The sun. [volume] (New York [N.Y.]) 1833-1916, 1878-11-25
HARLEM GAsLIGHr coMPAvK
Being In Debt, IL Fay. n Dividend and then
Desires to Mortgage Its Property.

In the tumble in prices OF gas stocks the
stock Of the Harlem Gnsight Company has had
n more rapid and severe decline than any Of the
others. This fact has led one OF the smaller
stockholders to make inquiries of The Sun
as to the cause. The correspondent is fur
thcr alarmed by the prospect Of mortgage
being placed upon tho property OF the company
Investigation reveals that other causes have an
influence upon the market value OF this stock
The most potent Is the appearance OF rival
company As yet tho Knickerbocker has not
begun 20 supply the Harlem district hut it,
preparations and announcement that Il viii
furnish gas for not more than - have Induced
the Harlcm o. lower it, price from 500 20 81.
The following circular has been distributed;
ra1. 0a,haftr' ne Hui-a Cos fgit c,nPuv.
properly and tranchlsc. 10 secure or obtain money or
The extension 81 our lusincss AMI other purposes VIII
see orr President before the aith November is7s
VII" has tie necessary Sayts wh.sh Ne wsa you To
NV YorE oct - ISIS
One stockholdcr said this was n surprise 20
him. because. Hs The company had occupied and
controlled the territory II supplies for many
years. he supposed IL was fully equipped, ana
had the means 10 MAKE any desired nSioni
fcers consider it advisable 10 place q mortgage
~ not more than t5O0.u 600 upon the property and
franchises. f. this end, the assent ~ two
thirds Of the stock Is required The officers
purpose to issue "a pres nj only q part of IN"
bonds secured lyihis mortgage The company
has Si7UNOu of subs 'ription bonds ouistand lnR.
These will he funded under the mortEaee We
have also q hoating debt OF about $4,000. said
an officer and we wish TO liduidate that"
Al together The company has spent ABOUT
S30nWN over and above It's capital stock Of
s12 ,h a SS e the a o h en eo
pany was. on Jan. 1875. sS54; I9slf; ~ the
that time was slsi 1881 IA. From the statement
Of the official placing the floating debt at nbout
$4,000. Il Is inferred TINT the company have
dis harged nbout 100000 OF Indebtedness in
II is Noteworthy that with nm indebtedness o.
s95l.7aSll Of which tis4 7gs IA was a floating
debt. the company declared md paid semi
annual dividend OF per cent. Feb. !. with n
tairty days alter the sworn statement OF THIS In.
demedness was filed. The August dividend
Alter paying the debts Of tho company II is
tho purpose ~ the officers 10 issue such amount
of bonds under the mortgage as VIII give them
money 70 build a new retort and purchase and
lay pipes ior tu" extension OF thor business.
Who the principal creditors Of the company are
il not known but h has long been IN open So
OF ii. con.-thr largest expenditure n gas com
pany hns-of it, President, Mr. Burr Makcman.
who owns a coal mine in West Virginia known
A. the Murphy Hun Coal Company. Respecting
tli- transaction an officer Of the company said
that u had given rise 70 many Unpleasant ru,
mors. hut as "a matter Of fact the operation had
l.en very favorable Ia, the gas Light company.
He said that by purchasing ~ Mr.. Makeinan
the company got IT, conl NJ 30 cents less q ton
than II could ct It. at from the Pennsylvania re-
giuns. and the coal WAS NJ least twenty per cent
more productive than other gns Goals.
The existing state Of affairs in the Harlem
Company. as made known by lis proposal 10
mortgage lis property. Is variOusly commented
unon 10y brokers in gas stocks and by the
officers Of other companies.
1t Is cited that the Harlem has always had
tho exclusive supplying ~ the district above
Scventy-niuth street and 10 the Harlem River.
and also that IL has ALWAYS charged 80 cents
more a thousand feet than the compnnics sup
lying the district below there. The highest
price ever attained by the stock 81 tho Harlem
h. 2lj. Inst JHnuary.lus previous ~ the pay
Iurut OF the last dividend II sold AT "a aud in
May AZ % OFT. Il WAS quoted nj SOC 90, and
ihn lntest sAln within q Mnnk was ni 81 a.