New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-06-17
NEW COMPANY BOUGHT OUT
ABSORBED BY THE HUDSON COUNTY
GASLIGBT COMPANY.


FAsTENs ITS GRIP MORE FIRMLY on
HoBoKEN AND THE NORTH
HUDSON TOWNS.
sensation produced in Hudson County yes
terday by the announcement that the North River
Light. Heat and Power Company has passed into
the control OF the majority stockholders OF the
Hudson County Gas Light Company, which does
business in Hudson and North Hudson. Additional
interest was manifested in the deal when II be-
came known that negotiations are said to be draw
Ing to close which will result in the absorption
OF the gas light company by the United Gas I'M
provement Company. In case OF the consumma-
ton OF this deal the plans OF the so-caIled Stanley
syndicate to get control OF the electric railways
electric light interests and gas lighting plants in
N9rthern New-Jersey will have been realized
representatives OF the North River Light. Heat
ana Power Company yesterday morning made
Vur OF Hoooken, called upon business and profes-
sional men who held stock in the concern. made
known the fact that the company had sold out
ana paid over TO each the paid I'm for
stock, together with 10 per cent additional The
b5 usnnS representing nearly one thousand
North Hudson: had become rather discouraged in
cry othcials and the political powers OF the county
10 XII on the new company and protect the in
teresis Of the North Hudson Light. Heat and Power
HIotnpanyi which enjoys monopoly Of the electric
ngmt business IN Hoboken and the North Hudson
towns, and gladly accepted the returns made to
w me ME me plant Of the new company was going
tenth and Bloomfield SITS. and the Officers Of the
concern were offering 10 light the city, free, OF
were allowed franchise so that they could com
pete with the old company, the stockholders were
the end the North River company would succeed
IN getting franchise in Hoboken. When the Ho-
The Tribune. ignored the offer OF the new company
TO furnish free lights for and 10 charge not
thereafter and the city Fathers entered into
contract with the North Hudson company, for FIVE
smaller stockholders In the new concern dis
h hear Consequently It naturally followed that
they were extremely pleased 10 get their money
pack, with 10 per cent additional
FURTHER NEGOTIATIONS PENDING
II is understood that individual members OF the
Hoboken Land md Improvement Company and the
Hudson County Gas Light Company controlled the
majority interest in the North River Light. Heat
and Power Company For long time negotia-
lions have been pending by the Stanley interests to
secure possession Of the light company. but an
agreement could not be reached as to the price. 1t
Is said that the gas company people asked an
amount far in advance OF 500 share which the
syndicate was unwilling pay.
A. K. Bonita president Of the North River Light.
Heat and Power Company while admitting the
sale Of his company refused to make known the
purchaser. although it Is authortatively stated to
be the Hudson County Gas Light Company Mr..
Bonita engineered the deal the part OF the cleo
trio light company with Myles Terney represent
ing the gas companys interest.
When asked in reference TO the deal yesterday
Mr. Tierney said TO Tribune reporter. Il can tell
s Bayard bod, president Of the Hudson County
Gas Light Company, denied that the company has
purchased the electric light company, although he
admitted that the United Gas Improvement Com
pany has been negotiating for some time for the
purchase OF the Hudson County Gas Light com
TO his company last fall, but It was refused and he
added that the transfer to the United Gas people
will probably come eventually. The only question
The absorption by the Hudson. County Gas Light
Company of the new electric light company Is also
said to be part OF plan prevail upon the United
Gas Company TO pay the price demanded for the
STANLEY interests want to get Bontas concern out
OF the field Of competition and having absorbed H.
said. have a powerful argument at its command to
compel the Shan people to pay the desired pr'ce
1t is said that the North River Light. Heat and
Power Company is in position TO make trouble
reserved rights IN certain streets. In Hoboken;
which rights were secured from the Hoboken Land
Gals also threatened 10 take proceedings IN court
to break the contract awarded to the North Hudson
Wick Induced the Hudson County Gas Light peo-
pie to purchase the new electric light concern.
THE NEW COMPANY'S LOSING FIGHT.
The North River Light Heat and Power Com
many was organized at the beginning OF the year
with A. X Bonita. formerly superintendent Of the
old electrc-light company, as president. Wilbur A.
Anderson secretary, and Arthur Seitz treasurer.
Its capital stock was stated be $4,000. and two
hundred or more local business and professional
men were stockholders. They were. OF course. in
the minority. .,,
AS soon as the company appeared in the field as
A rival of the North Hudson. or old company the
Democratic municipal machinery In North HUDSON
towns and in Hoboken put In motion to pre-
vent the new from getting franchises.
The company secured franchises IN Guttenourg
and Union Hill. but they were subsequently, re-
yoked by Democratic boards. In Hoboken the
question of allowing the new electric-light company
TO compete with the so-called Shanley company
was made a political issue. Mayor Pagan who at
first appeared 10 be kindly disposed toward the
proposed concern. changed front. ana me friends
the spring election while the opponents TO Mr..
Bonta's plan Of lighting the old company ana re-
ducIng the price of lights arrayed themselves on
the side OF the Mayor. The cry was raised Snan-
won Immediately after election Pagan came out
publicly against the new company and SAID That
IL ought never to have a franchise. as the city
would then be In a position where II could never
two companies occupying the streets with their
poles. -. -,
streets free for year and the promise TO charge
The offer was backed UP by $4,000 bond. The
Councilmen. with the exception OF Messrs. Frommel
and Stei replied to the offer by making contract
with the old company for five years at the rate
Since the action OF the Common Council In favor
ing the Stanley company rumors have been plenti-
full In Hoboken that some most persuasive argu-
ments were used the City Fathers Assertions
spent to keep the new company from entering the
ranks as competitors. The Councilmen all plead
not guilty.
OFFER FOR THE PALISADES FUND.