The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1905-04-04
n Gas COMBINE
One Company Controls
Everything in Manhat-
tan and Bronx.
-OFF|C|AL STATEMENT

s's ~ss .st
New York, March oJ.-Absolute con-
troll Of all of the gas and electric
plants In the boroughs of Manhattan
end the Bronx is vested in the Con-
6olidated Gas company.
This startling information, frequent
ly advanced by many persons, and as
often contradicted, was offlcially and
formally made known today and is the
result Of the first days investigation
by the special legislative committee
into the high prices for New York
lighting.
II was tedious work to bring out adj
missions from the Consolidated Off
cials that their company had the con-
trolling interest in the several con-
Germs that are outside of the Consol-
idated, as far as the knowledge Of the
general public is concerned.
Counsel Hughes, for the committee,
loaded with facts, and figures was per-
6.stent in his examination of the two
first witnesses brought before the COM
mittee and despite their frequent Il
presume so" and IL don't knows" the
truth Of the matter was brought to
light and made q matter Of record
Today's session lasted from 1880 in
the morning until few minutes past
o'clock in the afternoon. At o'clock
q recess was taken for 40 minutes,
while one of the witnesses went after
the books of the Consolidated COM
pany. era
In that interval the legal advisers
OF the Consolidated decided to give the
desired information to the committee
and to allow the officers to testify to
the facts requested and not to keep
specific information concerning the
emount OF stock the consolidated own
ed in each outside company from the
committee.
Treasurer Bennett and Assistant
Treasurer Whiteley, Of the Consolidat-
ed and George w. Diane, of the North
ern Union Gas conn rany and general
manager of the Now Amsterdam COM
pany told of the holdings by the Con-
solidated of a majority OF the stock,
and In all but a few cases the entire
stock of the Central Union, the North
err Union, the New York Mutual. the
Standard, the New Amsterdam and
the West Chester Lighting Gas COM
panies.
All the gas plants in Manhattan
and the Bronx having been shown to
be under the control of the Console
dated, the electrical lighting ard power
companies were next touched upon by
Counsel Hughes.
The New York Edison company, as
result of merger between the
New York Gas, Electric Light, Heat
& Power company and the old Edison
company, was admitted by Treasurer
Bennett to be practically the property
of the Consolidated Out of the, stock
in the new company, valued at $45.-
100000 the Consolidated owns $45,-
041.O00.
Counsel Hughes then read at length
from documents filed with the secre-
tary of state showing that the New
York Gas, Electric Light, Heat and
Power company, before the merger
with the old Edison company had alb
sorbed all of the title companies.
There was general merger of these
companies into the New York company
on March 8. 1900.
At the time the New York company
consolidated with the old Edison COM
pany, the New York company owned
the stock of the old Edison company.
The next line of investigation by the
counsel of the committee was to es-
tablsh the reasons for the increased
bond issue of the Consolidated COM
pany.
On July 8, 1900, the stock was in
creased from $54 1916, 200 to $50, 900, 900.
On July 16, 1904, application was
made to Increase it from so to 100
millions.
The company has not disposed of
any Of the stock for the issue over
eight millions. All the stock up to
eight millions was placed on the mar
ket
Just how the stock had been dispos-
ed of was a question Treasurer Ben
nett could not answer and with him on
the stand the committee adjourned.
The understanding was that the treas
urer would present to the committee
the first thing in the morning state
ment showing the disposition of the
stock .-r