Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-01-24
U. S. ELECTRIC LIGHT CO
President Norris Confirms the Rumors of a
Sale.

What has been largely an unverified
rumor in regard to the sale of a control of
the United States Electric Lighting Com
pany was today confirmed an actual
fact by Mr. James l.. Norris, the president
of the United States Electric Lighting Com
pany. He told Star reporter today that
an agreement was signed on the 18th Of
this month to purchase 600 shares of
stock at $50 per share. He said he had
entered into this agree nent with a man
who is we'll known here, but whose name
he would not give, and according to the
terms which had been agreed to in writing
by stockholders holding the amount of
stock above specified, ten days allowed
for the delivery of stock.
The stock, Mr.. Norris said was being de-
livered rapidly, and probably before the
expiration of the time, which is the end
of the present week, the entire amount
would be in the Bank of Washington, the
custodian agreed upon. Already, he stated,
under the terms of the agreement $2jO,00O
had been jaid into the Bank of Washing
ton, and a further payment of an equal
sum would be made when all the stock
was delivered. Then on or before June /
the purchasers have the option by paying
the entire purchase money to assume con-
troll of the management of the company.
Il is thought that this option IS likely to
be exercised before the expiration of the
last date named for closing the deal, and
in some quarters it is supposed that the
new owners will take control of the COM
pany next week.
However that may be, the fact remains
that the identity of the purchasers is APP
parently not known, at least by those who
are supposed to be more or less familiar
not only with the affairs of the United
States Company, but with local financial
matters generally. Mr.. Norris himself,
the president Of the company. and the rep
resentative of majority Of the stock in
this transaction, told Star reporter this
morning clearly and positively that he did
not know who the purchaser or purchasers
were.
He expressed the opinion when asked, but
said it was merely an opinion, that neither
the Potomac Electric Power Company nor
the Washington Gas Company were inter
ested in this deal
Principals Not Publicly known.
1t is looked upon as not only remarkable,
but significant. that a transac of such
ma gnitude. involving, as 1t does, the cash
payment of some $500, 900, should have been
brought to a conclusion without the den-
tity of the principals being revealed Prac-
tically all the other details have been sub
jects of current gossip for days past, sub
stantially since the first public announce
ment which appeared in The Star on the
12:h instant
Yet all this time and even now the wise
acres are at sea as to the personality in
this transaction, although as the readers
| of The Star know there have been some
| surmisas which future developments may
| prove to have fallen not very far from the
mark.
| 1t is still regarded that Mr.. Frederick G.
Stevens. who controls the Potomac Electric
Power Company, and Mr.. John r. Mclean,
| the president of the Washington Gas Com
pany, may prove to have been influential
| in bringing this deal about.
II Is understood that the purcha sers of
| the United States Electric Lighting Com
| pany did not propose at first TO buy more
than control of the stock which is $500
shares, but 1t was insisted that they should
extend the limit to 6,iO shares, so as to
| provide for smaller stockholders who might
| wish to sell at the present time at $3.50 and,
| as stated, the full amount will be trans
| ferred. Some time ago Mr. W. A. Mearns
| purchased orders some 1900 shares
1t is not known who Mr.. Mearns' princi-
| pal is, but 1t is surmised that events may
| show that MIR. Mearns' principal and the
people who have just acquired a control
| represent the same interests. If that is the
| case, then all the stock of the company
| with the exception of a few hundred
| shares. will be subject to the same control
! and will represent an investment of nearly
one million and a half dollars