The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1897-06-28
LIGHT TRUST DEAL.
Plan to Consolidate Gas
and Electric Light Com
panies in New
Jersey.
RISE IN PRICE OF GAS STOCK
Such a Combination Will Cheaper
Price Of Both Commodities
Those at the Head
Of the Deal.
Else IN PRICE OF GAS STOCK

Jersey is to have a new trust added
TO its already long list. This is a light
trust, and there is a plan launched few
days ago to consolidate the gas and cleo
trlc light interests and it was seen in
the sudden advance of Newark gas light
stockNof hfty per cent. of what it origin
any brought. ThoseSwho are at the head
OF the project are such well known f1nan-
clers as Mr.. Bernard M. Shanley, Senator
James smith, Jr., P. N. Jackson, ex-Sec-
retary of State Henry c. Kelsey, repre-
sentlng the Newark Gas Company and
Elisha B. Gaddis, representing the cleo
trlc companies. The stock of the Electric
Light Company is now held conyenientlv
IN blocks, and a majority of it is in the
hands of four trustees, who are members
OF the Board of Directors, with power to
make such dispositions as their judgment
approves. With the gas and electric
lgnt companies combined, competition in
puphc lighting in Newark would be ended.
put the managers believe that the econ
cmy to be effected will allow of reduced
rates for lighting.
Inc scheme to consolidate all the light
ing interests has been urged by the
united Gas Companies, which concern is
a heavy stock holder in electric light
STOCK, and also has large block of New
ark gas stock. 1t is claimed that NOT
only would the present value of the
STOCKS increase, but the combine would
then De free from all competition in light
ing, and economies could be effected in
management By getting control of gas
stock to great amount it is believed
combination 1o
gas company, even with a majority of the
stock trusted" This has forced up the
price The details Of the negotiations
between the great parties interested are
secret
1t is said that the Jersey City Electric
Light Company is also included in the
deal. The Jersey City Company has a
contract to light the municipal 1amns
for which it receives s99, 900 per year. The
Suburban Electric Light Company has a.
territory extending through the Oranges.
All OF the companies named have mo-
nopoly of territory and make their own
rates.
During the past year or so the uues-
ton of municipal ownership of electric
light companies has been agitated
throughout New Jersey. The sentiment
IN Iavor OF it has grown to such an ex-
IN the companies have become worried.
and the scheme of consolidation is said
TO be for the purpose of heading off any
future movement having for its object
the municipal ownership of the electric
light plants.
MT. Bernard M. Stanley, who is fore
most IN this great undertaking, will short
" sail for Europe and all final negotia-
tl.ons will probably be conducted Before
ms ms departure. He courteously received a
representative this morning. He
said he had heard the rumor Of the con-
solldation; but he declined to make any
statement concerning it,
one thing is certain that such a union
Of interests would undoubtedly. cheapen
the commodity and effect a public benefit
an example of which may be seen in the
said that those engineering the plan have
tried to get John Kean to come in. but he
has has refused. From the highest AUTHORITY
Is without truth -