New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-07-04
NEW JERSEY NEWS.
TRANSFER OF GAS STOCK
STANLEY SYNDICATE GETS THE Hun
SON COUNTY GAS LIGHT COMPANY.
UNITED GAS IMPROVEMENT COMPANY MAKES IN,
ARRANGEMENT IN HoBoKEY--A MO-

ARRANGEMENT IN HoBoKEN--A MO-
NoPoLY THE RESULT
| Negotiations have been pending for .sv.,.,
months for the absorption Of the Hudson coun,,
Gas Light Company by the United Gas Improve
ment Company. and the agreement has been pr,,,,
caliy closed. Al meeting Of the directors OF N.
Hudson county Gas Ligh, Company yesterday after.
noon at No. 1 Newark-st.. Hoboken. the announe.
ment made that holders OF two-thirds o, ~.
stock are in favor OF selling out II was decided th,
notices be delivered TO other stockholders to.mo,
row, telling them to send In their shares IN.
stockholders have been promised 1875 q share ,ss
| II is expected that after the receipt OF IA.
notices the formal and actual transfer Of the "a,
company TO the United Gas Improvement Compsa.
VIII occur. Before the transfer become a real
iy OF three -fourths OF the holdings mud
agree to part with their shares.
STOCKHOLDERS HELD OUT A LONG TINE
Soon after the United Gas Improvement Compan,
secured control OF the Jersey city plant oyer,ur.
were made for the purchase OF the Hudson Count,
Gas Light Company, which enjoyed a monopoly 4,
Hoboken and the North Hudson towns. The biz
stockholders held aloof from the proposition FOR
long time. and then came the announcemeu. ih.,
they willing to sell provided they 80, ne pyes
they wanted. Nothing definite known as "a
the progress OF the negotiations until the ANNOUNCE.
ment was made that the North River Light Heat
and Power Company had passed into the control a
representatives OF the Hudson County Gas LIN,
Company.
rival to the North Hudson Light, Heat and Power
Company. which has a monopoly OF the elec,ne
light business in Hoboken and the North Hudsoo
municipalities Although IL failed 10 secure desired
franchises in most of the towns stl the promoters
OF the company claimed that Il was IA
splendid position legally 70 continue the fight IN
definitely by reason OF certain vested rights which
It had secured f'Om the Hoboken Land and In
provement Company In certain streets " Hoboken
These rights II was argued, would allow the COM
pany TO do business and thus become - dangsros,
Competitor to the North Hudson company
SYNDICATE BEHIND THE TRANSACTION.
The so-called Stanley syndicate embraces the IA.
terests owning the railway electric gh, ara
gas plants in Northern New-Jersey consequently
It suspected that the purchase OF The new
electric light company in Hoboken by the repre-
sentatives Of the Hudson County Gas Light CON.
pany part OF a plan 10 compel the Tinted
Gas Improvement Company TO pay the price De-.
manded for the Gas Light company stock Al
though one Will discuss this feature ~ the
transaction II is suspected that the hnancers VII,
engineered the big transfer were successful IN their
plans The absorption OF the Hudson County Gas
Light Company by the big .--.--1-e places the
United Gas Improvement Company in absolute con.
troll OF the gas companies I'm Hudson County. and
crates all the trolley roads and electric light plants
well.
s Bayard bod, president OF the First National
Bank OF Hoboken. has long been president Of the
that many changes will be made in the Office when
the United Gas Improvement company people as
sumo control. The management or the plant n
Hoboken may possibly fall unon Robert W. Elliott
the present manager ard agent OF the company In
Jersey City -
The price of gas in Hoboken has been 81
thousand cubic feet for some time The same rate
is charged In Jersey city.