New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-07-07
HUDSON COUNTY GAS TRUST
UNITED GAS IMPROVEMENT COMPANY
WILL BUY TWO MORE CONCERNS.
STOCKHOLDERS OF THE JERSEY CITY AND PED
PIES CAN GET 80 PER CENT FOR
rrtrrfp erorv

STOCKHOLDERS OF THE JERSEY CITY AND Puo-
PIES CAN GET 80 PER CENT FOR
THEIR STOCK
The United Gas Improvement Company has De-
termlnsd 10 a monopoly in Hudson County.
IL recently made a favorable offer for the plant
and franchise OF the Hudson County Gas Light
Company. a corporation that has no rival In Ho-
boken and North Hudson and its OFFER will probs-
bly, be accepted The United Gas Improvement
Company has made a proposition for the purchase
OF the two Jersey City companies Il has leased
the Jersey City Gas Light Company and the Peo-
pies Gas Light Company. The United Gas I'M
provement Company was organized in Philadelphia
a quarter Of a century ago and among ia promi-
nent organizers was Stephen p. Ekns Its repre-
sentatves appeared in Jersey City fifteen years
ago and purchased the Consumers company, then
struggling concern established by the late Orestes
Cleveland who served Mayor OF the city Tor
Ave terms and the only rival 70 the Jersey Guy
company which had exclusive jurisdiction In lower
Jersey City and the Peoples company. which, ~
agreement with the Jersey City company. had Its
territory on the Heights The new company quick
" effected a lease with the two companies. guaran-
feeling 10 the stockholders hxed dividend IN excess
OF what they had derived. The lease vac Tor
twenty years. The United Gas Improvement tom-
pany clever enough 10 secure the passage OK q
bill which practically prevented opposition oy pro
hbiting the laying OF gas mains In streets IN WHICH
mains had been laid Five years hence the lease
will terminate and the property viii revert 10 the
old companies. excepting the plant OF the oid coh-
sumers' company. and Il has opened negotiations
for the purchase OF the two leased companies IL
has offered $50 per cent OF the face value OF the
stock Of the old companies profit OF 10 per cent
and the proposition probably will be accepted
circular letter signed by the officers OF me o'o
companies has been sent all the stockhoiders-
1t says
As the result OF negotiations extending over Up
ward OF a year proposition mas oeen I I as ,hts
the directors for the purchase OF the STOCK OF LIS
company by the United Gas Improvement Company
upon the following terms: - -. 49,.
/ Stockholders to be paid ~ per ,ecs n cash on
z Stockholders may at their option accept per
cent bonds OF corpora ton 70 be ORGANIZED 10
nm the gas companies Of Hudson county WhlCns
shall bear interest from August !, 1871 IN "e" u
all or any part OF the above casn payment 49,
psrt OF their stock may purchase stock OF the new
company at % per cent OF Us par "a b I'M M
amount or the par value OF the STOCK Oh ' ~ a.
pany in payment for which bonds nave oeeh a"-
cepted - .o,,
4 No right to purchase stock OF the, new COM
pany as above attaches to any stock or 'hls CUM
pany sold tor cash. -. - I'll,
s. The option to take bonds instead OF cash VIZ
be open 10 vendors OF the stock or TINS company
proyement Company accompanying which notice
will be a statement Of the amount OF pohas anu
stock TO be Issued by the new company. =.
s Stockholders must signify their wlngness 0d 20
dispose OF their stock or before August 4 lss'.
and unless the proposition Is assented 70 oy ano
owners of three-fourths Of the stock OF TINS corn
pany before that date, the proposition VIII %
This proposition has. after very thorough con-
committee Of this Board. consisting oi the presi-
! dent and Messrs Zabriskie and Rnnkle; and has
the interests of the stockholders will be promoted
| by their acceptance OF IL