Consolidated Gas Company of New York
Consolidated Gas Company of New York
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Product Details
CompanyConsolidated Gas Company of New York
Certificate Type
Common Stock
Date Issued
1930's
Canceled
Yes
Printer
American Bank Note Company
Signatures
Hand signed
Approximate Size
11" (w) by 7" (h)
Images
Representative of the piece you will receive
Guaranteed Authentic
Yes
Additional Details
NA
Historical Context
In 1884 the New York City's six largest gas concerns joined forces as a new utility giant called Consolidated Gas Company of New York. This merger initiated a long process whereby the scores of small electricity, gas, and steam companies operating in the greater New York area would be melded into the single and far more efficient entity known since 1936 as Consolidated Edison Company of New York. At first, the electric and gas concerns faced each other as rivals, each side augmenting its forces by annexation or combination with neighboring firms.
The gas companies, including New York Gas Light Company, were united in Consolidated Gas, while the bulk of Manhattan's electricity supply was collected in 1898 under the umbrella of The New York Gas & Electric Light, Heat & Power Company (NYG&ELH&P). NYG&ELH&P also gained a controlling share of Edison Electric Illuminating. Consolidated Gas bought NYG&ELH&P in 1899, when Consolidated Gas decided to use its superior financial might to overcome a growing technological gap by buying up as many electricity companies as it could. In 1901 Consolidated Gas merged the electric companies it controlled, including Edison Electric Illuminating, NYG&ELH&P, and others into a single subsidiary known as The New York Edison Company. Thus the gas companies themselves became providers of electricity, and by 1910 controlled, under the name of New York Edison, most of the electricity generated in Manhattan and the western portion of the Bronx.
By that time, of course, electricity had become the standard source of power not only for illumination but for a widening variety of household gadgets and industrial tools. Alternating current had won the day, allowing the construction of very large central generators capable of serving vast numbers of customers at long distances. New York Edison gradually replaced its last few small DC-generating stations, and the city's power network began to assume its modern structure. In particular, as it became apparent that large-scale power distribution was by nature a type of monopoly, utility companies came under the regulatory control of the state legislature in Albany, New York. The power of the legislature to fix rates of return for utilities was tested in a landmark court case arising out of its 1906 attempt to limit Consolidated Gas's price for its gas to 80 cents per 1,000 cubic feet. The United States Supreme Court eventually ruled that while governmental bodies had a clear right to oversee the operation of utilities, they could not set rates so low as to prevent the utilities from earning a reasonable rate of return on investment; in the case of Consolidated Gas, however, the rate of 80 cents was not found to be excessively low. In the course of its analysis, the Court estimated Consolidated Gas's asset value at $56 million.
For many years Consolidated Gas and its subsidiary New York Edison grew quietly. The long process of unifying New York's various power companies continued, and by 1932 Consolidated Gas was the largest company in the world providing electrical service. The final step occurred in 1936 when Consolidated Gas became Consolidated Edison Company of New York.
Related Collections
Additional Information
Certificates carry no value on any of today's financial indexes and no transfer of ownership is implied. All items offered are collectible in nature only. So, you can frame them, but you can't cash them in!
All of our pieces are original - we do not sell reproductions. If you ever find out that one of our pieces is not authentic, you may return it for a full refund of the purchase price and any associated shipping charges.
FAQ
Are the certificates offered on your site genuine or reproductions?
All of the certificates you see on our site are genuine pieces, we do not sell any reproductions.Are the certificates you sell negotiable on any of today's stock markets or indexes?
No. All of the pieces we sell are either canceled or obsolete and have collectible value only. Â
Are the images presented in your product listings of the exact piece I will receive?
It depends. We try to present images of the exact piece you will receive whenever possible. However, when we are offering quantities of a piece, this is impossible. Within every product page we detail whether or not you will be receiving the exact certificate listed, or if the image is a representative example of the one you will receive. Â
How will you ship my order and how much do you charge?Â
We ship all orders via the United States Postal Service. Most domestic orders are shipped via Ground Advantage. USPS International, Priority and Express Mail, UPS and DHL services are also available, and costs are calculated during checkout. Current charges may be reviewed here.
Can I return my purchase?Â
Absolutely. You may return any merchandise, for any reason, within 30 days of the purchase date for a full refund of the purchase price.
We guarantee all of our pieces to be authentic. If you ever determine that a piece is not authentic, it may be returned for a full refund of the purchase price as well as any associated shipping charges.
Shipping
If your order exceeds $35, and the shipping address is within the United States, shipping via USPS Ground Advantage is FREE!
We make every effort to ship out all orders within 24 hours of receipt.
We ship the majority of orders via the USPS, with domestic orders using the Ground Advantage service.
Shipping is calculated during checkout. Upgraded services such as Priority and Express Mail, as well as UPS and DHL options, are also available.
As soon as your order is shipped you will receive your tracking information via email.
OVERSEAS ORDERS PLEASE NOTE THAT WE DECLARE FULL ORDER VALUE ON ALL SHIPMENTS. CUSTOMER IS RESPONSIBLE FOR ALL VAT/CUSTOMS CHARGES.
Returns
Our goal is to make sure every item you receive is exactly what you had in mind. If you not happy with your purchase, weâll help you get it sorted in a timely and professional manner.
You can return anything we offer for an exchange, refund or store credit within 30 days of delivery. Return shipping costs may apply, and the item must be in its original condition and packaging.
Any shipping charges collected on the original order are not eligible for a refund.