New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-01-27
RUSSELL SAGE GETS OUT.
FINALLY RESIGNS THE PRESIDENCY OF
THE STANDARD GAS LIGHT
COMPANY

AT special meeting yesterday afternoon of
the Board of Directors of the Standard Gas
Light Company the resignation of Russell Sage
as president of the company was received and
accepted. There was full attendance of drec-
tors. and resolutions of appreciation of Mr.. Sages
services as executive head of the company were
unanimously adopted. Mr.. Sages resignation
takes effect on February l. and between that
date and the day of the annual meeting in
April. it is understood, vice-President Frank Til
ford will serve acting president
Neither Mr.. Sage nor any of his fellow direc-
tors-for he is still member of the Board
would after the meeting comment Mr.. Sages
reasons for retiring from the presidency, but it
is known from good authority that he took the
step because of the Outspoken and severe criti-
cism which has been passed upon him by his
associates in the management of the company
since 1t became known that he had disposed of
his holdings of Standard Gas Light stock Many
times in the months following the breaking out
of the gas war, May of last year, Mr. Sage
declared that he would not dispose of his stock
except upon terms which should be offered to all
the shareholders alike. AS recently as Decem-
Der II, when the Board of Directors issued
circular to stockholders offering them the privi-
Iege of subscribing to a new issue OF six thou
sand shares of preferred stock at par, Mr. Sage
said: This is fund. We might as we'll
prepare for long siege" On January 8, less
than a month later. Wall Street was surprised
by the announcement that President Sage had
parted with his Standard Gas holdings, amount
ing to 5661 shares. at prices subsequently
learned upon good authority to be 14O for the
common and 10 for the preferred These figures
were much higher than the current market quo
tations, and many hard words were uttered by
Mr. Sage's fellow stockholders, to whom no such
advantageous offer had been made.
Mr. Sage would not discuss the transaction.
except to assert that he has sold his shares to
"a Boston man." and not to Standard Ofl-Con-
solidated Gas interests, was commonly as
slned week after Mr Sage's action became
public 1t was learned that the Wallace c. An
drews estates holdings amounting to 12'ooO
shares had also been sold, and to the same in
terest which had acquired the Sage stock. This
interest, there is every reason to suppose, was
one identified with the Consolidated Gas Com
pany which corporation, every one in Wall
Street believes, is working steadily toward the
accomplishment of a purpose to effect con-
solidation of all the gas companies Of this bor-
ough and which has already secured control
of the local electric lighting field through it's
merger with the New York Gas and Electric
Light Heat and Power Company. With the OBJ
ject of preventing the swallowing up of their
company some Of the other stockholders of the
Standard Gas Light Company organized pro-
tective committee of the company, which sent
out circulars to all the stockholders asking them
to assent to a pooling agreement not to sell
their stock, any part of it, without first
Offering 1t at the market price to the committee.
Confidence was expressed by the committee that
it would speedily secure the assent of a majority
Of the stock to it's plan, but its success has not
vet been announced.
Mr.. Sage has been president Of the Standard
Gas Light Company for the last six or seven
years having succeeded Charles Dana, whose
predecessor was the late Wallace G. Andrews,
the founder and first president Of the company.
Reports were afioat yesterday, which, how
ever, were denied by New-Amsterdam interests
and were without confirmation from any good
source that the New-Amsterdam Gas Company
had passed into the control of the Consolidated
Gas Company. On the strength Of these rumors
the Amsterdam securities advanced sharp
ly the common stock closing at "a bid, 241a
asked against % bid, % asked at the close on
Thursday and the preferred closing at 46 bid,
471h asked, as compared with AN bid, 40 asked
at the close of business on the preceding day.