The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1892-02-25
AN ELECTRIC DEAL.
The Home and General COmpa-
MES Consolidate.
HENRY WILLARD SELLS OUT.'
New Company Organized Composed
Solely of Local Capitalists-sequel
to the New York Deal.

The final step was taken yesterday toward the
consolidation of the Seattle General Electric
Company and the Home Electric Company, by
the incorporation OF the Union Electric Com
pany, with capital stock OF sl,o)0,010.
The project for this important consolidation
was conceived shortly before Henry Willard Wis
tied the Coast some months ago. When he ar
rived the scheme was placed before him Tor
consideration, but he either had not the time
to give it or was not then favorAbly inclined to
the idea, and he therefore refused point-blank
to enter into it
DR.. f. c. Kilbourne, vice president OF the
Home Electric Company, took q trip East for the
purpose OF securing Mr.. Wizards cooperation,
or failing in that, to induce him to sell out his
two-.hirds interest in the Seattle General Esec-
tric Company. The outcome Of full mouth OF
negotiation was that DR.. klbourne secured
from Henry Willard contract for the sale OF his
interest. The terms of this contract the parties
in interest refuse to make public.
Another purpose of DR.. kilbourne's Eastern
trip was to tioa, the bonds OF the consolidated
company, in which he was also successful.
Bonds TO tho amount of $4,000 were placed
with the New York Guarantee and Indemnity
Company, and $4,000 in cash will reach Seattle
within ninety days, which will be used 10 liqui-
date the outstanding debts of both the old COM
panies. The latter were stocked at 100000 each.
The stockholders OF both the original corpora
later on they will surrender their old for new
stock in the new Union Electric Company.
The articles were filed in the county auditors
Office yesterday by J. NJ. Frink, c. p. Stone,
James A. McWiiliams, VI. L. Wright, T. II. Tyn-
dale, H. 3. Denton, Angus Macintosh, p. w.
Fuller, John II. McGraw, Isaac Dobson, John A.
McWiliams and E. c. Kilbourne. The capital
stock of 100000 has bean divided into 10000
shares OF the par value of $780, The trustees OF
the new company are Isaac Dobson, John II.
McGraw, c. p. Stone, James A. McWilliams,
Angus Macintosh, J. NJ Frink and Z. c. Kill
bourne.
I. II. Tyndale, manger of the Seattle General
Electric Company, will retire from active inter-
est in the new company, and will leave the city.
f. C. Kilbourne will be the general manager
and James A. McWilliams will be the superin-
tendent OF the consolidated company.
Those who have been instrumental in effect
ing the deal state that the main object OF the
consolidation is to make the Union Electric
Company essentially home institution, con-
trolled by Seattle men and operated by Seattle
capital.
The New York company, however, which
agreed 10 float the bonds of the new consol-
dated corporation, is the same organization
which is acting for the late consolidation OF the
Thomson Houston and Edison companies in
New York, and it is possible that the Seattle
consolidation may be a part of that general pro-
iect The old Seattle General Electric Company
used the Edison system, in which Henry WILL
ard is known to be deeply interested, while the
old Home Electric Company has in use the
Thomson Houston system
There will be a meeting of the board of trus-
tees OF the now company at DR.. Z. {. kilbourne's
Office this afternoon at O'Clock TO elect officers
and transact other important business.