New-York tribune., 1897-07-17
GAS COMPANIES TO UNITE.
CONSOLIDATION OF THE NEW YORK AND
EAST RIVER AND THE EQUITABLE

REASONS GIVEN FOR THE MovE-THE UNION
THOUGHT BEST. TT IL SAID. BECAUSE OF
THE LEGISLATION PROVIDING FOR THE
REDUCTION IN THE PRICE OF GAS.
The New-York and East River Gas Company
has acquired control OF the Equitable Gas Light
Company of New-York. and the two companies
are to be consolidated. The following statement
was made yesterday. signed by the Centrai
Trust Company;
In view of the legislation providing foS ine
reduc ion OF the price os gas IN the clly ol >CW-
York Ii mas seemed to many s,ockhoiaeis aov'sane @
unite the properties ana interests OF Iii ,e fhs
panes Sucn association OF Interest VIII ,o
management TO Introduce many econom anu 70 vT as
pse ~ 0ls also snabe beer service to Be rendered
the pubc. Ii Is therefore. proposed 10 i0rm lev
co, comoanlss for new Securities as may be here
after determined. The undersigned WILL act Ia1e a. ae
rOsitary OF the stock Of both companies certHcste
for which must be indorsed in blank and deposited
with it. and certificates Of deposit will he issued @
spectiye companies are deposited with the under
sd isiGa By DfiS'S the has
plan Of reorganizaon shall be iormuiateo anu
OF the shares of both companies are not so deposit
cd the share certificates are 10 be returned to de
pposm shareodsr h. ehS iasa With the
fclloSs @ ss enisp each SRs s e the
each Snare fPa pr OF the s stock
,he New-York and Eas, River Gas Company, sllo IN
mon stock Of the New-York and East River Gas
Company $50 In cash.
A syndicate has been formed to provide the funds
necessary for the stock Of depositng share
holders who may not assent TO the plan II hoaeTs
four weeks after The frs publication OF notice Of
the plan (such publication to L, be in The New,YorS
papers of general circulation published in the city OF
New-YorO notify the undersigned Of their election
20 have assened to all the terms and provisions OF
the plan and OF the agreement or reorganizaton as
will then deposit said certificates under such plan
and agreement
The Equitable is old company. with ia
miles of mains, chiefly on the East side, in the
central part of the island. Its works put
down worth S250l.952. and its real estate
S1190922 1t has S4,OOO,OO0 in stock. 81 100000
IN first mortgage g per cent bonds and 81
100000 in consolidated mortgage per cent
bonds. Since 1894 - per cent year has been
paid the stock. The company's charter is a
particularly valuable one.
The New-York and East River company has
been in operation less than two years 1t has
S2O00000 in preferred stock. $o.OOO.OOO In COM
mon stock, S3.5OO.OO0 in first mortgage . per
cent bonds and Sl.jOOOlO in first consolidated
mortgage ) per cent bonds. 1t supplies gas in
the district between Forty -second-st and Har
lem. 1t manufactures its gas at Ravenswood
Long Island, and pipes ii through a tunnel
under the East River. terminating at Seventy
first-st The tunnel is 2G1 feet long The
president of the East River company is August
Belmont. East River and Equitable stocks
have been selling at about the figures which are
TO be paid to holders who do. not wish TO par
ticipate in the scheme for the reorganization OF
the two companies
The announcement was made Thursday
that capitalists interested in the East River
Gas Light Company, which operates in the An
neXed District.