The Savannah morning news. (Savannah, Ga.) 1900-current, 1901-12-19
TO Be NO INCREASE
PRICE OF LIGHT AND POWER
LOWER, SAYS MIR. BALDWIN.
THE POLICY OF PROMOTERS.
is To MAKE SELLING PRICE OF
PRODUCTS AS Low AS POSSIBLE.


prehensiOn That Consolidation of
Electric Interests viii Be Fol-
lowed by an Advance I'm the Price
of Electric Light and Power.
Cheaper Methods of Production
Will Mean Reduced Cost to Con-
sumers, He Snys-Meeting of Edi-
son Stockholders to Act Finally
Upon Consolidation.
The prices of electric light and power
Will not be advanced by the new COM
pany into which the Edison Electric
Illuminating Company is to be merged.
On the contrary. President George ].
Baldwin said yesterday, it will be the
effort of those at the head of the en-
terprise to reduce the price of light
and power to consumers.
There has been some apprehension
that prices would be advanced with
the assumption by the Savannah Elec-
trio Company of control of the trac-
ton and electric light and power in
terests of the city. 1t was felt that
so large a corporation. with a capital
stock of $S,500O 900. and a bond issue of
$2,500.000, could, if it so desired. great
ly advance the prices of it's products,
and that the power springing from its
large holdings would to certain ex-
tent, place the public at its mercy and
prevent successful competition.
Something as to this apprehension
was mentioned to Mr.. Baldwin and
brought from him the prompt state
n1ent that the policy of the new COM
pany would be Numerically opposed to
anything of the kind.
Instead of seeking to advance the
selling price of light and power" he
said 1--WE shall constantly endeavor to
reduce it. We are after business
seeking to increase our business every
day. We want to bring our plant up
TO the highest possible efficiency, so
that we can manufacture light and
power at the cheapest possible price
and so be in a position to sell it at
lower prices than now obtain.
In some cases. said Mr.. Baldwin,
THE Edison company has already re-
duced prices, when it is apparent that
the customer was paying too much,
and this policy will be continued We
quite realize that a monopoly. if it is
to be satisfactory to the public, must
carry on its business Just little bet
ter than could be done if there were
competition. We understand that
prices must be made as low as is con-
sistent with good service. And prices
will be reduced. OF course, il is not
economically possible to accomplish
all this in a day or a month; it must
be the result of gradual improvements
in the methods of production and keep
pace with them.
I'VE seek to provide the best and
most economical lamps and motors
and other engines for which electricity
furnishes the power We are expert
menting now with q new incandescent
lamp, the Nernst. which I believe will
give general satisfaction and
high degree of illumination at
q relatively small cost to the
consumer. All this is in the
direction of a reduction in the selling
price of light and power. We follow
this policy as business men, because we
believe it to be the best for our bust
ness interests. and it is absurd to think
or say that we are going to change It.
Instead of prices being advanced they
will be substantially decreased"
A call will be issued to-day for a
meeting of the stockholders of the Edi-
son Electric Illuminating Company. at
which meeting, probably to be held
some day next week. definite corporate
action on the plan of consolidation will
be taken. 1t is. of course. assured
that the deal will be ratified.
Mr.. Baldwin said it had not been de-
termined whether the charters of the
two companies which are to be merged
in the Savannah Electric Company
would be surrendered or retained This
would depend, he said, upon the advice
of counsel.
Mr.. Baldwin said that the total con-
temple ted issue of the securities of the
new company, amounting to $4,000, 900,
had already been subscribed for, sub
ject to the right of the security holders
of the City and Suburban Railway
Company and the Edison Electric IL
Illuminating Company to exchange their
present holdings for the securities of
the new company. All of the Edison
stockholders and bondholders signified
their desire to make this exchange. as
is true of majority of the security
holders of the City and Suburban Rail
way.
The $2,500000 of bonds will be 5 per
cent so year gold bonds. with interest
coupons payable semi annually in jan
uary and July. $l,000000 of the stock
will be a per cent. non-accumulative
stock and $2,50O,0O0 will be common
stock