Alpena weekly argus. [volume] (Alpena, Mich.) 1871-1893, 1890-12-10
Electric Light Company Reorganized,

In the year 1881 the Alpena Electric
Light Company was organized. The cap
ital stock consisted of $40 shares, and
owners thereof were mostly citizens OF
Alpena. The company purchased q
Brush arc light plant, and soon had the
works in operation. Light has been fur
nished for street purposes since then,
and many business places also used the
electric arc light. The arc light is not
fitted for private residences or Offices
and the want Of such caused the electric
light company to make arrangements
with the Thompson Houston Incandes-
cent light company to furnish plant to
be set up in this city. This caused a
large increase in the expenses Of the COM
pany, and thus, at q session held on No
vember 9th, 1890, arrangements were
made towards forming what is really
new electric light company. The shares
in the old company were held by F. w.
Gilchrist, II. H. Wittelshofer, w. II.
Johnson, ]. D. Turnbull, Albert Pack,
A. w. Comstock, Mason Lumber Co., G.
N. Fletcher and Sons, Thomas Collins,
Henry Bolton, Potter Brothers, G. L.
Maltz and others.
The plan Of reorganization is to issue
$21 900 worth Of bonds to the holders of
the old stock, and retire and cancel the
old stock. Then the new capital stock
OF the company Is to be issued to the
number OF $500 shares, each share to be
Of the value Of $25, and the total amount
of stock will be $4,000. Last Monday,
at noon, the subscription book of the
company was opened to record subscrip-
tions, and will remain open until noon of
December 22d, 1890, for the sole purpose
OF allowing the old stockholders to sub
scribe for such amount Of stock as they
may desire, but each and every one of
the old stockholders are not allowed to
subscribe for more than four times as
much of the new stock as they had In the
old company. This plan gives to the old
stockholders, II they desire, $500 shares
In the new company. Some of the old
stockholders will retire, and the shares
they were privileged to buy, will be Offer
ed to the public at noon on the 22d of
December, and also such OF the other
stock as is not taken by the old subscrib-
ers, as the old stockholders are not CON-
PEELED to buy four times as much of the
new stock as they had of old, and they
need not buy any IL they choose.
The wish Of the company is that the
new stock will be distributed among the
citizens, and they do not desire one or
two persons to hold large blocks OF the
stock. The company has already receiv-
ed an offer from citizen to take all the
stock not subscribed by the public, but
they would rather see the stock we'll scat
tered among the citizens.
A plant capable of supplying several
hundred incandescent lights will be erect
ed at the Morse dam during the coming
winter, and the necessary poles will be
set up and the wires attached.
An assessment OF twenty per cent on
each share will be made soon after the
stock is subscribed for, and the balance
will be assessed as needed. There is no
doubt but that great many Of tho In
candescent lights will be used. The CON-
pany will continue to own and operate
the present system Of arc electric lights,
now in use, and will thus have two cleo
trio light systems--one for streets. and
one for stores, ofnces and private res
idcnces.