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1 New York Gas Investigation Report and Testimony 1885

handle is hein.trials/nygsinrt0001 and id is 1 raw text is: REPORT. ALBANY, N. Y., March 30, 1885. To the Senate of the State of -New York: The committee appointed by the Senate, by resolution dated January 29, 1885, to inquire into the relation of the. lighting com- panies in the city of New York, to the public, and the cost, charge and character of the supply furnished, report that it was attended by members of a voluntary association, known as the Gas Consumers Association and other citizens with various complaints and charges, and by the representatives of the several companies doing business on Manhattan Island, and after a full hearing the following facts and considerations are submitted : FINANCIAL HISTORY. The financial history of the several gas companies in the city of New York (on Manhattan Island) may be outlined as follows: NEw YORK GAS-LIGHT COMPANY. The oldest of them is the New York company, organized in 1823, with a capital of $1,000,000. This was increased to $4,000,000 in 1871, when the company was reorganized under the general law, and of the additional $3,000,000 no part was contributed in money or property by the stockholders, but it represents accumulated values in real estate and earnings derived from the sale of gas. SMANHArAN GAs-LIGHT CoMPANY. The Manhattan company was organized in 1830 as a competitor of the New York company, but by subsequent arrangement their joint territory was divided and no competition in their business was

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