New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-11-25
NO MORE RISE IN GAS RATES
CONSOLIDATED AND STANDARD KEEP
TO PRESENT PRICES.
WALL STREET. HOWEVER. is STILL CON
BE ovER-cRoKER ADVOCATES HIS

WINGED THAT THE WAR WILL SOON
BE ovER-cRoKER ADVOCATES HIS
CITY GAS PLANT SCHEME.
The confident assertions of many Wall street
observers on Thursday that the action OF inc
Beard of Directors OF the Northumberland Gas
Company in restoring their rate for gas from w
cents to 81 10 thousand cubic feet marked the
end Of the gas war turned out yesterday 10 DC
premature as the other companies did not al
vance their rates. The directors Of the Con-
soiidated Gas Company held a meeting IN 'he
Board room OF the Farmers Loan ana Trust
Company, and at it's close issued through Presi-
dent Gawtry the following official statement:
For long time the price OF gas was cut oe1 r
pose OF getting away the business OF the Cons
solidated Gas Company. The course Pursueu va va
under such conditions the Consolidated was pre-
pared 10 meet the emergency. me scuOh ot -, ,'e
company was accompanied py q
statement that its business had reached tne INN, ~
selling gas at prices below the other companies ano
celow the cost OF production II wouo De sag bas
10 keep the business at the old rates ana no" has
put up the price. No notice will be taken OF that
action by this company.
The directors present at the meeting BESIDES
President Gawtry. were James Stillman' presl-
dent OF the National City Bank; George r.
Baker. president OF the First National Bank
Samuel Sloan. chairman Of the Board OF the
Delaware, Lackawanna and Western Railroad
Company, and E. r. Holden. vice-presldent OF
the same corporation NJ. Taylor Pyne ana
John F. Higgins The directors, in ADDITION
to Issuing their statement, declared a quarterly
dividend of l per cent on the stock OF the COM
pany. Prior TO May |. when the war began
Consolidated Gas was an s per cent stock; but
Ut the next succeeding dividend period II was
placed on a per cent basis. and at the August
meeting Of the Board the annual rate was tur-
Their reduced to per cent.
The directors Of the Standard Gas Light Com
pany, officers Of which corporation had on
Thursday expressed the belief that their com
pany would follow the lead Of the New-Am-
sterdam company and raise It's price for gas
from 65 cents to 81 10 held a meeting yester-
day. after the Consolidated Gas Company's
board had met. but made no change in rates.
Mr. sAGE's STATEMENT
President Russell Sage said in substance after
the meeting:
We took action whatever on the no9s s OF T Inc
~ Sss We regarded the notice as a defiance and
as indication that the New-AmsteTdam un,id he
compelled TO follow their lead
President Galloway Of the New-York Mutual
Consolidated company, said yesterday that no
change would be made by his company from its
nresent rate of 50 cents a thousand cubic feet
Directors Of the Consolidated Gas Company who
were seen after their meeting said that Presi-
dent Gawtry's statement covered the case fully
and declared that their company had no inten-
ton Of advancing its price. 1t was reported
that the Consolidated Gas Company manage
ment on the announcement on Thursday that
the New-Amsterdam's Board had advanced the
price of gas. promptly sent out large number
Of canvassers. with instructions 10 make con-
tracts 70 furnish gas for one, two or three years
at 65 cents thousand feet.
There was also rumor that the New-Am-
sterdam company would speedily rescind its
action in raising its rate for gas. but this re-
port was denied by prominent interests in the
company Frank S. Hastings Of the New -Amster-
dam company's Board denied emphatically the
intimaton OF financial difficulty which seemed
10 be made in the statement issued by the Con-
solidated company declaring that the NewAm-
sterdam Gas Company had ample financial sup
port to take care OF all its obligations and that
there was absolutely no necessity for any de-
fault on its bonds.
Consolidated Gas opened strong on the STOCK
Exchange yesterday at POI. but subsequently
sold off sharply on reports that the directors
would not advance their rate for gas, declining
to 1851 and closing at 1876. a net loss for the
day of 3la points The New Amsterdam issues.
traded in ION the curb" also went off. the com
mon closing at 30 bid. 81 asked. against 80 bid
321h asked, at the close on Thursday. and the
preferred closing at 5613 bid. 50 asked. com
pared with 5Sl2 bid. 80 asked, the last quota
tons Thursday.
Notwithstanding the failure Of the other COM
n no nrip n
their product. following the action Of the New
Amsterdam. Wall Street is still convinced that
they will before long take that step and that
IL is by no means improbable that amalga-
nation OF the several companies may I'm the not
distant future be brought to pass II was re-
ported good authority last night that soor
after the meeting Of the Legislature a measure
would be introduced prohibiting any gas com
pany selling Illuminating gas from charging
gIeater price Tor us product than the price a
which II was voluntarily selling the same or
January ], 1900" In other words, the New
Amsterdam Gas Company. If this bill should b.
enacted into law. could sell its gas at 81 05
thousand cubic feet during 1900 while the Con
solidated the Standard and the Mutual woul,
be prohibited from charging more than % cents
An interesting explanation of the reason fo
the rupture OF the 'gentlemens agreement il
effect among the gas companies prior 10 thu
breaking out OF the present conflict hear,
in the Street yesterday According to this story
the amounts accrung under the pool agreemen
increased without settlement being made unit
the Consolidated owed the Amsterdam
S25oOo ana owed the standard SlUO,eD, an
then the Consolidated took the ground that
could not lawfully discharge these obligations
and accordingly declined TO pay.
CROKER's CITY GAS SCHEME.
Richard Croker said yesterday that he ha
never abandoned his idea that the city Shout
own its own gas plant. He said that municipa
ownership OF gas plant would settle all thes
troubles He thought the city could go ahea
and build plant but wouldn't say whether
likely TO or not. Commenting upon the wa
between the gas companies. he said: "Th
changes in prices and the consequent uncertain
ties are only 10 be expected when we have trust
and monopolies. Ii is all their work. When tn
companies fighting each other the price o
gas goes down and the public benefits. AS sooi
as they form combination and work togethe
the people are at their mercy. The people ar
going TO have something TO cay about this mex
year. Antitrust and anti-monopoiy will be tn
big issue next year"