New-York tribune., 1899-03-05
A NEW ELECTRIC DEAL.
PLAN TO CONTROL ALL PLANTS IN ESSEX.
HUDSON. PASSAIC. BERGEN. MORRIS
UNION AND MIDDIESEX COUNTIES.


Incorporation papers for the United Electric Com
pany OF New-Jersey have been prepared 10y l. u
Howard Gilmour. n lawyer Of Newark The papers
Will be filed soon. The capital stock OF TIE com
pany is fixed at 10000 OoO but this may be in
creased. The company is to control all tho electric
light. heat and power companies in Essex. Hudson
Passaic Bergen Morris. Urion and MiddleseX
counties under head and management.
II the plan is carried out ms the papers no"
drawn read the capital stock OF tho organization
Will be divided into two hundred thousand shares
Of SiOo each and bonds will be Issued 10 the
amount OF 7.5OOOoo to be used In pnying for the
concerns that may toe absorbed. NJ Gilnour II
the local counsel for the United Gas Improvement
Company f Philadelphia lie mas confidential re-
la lions with leading members Of the Peoples l-iGh
and Power Company. From this II Is declared
that the company is 10 be allied with the United
Gas Improvement Company. The corpcraiors for
purposes Of record named IN the papers are +.
StiIman OF Railway: W J. Davis Of Harrison
and Thomas j. George. of Newark
The new company will organize This week by
the election OF officers and Board of Directors.
The company is authorized 20 take In any e"ctrlc
light company that may offer 10 come In.
\ meeting was held on Friday night by those in
terostod. Secretary Randall Morgan Of tho United
Gas Improvement Company. represented that cor
poration. Others present were =. VI. Shanley' zaI
H. McCarter president e the Fidelity Trust Com
pany which will probahly finance the new com
Title and Trust Company Of Jersey City, ana Mr.
Gilmou-
The plan agreed on is for the shares Of stock OF
each company selling out 10 the United Electric
Company 10 he deposited with the Fidelity ana
New-Jorsey Trust companies which will issue ne
rotable certificates for the stock. 20 be exchanged
fc- bonds as soon as they ready for delivery
which il Is expected. VIII hc about May 80 next.
The bonds 10 De issued VIII be per cent guarantee
gold bonds to run for iffy years. For FIVE years
interest on the bonds win be guaranteed by the
United Gas Improvement Company.
1t is said that the Peoples Light Heat and
Power Company Of Newark which controls all the
plants in Essex County and nearly all in Hudson
County. Will sell TO the new company. The United
4 Gas Improvement Company is said 20 own Sl"~'-
Of Tie 50oO.0J3 stock OF the Peoples company
II also mas control II the Hoboken Morristown and
Elizabeth Electric Light companies. whose com
The nited ,sas improvement Comrany is also
credited with controlling the PaSsaic ana f''f'So"
Philip y Jackson. it is said is to Dr. president Of
pow niam' On On IIi IIe isi." I he rIaYt is 10
be equipped with modern ana powerful dynamo
m oIanv 10 tIansInit cicctrioa current 10 all
poinis vi.hin radius OF sixteen OF eighteen mi's
The plants absorbed will he kept as reserve sta
mons Tor cases of cncrrencv In this way the
new corpora tion would have cnain OF power
houses and by making connections could meet
| demands in any part OF the territory ~ any tmc
&C Peoples Lirht. Heat and Power Compan!
/ which II is proposed TO absorb within snort
period has absorbed the following Newark Elcc-
/ trio Light and Power Company. Newark Schu> ~
/ Electric Light Company. ConsuE."rs Light ano
! Power Company of Newark Kearny Electric Light
! and Power company. Edison Electric Lighi and
D Power Company. Suburban Electric ILghi ava
/ Power Company. Jersey CITY Electric light Com
/ pany. Central Power Company of Newark. Hudson
/ COUNTY Electric Compan, Montclair Light and
/ Power Company. Thomson Houston Electric CON
F vany Peoples Gas Company OF lryinrion. TX
celeior Electric Light Company of Harrison. th'
MolrietoWn Electric Light Company North hudson
/ Electric Light and Power Company OF h'hok"A
/ Suburban Electric Company of Eliza hefh. m" lai
/ eGsou Gas Company Of Paterson. M foopi' 'I,s
/ light Company OF Paterson. the fds~alc LiRnflnl
I Company Of Passaic Edison Electric Illuminating
/ Company. tho Passaic and IcrEen Gas company
/ and The Lodi Light Heat and Power company.
Tho Morrstown. North Hudson and Suburb are
! independent companies. The six last named were
/ involved IN a deal which went through lu Paterson
/ last week and controlled by the United Gas
/ Improvement Company interests.