The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1880-01-04
EDISON ELECTRIC LIGHT STOCK.
Advancing in Ten Days from $1,000 t.
$4,000 Per Share Of 500.
IN. Y. SUM-

Tho stock of the Edison Electric Light
Company Is divided into 5000 shares, whose
par value IL 500 each. This makes the nom
innl capital 100000 great majority OF the
stock Is held. 1t Is said, by not more than ten
men.
Mr. Norvin Green, president of the Western
Union Telegraph Company. Ia also president
of the Edison Electric Light Company. Cal
win Goddard Is It's secretary, and Mr.. Gros-
venor 2. Iowrey Its counsel. The company
has bought of Mr.. Edison the right to intro
duce and continue his invention throughout
the Western hemisphere. What price he was
paid has not been made known. II is said
that ne has reserved half OF the right In Eng
land. The right on the European continent
has been sold separately. Officers OF the COM
pany in New York say that Edison has been
well taken care OF in the contract made with
him.
The first reportable sales OF the stock have
been made within the past few days by Kirk
land IL Milliken, brokers, OF AZ William
street. Mr.. T.. w Saportas, q member OF that
firm. says that on the day before Christmas
five shares were offered at $3.50 share. and
that on Tuesday last the firm sold two shares
at $4,000 share, and on Saturday one share at
| $500. Since that time bids have been made
as high as $500, but the stock ID held above
| that price.
| MIR. Saportas says that there have been
some fifty or sixty persons In his offices since
| Christmas to make inquiries. Those who &C
| tually bought the stock apparently bought IL
| To nOlu IL, auu mol as u IueEb SptCulhblou ottS
purchaser, he said, Is solid and conservative
! merchant.
"If," Mr. Saportas continued, "after Mr..
| Edison makes bis illumination at MEMO Park,
the shares should go up In market value to
$4,000, and that is the value at which most OF
the present holders rate them now, the figures
would not be extravagant. For example, In
New York city and Brooklyn alone there is
$50, 900 invested in gas stocks. Now the
Edison Company would hold 8 franchise not
only over New York and Brooklyn but over
! all the cities and towns In North and South
America 1t would be able to pay interest on
the increased value OF the stock, which would
| Ia that case be only S30,O00,000, the same as
that Of the gas plant In New York and Brook
| lyn We hold only few shares and there
are very few In the market
Another reporter says: "Ten days ago the
shares were quoted at $1,000 each, the pal
value being 500; on Friday one share was
sold for $500; on Saturday two shares solo
at $1,000 each and one for $780, and yester
day one share was sold at $500. Five ant
ten share lots are held at $500 and $4,000 pei
share.
In the Brooklyn aldermen's meeting, yes
terday Alderman Smith presented resolu
ton for the appointment of a committee o
five to go to Menlo Park, tomorrow evening
to see the exhibition Of the Edison electro
light, with view of adopting it IL 1t proves
successful. Alderman French said that Ii tn
light was successful the whole country woult
know it, and he was opposed to any expens
to the city for the visit. He offered an amend
ment that the committee should go to see tn
exhibition without expense to the city. Ih
resolution thus amended was passed.
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