The morning news. [volume] (Savannah, Ga.) 1887-1900, 1898-12-24
BRUSH PEOPLE SELL OUT.
EDISON co. WILL CONTROL ELEc-
TRIO LIGHTING PLANT.

Offer of 500 Per Share for 90 Per
Cent. of the Brush Company stock
Accepted-A stockholders Meeting
Called TO Close the DeaI-One
Thousand Eight Hundred Shares
offered at the Directors Meeting
Yesterday-Win BE No Fight i'm
Electric Lighting and Power
Business.
The Edison Electric Illuminating Com
pany through some of its officers. has
been negotiating for the purchase of at
least 90 per cent. of the capital stock of
the Brush Electric Light and Power Com
pany. The deal is about assured, and the
probability is il will be consummated at
stockholders meeting to be held Wednes-
day afternoon.
For some time 1t looked as If there
were to be two electric lighting companies
in Savannah, but the Edison company
considered it a better plan to control the
Brush company than to compete with it.
It Is understood the new Corners reached
the conclusion that there is not room for
two companies in Savannah, and for that
reason decided to see what could be done
toward buying a sufficient amount of the
Brush company's stock.
At a meeting of the board of directors
of the Brush company yesterday after
noon, which lasted about three hours, the
proposition was gone over, and it was de-
cided to cali the stockholders meeting.
Previous to. this, however, there had been
several meetings of a committee repre-
senting the Edison company, and another
composed of Messrs. j. r. Sheldon, J. C.
Rowland and D. Y. Dancy, representing
the Brush. Mr.. Stone, an electrical engi-
neer, and a member of the firm of Stone
& Wade, who control lighting companies
in various cities, is here in the interest of
his company, which 1t is understood large
ly constitutes the Edison company.
Before the stockholders meeting con-
Guided, it is understood 1880 of the $3.50
shares of the Brush stock had been Of
cred at $50 a share, which is the offer the
prospective purchasers made. AT the meet
ing Wednesday, it Is thought a great deal
more Will be offered. The Edison COM
pany proposes to buy 80 per cent. of the
capital at this rate, and unless this
amount is offered, it is not certain the
deal will be consummated. The price Of
fered is probably quite sufficient to in
duee all to dispose of their stock, as 1t
is considerably above what it has been
bringing. The stock is said to have sold
for as low as $40, while it has never gone
higher than $50 except in a few exception
| al cases.
Had. the prospective deal not have been
arranged for, Savannah had the promise of
| lively competition in the lighting bust
ness. The companies had about locked
\ horns, and the Edison had progressed far
enough in its operations to buy the old
! rice mill property on River street for its
/ power house. 1t had obtained franchises
! from the City Council to erect poles, ex-
| oept in the central portion of the city,
where IL was proposed to build the under
! ground system. When the ordinance was
| put on its passage the Brush company
had also caught the cue, and had one pass
| ed giving il a franchise for an under
! ground There was every indication that
! competition was in sight, but it seems this
spirit has been subdued, and that one COM
pany will mug the log while the other
| jumps over.