Evening star., 1899-01-28
THE STOCK DELIVERED
q. s. Electric Lighting Co. Deal Practically
Closed Today.
Identity of the New Owners Not Yet
DisciOsed-Current Gossip About
Continuation of Enterprises.

The deal involving the sale of a controll-
ing interest in the United States Electric
Lighting Company was practically closed
today by the depasit in the Bank of Wash
ington Of the balance of the stock stipu-
lated by the stockholders signing the agree
ment. Under the terms of this agreement
the stockholders had until Monday to de-
post the Stock, but it has all been done
ahead OF. time JFhe total amount of stock
deposited, for which the holders received
receipts emitting them to 6 per cent upon
the selling price of the stock-Sl50 per
share-waS about COCO.
There are some 355 shares which the own
ers refuse to sell and which were voted
for the present management and is there-
lore counted as part of the new holding
making the total a little over G, 400 shares
out of 10,S6S shares. Ii is thought the 4cOO
shares recently purchased hy Mr. w A
Mearns is probably for the same interests
and if that be the case the entire control
OF the stock of the company with the ex-
ception of some 400 shares, has passed to
the new owners. While the purchasers
have until June / next to complete the
transaction and pay over the cash for the
stock secured, they have also the right
to close up the matter by the payment
of the money at any time prior to that
date.
May Take Immediate Control.
1t is believed by those who are in posi-
ton to know that the new owners will ex-
ercise this privilege practically at once,
and it would not be surprising if during the
coming week the money Is paid over and
the control of the company changes hands.
While there is very little known as to the
identity of the purchasers, it is ascertained
that the 100000 which was required to be
deposited in the Bank of Washington, as
a preliminary condition to the agreement
which was entered into, was paid by a draft
on New York.
1t is further significant in this connection
that the money which has been used by
Mr.. Frederick c. Stevens in the develop
ment of the Potomac Electric Power Com
pany and in the purchase of the control of
several street railroads in this city has
come largely from the same city Some
people put these things together and base
upon 1t the conclusion that the United
States Electric Lighting Company deal
means combination in the future of the
two electric lighting companies and in con-
nection will be operated various street rail-
roads 1t is believed that all these enter
prises can be conducted under one manage
ment at a reduced expense as compared
with the present rate.
The metropolitan Stock.
1t is interesting to note that the efforts
to buy the stock of the Metropolitan Street
Railroad Company, in the opinion of some,
can be traced to the same influence The
rise i'll the quoted price of the stock con-
tinued today, when the highest figure
reached was $3.50 per share, which was paid
on the local stock board for ten shares of
stock. Seven shares had previously been
sold for $1S7. Yesterday the highest price
was 1885, 1t is understood that when the
offer of $500 per share was made to some
large stockholders for a controlling interest
in the road the OFFER was refused. unless
the stock Of all who wished to sell was
taken at that figure.
The negotiations, it is stated, ceased at
that point. 1T is also believed by some that
road Comp4hy passes into other hands
than the present management the control
of the Coltmbia Railroad Company will
also be changed.