New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-01-21
ANOTHER STEP TAKEN.
NEGOTIATIONS FOR THE ACQUISITION OF
THE EDISON ELECTRIC ILLUMI-
MATING COMPANY

The fact was nrtnted about two weeks ago that
negotiations under way. with an excellent
prospect OF a successful issue. for the acquisition
OF the Edison Electric Illuminating Company OF
this borough by the New-York Gas and Electric
Light. Heat and Power Company. The rise OF 81
per cent on Thursday In the price Of the Edison
stock led TO a general belief that these negotiations
had been completed and yesterday confirmation
was given TO this opinion. when the following cir
cular to the stockholders Of the Edison company
was issued by Spencer Trask & Co, Nermilye & Co.
and the Central Trust Company;
Mr.. George Foster Peabody OF the hrm Of spen-
holders Of the Edison company: has entered into
an agreement With the state Trust S9Pany tI or
become binding only in case the holders OF at east
. per cent OF the st9S ss Sn1 3b nav ,oanee Of e
10 these dates ali stockhoders will De privileged 10
join in the sale on the terms viz 20 per cent
OF the par value Of Edison stock payable in per
1919 Of the New-York Gas and Electric Light Heat
and Power Company a. par that company 20 nav
interest az any time within three years from Feb
The banking-house OF Messrs. vermilye Co
has undertaken in our behalf under an arrAn 5sv
ment with the state Trust GomPany -or 1ns{ nv tHey
sentng stockholder who shall agree prior TO March
and accrued interest All commissions in the en-
tire transaction are 10 be paid by the purcnaserS
They VIII be - secured BY purchase money mort
gage which will be a first lien on the Edison shares
trustee. the Central Trust Company OF New-York
with reserved power to i9vss ne same sn ans
property. and by d second mortgage upon the
lg6 6Rer to as rs ortssse securing SIS m bonds
of which Hl.5000O0 now outstanding. Inc
bonds and the mortgage securing the same and the
other necessary instruments are 10 be satisfactory
10 the trustee and the bankers
The form OF deposit agreement and certificate ate
will be prepared forthwith. Stockholders may then
become parties 70 the sale by their deposit OF the
factory obligation 70 DO So with the Central Trust
Company OF New-York on or before FEBRUARY 4S-
The New-York Gas and Electric Light Heat and
Power Company. which Is owned by the Whitney
syndcate-Williarn c Whitney. Thomas F. Ryan.
Anthony y Brady. William L. Elkins. P. A 3.
widener and Thomas Dolan-was incorporated IN
October. Not long afterward II bought the MOUNT
Morris Electric Light Company and the Manhattan
Electric Light Company and also the Empire Sub
way Company. control OF which would give It IA
ciities for laying many additional electric light
wires as might be necessary. The company also
bought about the middle OF December. plot OF
ground at Ninety-seventh-st and First-ave., close
TO the site Of the new power-house Of the Metro
politan Street Railway Company, which corporation
the Whitney syndicate controls. The taking over
OF the Edison Electric Illuminating Company the
largest Of the electric light companies In Manhat-
tan Borough. will place the New-York Gas and
Electric Light Heat and Power Company in nearly
entire control OF the electric light business here.
Two companies are still outside the combination,
and the New-York Gas and Electric Light. Heat
and Power Company Is reported 70 be negotiating
for the purchase OF both OF these-the Westng-
house Electric Company and the Block Electric
Light and Power Company. comparatively snail TT1fI
concern the principal owners Of which are VIII
lam F Sheehan. Colonel George B. NJ. Harvey and
George ". Young. .
AT the Office OF Spencer Trask & Co. It was said
yesterday that there was no question that the plan
for the transfer Of the Edison COMPANY, would 20
through II is believed that the control or the com
pany will pass 10 the New-York Gas and Electric
Light Heat and Power Company within few
weeks
II was learned yesterday that r. r. Bowker had
offered his resignation first vicepresident or the
Edison company and would also soon retire from
the presidency OF the Manhattan company. MI
Bovyker was quoted yesterday saying that he
would not deposit his Edison stock under the plan
forth above. and declaring his opposition 10
the action OF the holders OF the majority interest
IN conserving 70 a consolidation through agreeing
20 dispose OF their holdings TO the New-York Gas
and Electric Light. Heat and Power Company.