Evening star., 1898-11-10
ELECTRIC LIGHT ELECTION
Some Of the Current Gossip About Recent
Stock Purchases
Nothing Definitely Known as to
Causes for the Demand of
These Securities.

The result of the election of directors of
the United States Electric Lighting Com
pany, which was held at Harper's Ferry
yesterday. was not surprise to those who
were familiar with the situation. ane who
knew some days ago that a sufficien. num-
ber of votes mad been secured to insure the
election of a majority Of directors opposed
to the continuance of Mr. A. A. Thomas in
the Office of president. As the eigh: Girec-
tors who united in IN address to the stock
holders, in reply to issued by Mr..
Thomas. were reelected 1t is now I, fore
gone conclusion that the next president cf
the company will be Mr.. James l.. Norris.
The only feature of the election that oc-
casioned surprise the substitution of
the names of Mr.. William A. Mearns ard
Mr.. Walter Heiston for those of DR.. Thos.
o. Hills and Mr. George W. Gray. 1t is
understood that Mr.. Mearns and Mr.. Heis-
ton were elected by the use of the stock
which the former has been buying recently.
For what purpose he acquired this stock.
or whom he represents, Is not known detin-
itely.
There is considerable gossip on the sub
ject, but before 1t is stated what people
generally say of the purposes and plans in
making this purchase it may be well to
know what Mr.. MearnS says on this sub
ject.
In conversation with a Star reporter this
morning Mr.. Mearns said:
There is now another faction in the
electric company management. The first
is what is known the Thomas faction,
the other the Norris faction and the third
the stock represented by myself and Mr..
Heiston. I intend to act with the faction
that has in view the best interests of the
company"
AS, however the Norris faction has an
undoubted majority in a board Of thirteen
members, it is difficult to understand what
practical influence the other two factions,
so called. will have in the management of
the company. However that may be. it is
said that when Mr.. Mearns recently bought
some twentyone hundred shares, which. it
is believed, represent his entire holding, it
was understood by some that the purchase
was in the interest of the option which he
was also obtaining on the stock of the
company with view Of getting the control.
1t was understood then that the stock
owned and controlled by Mr.. Thomas was
in this option at the price of s120 per share.
1t is now said that MIR. Mearns represents
New York capitalists. and some are of the
opinion that the money which has gone
through this channel into electric light
stock was a portion of the proceeds from
Moore and Schey. the New York brokers.
whether the latter bought for the purposes
of making an investment, or with the view
of future control Of the company is still
matter of opinion. as nothing is definitely
known.
There are still those who believe that
the same people are behind the recent pur-
chaseS of gas and electric light stock and
that In the future both of these companies
VIII be under one management. 1t is also
said that those interested in the Potomac
Electric Company, the rival of the United
States company. are the exciting cause of
the activity in the stock of the latter COM
pany.