The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1899-03-10
ELECTRIC DEAL.
Contracts Not Yet Signed
Because Certificate
Books Are Not
on Hand.
SCHEME WILL BE COMPLETED MONDAY
Circular Offering to Stock
holders Additional Issues
Opinion as to the
Consolidation.

There is a slight hitch in the proceed
ings of the promoters of the United Elec-
trio Company, and, consequently, the
taking in of stock was not begun yester-
day, as had been planned.
The promoters met at the offices of B.
M. Stanley, the president of the Essex
and Hudson Gas Company, for the pur-
pose of signing the contracts with the
New Jersey Title Guarantee and Trust
Company of Jersey City and the Fidelity
Trust Company of this city. Mr.. a
ley. Uzal H. McCarter, j. E.. Hulshizer,
of this city, and Randall Morgan, of Phil
a~delphia, were present at the meeting,
and Vice President Carrot A. Hobart
dropped in for a little while. The -four
first named men waited impatiently for
the arrival from Philadelphia of the GER
tifcate books containing the receipts to
be given by the trust companies as col
lateral bonds for the stock turned in by
the holders of the three companies to be
absorbed.
Then the promoters adjourned, and they
will meet again next Monday afternoon.
as an earlier date was not convenient 70
all of them. AT that time the contracts
will be signed, and. it is said, the certii-
Then the actual formation of the United
lACSl1iS II n 0C5Ii
people who intend to turn in their stock
will, it is expected, do SO at the first op-
p%ortunity. One of he first promoters
said that morning that the taking in of
stock would begin on Tuesday next
Stockholders of the Peoples Company
received by mail today a. circular an
of the company's stock. The circular,
which is signed by Leslie D. Ward, treas
urer, reads as follows
The Board of Directors of the Peoples
T iuhf and pnuyarS Com panU ar a TnPafinO
held at the office of the company. POI
Market street, Newark, N. j., on Marcn
g., 1899, directed the issue of S500, 600 addi-
ing 5000 additional shares of the par
value of $40 each. making the total out
standing capital stock to be first offereh
at par in proportion to their present hold
ings. This option will expire March Is,
You, therefore, have the option of sub
scribing for an amount of new stock at
par. equal to ten per cent. of your present
holding.
I'm ease you wish to exercise your
option please send your check in payment
for new stock on or before March Is, 1893. .
Among owners of the company 1t IS
generally believed that the extra issue of
stock will all be subscribed for by present
holders. 1t is argued that the stock is a
good investment at par, whether the hold
ers propose to accept the terms of the
new ompan or not.
1t was also reported today that an ar
rangement had been made so that the
holders of stock would not be called upon
to put up the twenty per cent. cash as
sessment on surrender until the bonds OF
the United Electric Company b be
ready for delivery.
According to the plans of the promoters
of the new company the stock of the cor
porations absorbed is supposed to be sur
rendered by April Is, and the new bonds
will be ready about June /. The post
ponement of the payment of the cash as
sessment is put forth by the promoters
stockholders on the ground that it would
give them a longer time to raise the
necessary n
E.. B. Gaddis was asked yesterday
whether he believed the absorption of the
various lighting concerns would be to the
advantage of the stockholders of the
Peoples Company.
tI haven't thought much about it yet"
replied Mr.. Gaddis, 81 v been so busy
that 1 nave not had an opportunity to ex-
anime into the proposition in all its
phases. But l propose to do so as soon as
/ get a chance.
az have not been consulted in any way
about the lea by the management of the
Peoples Company. / am a large stock
but I am not in the directory. Conse-
quently what has been done has been
without either assent or ~disapproval on
my part. I do not want to c~riticise the
project, but I will say that judging things
from the surface, the United Gas I'm
provement Company has a large contract
on its and to pay the interests on its
bonds without dipping into it's treasury.
1t will I'VE to pay out 500, 900 in interests
annually, and according to the state
ments | have read, the three plants will
not earn hat amount for them.