The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-02-04

A uesripE NJ the Assembly Committee On
Cantor,n Measure.

CAutor'n measure.
ALBANY, Feb. 3.-Senator Cantor went be-
fore tho Committee on Miscellaneous Corpora
lions this afternoon and arRuod'for his bill TO 70.
duco the price Of gas in Manhattan and tho
Bronx TO 81, and to give the Commissioner OF
Public Buildings, Lighting and Supplies in.
quisitorial powers over the private affairs Of
the companies. Last year the Legislature
passed n bill for a gradual reduction Of . cents
a year until 81 should be reached in 1901. The
gas companies accepted this and have lived up
to 1t. When It was passed the price was 81. 25.
and now It Is $1.l5. The attorneys for tho
various companies pointed out to the committee
that on moral IL not legal grounds. this should
he binding on the Legislature rs practically a
contract by. which dollar gas would be reached
in a short time, and the companies would have
a chance to adapt themselves to their reduced
incomes.
In spite Of this, however, Senator Cantor
urged the passage of his bill for dollar gas right
away. The burden Of his argument was that
the gas companies wore sim making too much
money. The consolidated Gas Company still
paid 3 per cent. dividends, and 1t ought to be
David Mcclure for the Consolidated Gas
Company said that when tho bill was passed
last year, providing for reductions for fyo years
In the future, the companies assumed, and had
DO attacked before tho expiration Of that period.
pany by $5oo,ooo a year. and It had made con.
tracts for coal and oil and other materials on
DO Imposed upon it. Senator Cantor and a few
other Senators. stood alone in this new attack.
There was no demand and no complaint on tho
W. Il. Bronx of the Mutual Gas Company
showed that under the Cantor bill the Commits
plies would have supreme power over the, gas
companies; He was not only authorized to
examine their. plants and appliances, but the
| board of PuhiC ImnrnvAmanfQ ygna nfrpQtnh
business as the Commissioner might recon-.
power into the hands OF an individual.
Senator Cantor said that his intention was tol
amend the bill In this particular.
Henry Thompson Of tho Standard Gas Com
pa iryb, desIa to At that instead nns : OF OF IT. the vast profits %hn
600, paid only 9 per cent. on It's preferred stock
and 4 per cent; ON the common stock. 1t had
mon stock until within a year and a half.
Charles +. Coddington of the Bronx Gas and
Electric Company said that This company
charged $1.4O for gas, and lost money. HIS
territory KY vas = larger r, than N all of Manh ,9 ta1
year were $1,000. The bill Would wipe out the
Senator Cantor was forced to admit that his
bill should not apply to this concern. and he
Il am satisfied" said Senator Cantor, that
dividends II this bill is passed. 1t was shown
by experts last year that they can deliver gus at
been disputed"
II dispute them very emphatically." said
Judge Henry 4. Rowland. who appeared for
the Consolidated.
II take the stand. said Senator Cantor, that
a COMPANY operating II franchise, practically
q monopoly, should be satisfied with q per cent.
No one Legislature can bind another. The gas
companies have made no concessions on ac-
count Of which the law of last year should be
allowed to stand"
Senator Cantor's argument. said Mr.. How
land, rs socialistic in the highest degree. He
would have the State assume control of every
company that has anything granted to 1t by
the public. He would regulate tho market
price of its securities and its dividends. Ac-
cording to him the corporations are running
the country. l maintain that the country can
well afford to foster the industries which give
employment to its labor"
There were n number of suggestions by SEN
ator Cantor and members of the committee that
The companies in New York had consolidated
or were about to consolidate. This was de-
MED by all the attorneys, except SO far as con-
Cerned the projected consolidation of the
Howland said that the Consolidated had con-
sidered no plan for a combination and had no
intention Of considering. one.
William n. Dykman for the Brooklyn Union
tor Cofcy's biz for dollar gas in brooklyn.
He showed that n law had been passed in 1895
authorizing the city authorities to fix the price
of gas for five years by a contract with the
lature had no power to further reduce the
price during the life of the contract.
Senator Coffey lodged and shuffled for n
while. and finally offered to amend his bill so
would leave nothing whatever of the bill.
The committee will take up for consideration
all the gas bills before it at its meeting next
Thursday.