Savannah morning news. [volume] (Savannah) 1868-1887, 1883-12-27

Satisfactory Adjustment OF the ArouoAes
Retween the Savannah Company and
the parent" Company.

satisfactory Adjustment VI Inv
Between the Savannah Company anu
the Parent Company.
The negotiations which have been going
on between the Brush Electric Light
Company of Cleveland. Ohio, and the
Electric Light Company of this city, were
brought to a successful termination yester-
day. As the public probably have suspected
from the numerous meetings held by the
company that there was trouble some
where, it will not be out Of place to state
the difficulties that existed and which are
now amicably adjusted
The first organization in this city was
known as the Savannah Electric Llght
Company, and operated under the ives
ton" patent.
Before it had completed its arrange
ments for supplying the light, an agent OF
the Brush Electric Light Company OF
Cleveland. Ohio, DIR. Elroy NJ. Avery,
came to this city, and satisfied the COM
pany that the Brush was the
better electric light. In the nego-
tiatjops which ensued it was
agreed that the Cleveland concern was
to take what machinery the savannah
Weston Company had and pay So,OOo
of its share of the capital stock Tor 1t.
The Brush Electric Light and Power Com
pauy was forthwith organized with a
capital of 100000, the savannah
stockholders taking $5o,OOO, and
the Cleveland company receiving S42,oOo
in stock in payment Tor tnelT
patents and privileges. Thus affairs stood
at the time of the Yamacraw hre when
the electric light works were destroyed.
In the movement to reorganize the COM
pany in this city the Cleveland company,
for certain considerations, agreed to
surrender the $4,000 in stock held
by it.
1t was, however, afterwards discoy-
cred that they could not deliver put
S3,I. 600 i'm stock. giving as a reason that
the remainder, $4,000, had been used IN
this city by DR.. Avery, their agent, 10
promote the formation of the Brush Elec-
trio Light and Power Company of SaYan-
nah. As the only stock delivered by
DIR. Avery was the $4,000 gwen
for the plant of the original
company (the Weston and tnat was
included in the $4,000 held in this city,
the stockholders of the Brush company
each individually made affidavit that no
stock had been received by them or any
one of them as stated and insisted on the
Cleveland company delivering the
stock as agreed. This it appears they
could not do, but in order to settle
the matter, the Cleveland company
gave BOND yesterday lOT lne III OnC inns
Of the missing stock, and the negotiations
were at once brought to a satisfactory con-
clusion. The entire stock of the Brush
Electric Light and Power Company is
now in the hands of the Savannah stock
holders.
The only question unsettled is, what be-
came of the $4,000 in stock which DR.:
Avery says he used for the purpose OF
.'promoting the formation of the COM
pany," or, in other words, ''placed 1t
where it would do the most good" The
closest investigation has failed TO discover
the holder or holders, and the books OF the
company show no transfer of the stock.
This matter, however, now concerns only
the Cleveland Company and DIR. Avery.
The work of rebuilding was not retarded
by the difficulty mentioned, and the works
will be in running order and the city
again lighted before the expiration OF the
limit fixed by City Council.