New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-05-20
GAS MAY GO TO A DOLLAR.
WAR OF RATES PRACTICALLY ENDED BY
CONSOLIDATED CONTROL. OF
NEw-AMSTERDAM

NEWCOMERS may soon expect 10 receive gas
bills figured out at the rate of 81 a thousand
cubic feet instead Of at the present 50 cent rate
no matter which Of the companies serves them'
for the "gas war; is practically over. The per-
sstent rumors from good sources on Friday that
the Consolidated Gas Company had secured con-
troll of the New-Amsterdam Gas Company yes
terday received official substantiation from in
terests representing both corporations, and 1t
was ascertained that. while no arrangement was
likely to be made for some time to come look
ing to the taking OF the Standard Gas
Light Company by the Consolidated, neverthe-
less the relations between the two were entirely
harmonious. and the Standard would without
doubt make it's new price for gas the same as
that of the Consolidated 1t has not yet been
definitely decided. it is said. what this price
will be- but it is understood that it will be fixed
at 81 The legal rate In this city Is 81 % during
1900. and after January 1. 1901. it will be 81.
The first public confirmation yesterday of the
fact of a settlement having been reached be-
tween the Consolidated and the New-Amster-
dam came in the form of letter. which found
its way into print in the early edition OF
evening newspaper. from the firm Of H. 3. Hol
Inns & Co. who have been prominent In New
Amsterdam affairs, to certain of their friends
among the New-Amsterdam stockholders. adj
and agreements entered into by which the pre-
ferred and common stock OF the New-Amster-
dam Gas Company would be exchanged for de-
bentures of the Consolidated Gas Company and
inviting them to call the offices of the firm to
sign the agreement
1t was subsequently learned that majority
of the stock of the Amsterdam Gas Com
pany had been pledged to accept the terms of
purchase offered by the Consolidated, and that
the same terms were open for the acceptance
of all the other shareholders The New-Amster-
dam company will this week issue circular
formally announcing the details OF the arrange
ment, under which the Consolidated will pur-
chase the New-Amsterdam common stock at
~. and the preferred at 90 giving in exchange
D per cent debentures. which will be convertible
into Consolidated stock at 100 at anv time
within the next six months and which must be
retired by the Consolidated Gas Company by
July L, 1901. While these terms must be ap-
proved by the directors of the two companies
and be ratified later on by the stockholders no
doubt was expressed yesterday by those in
terested that the settlement on the basis out
lined was assured
The New-Amsterdam Gas Companv has ONT
standing $12OO0.0O0 common stock and 50 OOo
600 preferred stock Exchanging for these ar
20 and 5O, respectively. it's own stock at 90, the
ooo for the New-Amsterdam stock. This Is re-
garded by Wall Street as a pretty high price
In view of the heavy bonded Indebtedness of the
Ne~~Amsterdam company; but. on the other
mana, IL is pointed out. the Consolidated will
benefit materially by the ending Of the war Of
rates consequent upon this operation; its reve-
nue.. soon to be increased under the higher
rates now made possible, will continue to grow
with the rapid growth of the population; and
the company will also doubtless before long be
able to profit by It's new arrangement through
concentrating its gas manufacturing interests
with those of the New-Amsterdam on the Long
Island shore, or on Berrian's Island. making it
possible for 1T to dispose of it's several plants
in this borough, where real estate is so valua-
BILE. The New-Amsterdam Gas Company owns
at Ravenswood twelve acres of land, four Of
which covered by its present plant Most
of the gas generated by it at the Ravenswood
works is conveyed to this borough by two mains
each thirty-six inches in diameter extending
through the ccmpany's big East River tunnel
The New-Amsterdam company also owns sew
eral blocks of land on the East River water
front in this borough. and a plot at the foot of
West Fifty -eghth-st. 1t owns in addition the
Central Union and Northern Union Gas COM
panies which have a joint plant at Port Morris
and do a profitable business In the Borough of
The Bronx The New-Amsterdam Gas Com
pany manufactures the so-called water gas"
and it's plant at Ravenswood is of the most
completely equipped in the world The bonded
Indebtedness of the New Amsterdam Gas Com
pany, according to recent statement, aggre-
gates sol ,375 600, all at 3 per cent making the
annual interest s., O6S $50 After November 1
1900. too, the per cent preferred stock of
which 100000 Is outstanding becomes cumu-
lative, the dividend amounting to S45OOOO a
year.
The Consolidated. it is said on good authority
many months ago offered % and 90 respect
lively, for the New-Amsterdam common and
preferred stocks and has kept that offer stand
ing since then. that its acceptance by
the New-Amsterdam interests at any time
meanwhile would have terminated the war, as
the Standard, although participating in the
contest. is a factor of relatively small influence
furnishing, it is said, not more than per cent
of the gas used here. The Consolidated holds
controls large block of Standard Gas Light
stock. including the shares purchased for Will
lam c. Whitney from Russell Sage. and conse-
quently has not unimportant voice in the coun-
ellis of the Standard Its relations with the
Stockholders Protective Committee, which con-
derstood to be cordial. but it is not believed
that it has any present intention of purchasing
the control. although price has been named by
the Protective Committee. With the New-Am-
sterdam absorbed by it, and the Standard in
utilization with it. the Consolidated Gas Com
pany will control the entire gas business of
Manhattan and The Bronx as it already con-
trolls the electric light business through its pur-
chase and absorption few months ago of the
New-York Gas and Electric Light, Heat and
Power Company. There is believed TO be no
Brooklyn Union Gas Company. which DOM
mates the field In Brooklyn, and which is