The evening times., 1899-02-21
PRESIDENT NORRIS
NOT TO WITHDRAW
U. S. Electric Light Company
Directorate to Remain.
Old Stockholders Receive Payment
for Their Shares.
Many Surmises as to the Identity OF
the Concerns New Control
ling Interest.

James L. Norris, President of the United
States Electric Light Company, stated to
a reporter for The Times last night that
no change in the management of the COM
pany is contemplated by the new control
ling interest. The present officers and the
present directorate will continue to serve
as heretofore, and the affairs OF the COM
pany will be administered in the same way,
he states.
Il offered to resign my position, said
Mr. Norris, "and also for my colleagues
on the board of directors, the seven gen.
tlemen representing the $500 shares OF
stock that have changed hands. l further
told the new people that we were all will
ing to step out at any time. | may state,
however, that no such move is intended by
the new people" Mr.. Norris is very en-
thusiastic about the present management
and its prospects.
The old stockholders who sold their hold
ings have nearly all received the full
amount OF the purchase money, $l5o a
share. The money for the first payment
was deposited with the Bank of Washing
ton ten days ago, making nearly full
million dollars. President Norris sent out
letters early last week to all the old stock
holders in the deal to present their certif-
Gates of deposit on Saturday for payment
On Saturday and yesterday all except q
few of the out-of- town holders received
their money, $3.50 a share with interest II
is supposed that the new people wished
to save the interest on their million dol
lars from now until June, the tiILe Supu-
lated for final payment
The surmises as TO the identity of the
new controlling interest in the company
are as rife among business men as at any
time heretofore, but there seems to be as
little known as when the old holders OF
the stock first signed the agreement tc
sell out at $50. Mr.. Norris processes not
TO know with certainty himself.
Senator German is not interested in
the deal, | can assure you," said Mr. Nor
ris last night. His name has been men
| toned but so far as | know he has no con-
nection with the new parties whatever
| Neither has Senator Smith, who has alsc
| been spoken of. Neither has John R. Nc
| Lean. Newspaper men have doubtless
| seen me in conversation with Mr.. Nc
Lean at times, as We are good friends, bu
| our conversation has never related to any
| intention on Mr.. McLeans part to buy
| electric light stock
From suggestions dropped by Mr. Norrl:
| and others ii is thought likely that thu
| party represented by Mr.. Hearns, which
| holds a large block of the stock, may alst
| be interested in this last purchase. 1t i!
| believed that any rate the new holders ar(
| at present Washington people. Whether
| they are simply acting for outsiders can
| not be ascertained
In connection with the transfer of tht
| electric light stock, the recent lively bid
| ding for Washington Gas Company stocl
| is attracting much attention There were
| large orders to purchase gas stock yester
! day, said TO come from outside people. anC
| go shares were sold on the local exchang.
| at prices ranging from 50 l-2 to SO IS
| These purchases are only a few in tn,
many that have been made in the las
month or two at constantly advancing
| prices.
The suggestion is made that there ma!
| be some identity of interest between tn,
! who have secured the electric light control
| This idea is of course fostered by tht
| knowledge of combinations of capital il
other cities recently TO obtain control o
| other gas and electric light companies.
The surmise has also been made that tn,
now famous Crosby syndicate" which
| owns the Suburban Railway system an'
| the Potomac Electric Lighting Company
| and has a large interest in the West Ent
National Bank, may be behind the plan L
! buy the Gas Company as we'll as behint
| the purchase Of the United States Electri
Light Company. Up to the present time i
is not possible either to deny or supper
this supposition.