Evening star., 1898-11-23
DESIRED OPTION SECURED
=.
Majority Stockholders in q. S. Electric
Lighting Company Sign an Agreement.
II
president Norris Views of the Future
of the Enterprise-SaIe of
Bonds.

1t can nowAbe stated on the authority Of
Mr. James Il. Norris, the president of the
United States Electric Lighting Company.
that the effort recently made. as noted in
The Star, to secure an option from a ma
jorfty of the Stockholders In regard to the
control Of the company, has been entirely
successful Mr., Norris states that already
the signatures of stockholders owning near
ly 5000 shares, of stock in the company
have been secured to such an agreement
and it is expected that 6,4oo shares will
finally be represented on this paper. A
total of 5,435 shares gives control in the
company.
Terms of the Agreement
The articles of agreement attached to the
paper signed by the stockholders are as
follows:
1T having come to the knowledge of the
eight gentlemen to whom you gave your
proxies and whom you voted for and elect
ed at the last annual election November
g. 1899 to conduct the affairs of The L. s.
Electric Lighting Company of Va shing ton,
ID. c., an honest and business basis
that an attempt is being made for the pur-
pose Of certain parties OBJ ming ami con-
trolling majority of stock of said COM
pany and thereby leopard ng our inrere st
as stockholders of said company the fol-
lowing agreement is made this 18th day of
November, AID. 1898. by and between the
undersigned owning the number of shares
of the capital stock of the United States
Electric Lighting Company set opposite 10
their respective names.
''Witnesse That the undersigned for
and in consideration of the sum of 81, cur
rent money of the United States to each
in hand mutually paid at and before the
signing Of this agreement. receipt whereof
is hereby acknowledged and Of divers other
valuable considerations them and each of
them thereunto moving. have coyenanted
promised and agreed, and do, hereby, COW
enant, promise and agree, to and with zach
other, each for himself and not one for an
other, us follows:
First. That they will, severally, with
hold their respective shares of said capital
stock from sale until such line as shall be
mutually determined upon.
Second. That no shares of said capital
stock standing of record in their names or
controlled by them, shall be sold for a
price less than one hundred and seventy
five dollars (s110 per share
This agreement to hold good for q period
not exceeding one year, and we further
agree not to give our proxy to any person
other than the person now holding same
In testimony whereof the UNDERSIGNED d
have hereuntc set their hands and affixed
their seals, respectively, on the day and
year first hereinbefore written
Statement by President Norris,
Mr.. Norris, in conversation with a Star
reporter this morning, said the stockholders
who had entered into this agreement had
| confidence in the company and its future.
They We're satisfied with 1t as an invest
ment for theirl money. and in a large num-
ber of cases the stock holdings represented
| the entire savings ,tpf citizens. The com
pany, he said, was organized by Washing
! ton men. whoi hadi put their money into
| the enterprise.T Such mea, he added, as W
| f. Clark, Samuel NorR1ent, DR.. Daniel B
Clark and others had started the company
| under disco,lraginga circumstances. but ty
| their persistence and energy it had deveI-
| oped into the ifnpor<ant enterprise of today
| 1t WAS not ths intsa tion, he said to allow
! the interests of small stockholders. nor of
the large. to he iulperiled by stock manip-
niations and the Schemes of SPECTATORS.
| For this reason the agreement had bee1
entered into. Z -1df . .-,ss.=
Mr. Norris fnrthen said that he did not
believe majority tyaf the stockholders de-
| Sired to sell their holdings. but that 1T was
the wish to conlipuethe business of supDfv-
| ing the city with a frst-class electric light
ing service. He said that since the recent
company election he had been able to mace
| practically the entire issue Of 1850 900 in
bonds of the company. which had been used
| up to that xime as a. collateral for a loan.
| it having been impossible to find a market
| for them. This money was put into the
| new plant of the company, which has lust
been completed