While the Equitable directors were out
, of town they learned of the movement to
] obtain control of their company. Mr.. E.
/ c. Benedict and his associates hurried
home and put a stop for the time being,
| to what was alleged to be a conspiracy.
Then the East River combination pro-
ceeded automatically to win over the
owners of the property.
Mr.. August Belmont, president of the
| East River company, is a conservative
! banker and Mr.. H. H. Rodgers, of the
| Standard Oil company, and director of
| the East River, is likewise finished bus
| mess man. They did not propose to throw
| away good money if the property could be
J secured al what they called reasonable
! terms. But the Equitable did.noI see any