The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1899-03-06
CORNER IN LIGHT.
s2O,OOO,ooO Electric and
Gas Trust for Hudson
and Essex.
EXISTING COMPANIES GOBBLED
Low Prices Promised to Con-
sumers-Big Issue of Gold
Bonds Capitalists In It
Especial to ..The Jersey city News."l

papers OF q huge concern TO pe KNOWN as
the United Electric Company of New Jer-
sey We're prepared, Friday night, by L.
D. Howard Gilmour, lawyer of this city.
The capital stock of the company was
fixed at $4,000 600, and it is said that its
object will be to unite and control all
the electric light, heat and power COM
panies in Essex, Hudson, Passaic, Ber-
gen, Morris, Union and Middlesex coun-
ties.
The capital stock of the corporation will
be divided into 200, 900 shares of S100 each,
and bonds will be issued to the amount
of 1850, ,00O the same to be used in pay
ing for whatever concerns may be alb
sorbed and for extensions and improve
ments to existing plants.
AS Mr. Gilmour is the local counsel of
the United Gas Improvement Company of
Philadelphia and as it is known that he
stands in a confidential relation to lead
ing members of the Peoples Light and
Power Company, it is taken to mean that
the organization of the new concern is
practically the consummation of negotia-
tions that have been pending for some
time, the object of which was to CONSOLE
date all the electrical light, heat and
power interests mentioned.
The incorporators mentioned in the pa
pers are F. NJ Stillman, of Railway; w.
j. Davis, of Harrison, and Thomas J.
George, of Newark.
The United Gas Improvement Company
is the leading factor Gin the new corpora
tion. All of the New Jersey corporations
in which it has a controlling interest will
be absorbed by the new company. The
latter will organize next week by the
election of officers and board of direc-
tors. The company is authorized to take
in any electric light company that may
offer TO come in under an agreement pre-
pared Friday evening.
Secretary Randall Morgan, of the United
Gas Improvement Company, represented
that corporation at the meeting, which
was held in the Essex and Hudson Gas
Company's Office. Others present were
B. NJ. Stanley, Uzal H. McCarter, Presi-
dent of the Fidelity Trust Company; ]. E.
Hulshizer, of the New Jersey Title Guar
antee and Trust Company of Jersey City,
ard Mr. Gilmour.
There was drawn up an agreement in
which it is provided that the shares of
stock of each company selling to the
United Electric Company will be deposit
ed with the Fidelity and New Jersey
Trust companies, which will issue me-
exchanged for bonds as soon as they are
ready for delivery, which. it is expected.
will be about May 30 next.
The bonds to be issued will be four per
cent guarantee gold bonds, to run for
fifty years. For five years interest on the
bonds will be guaranteed by the United
Gas Improvement Company.
1t is provided that owners of stock en-
surrendering it to the trust companies will
be paid in the bonds of the new company.
Should all the stock not be taken by hol-
ders of stock in the present corporations
the balance will be placed upon the mar
ket.
1t is said that the Peoples Light, Heat
and Power Company of this city, which
controls all the plants in Essex county
and nearly all in Hudson county, will sell
to the new company. The United Gas
Improvement Company is said to own
$1,000 of the $5,OOO.OOO stock of the Peo-
pies Company, and with its friends holds
a controlling interest
The United Gas Improvement Company
is also said to have control of the Hobo
ken, Morristown and Elizabeth Electric
Light Companies, whose combined capi-
tai is about s5,000,00O. The recent deal, in
which the electric light concerns of Pat
erson and Passaic figured, was engineer
ed, it is said, by the United Gas Improve
ment Company.
Stock of the Peoples Light, Heat and
Power Company, the par value of which
is SIS a share, is quoted at 1882 per $100 on
the market, and it is said that no higher
figure than that will be paid for the hold
ings 1t is understood that a number Of
the large holders will turn over their
stock and accept bonds of the new cor
poration in payment.
AS far as possible the same policy will
be followed in the cases of all other COM
panies taken into the new deal.
According to report Philip N. Jackson
will be offered the presidency of the new
concern. Mr.. Jackson holds similar po-
sition with the Peoples Company, but
there is no assurance that he will accept
the new post
Not very long ago the Peoples Com
pany decided to increase its capital stock
to $4,000, ,oo0 and to issue Sc, 900 of the
new stock in $40 shares. The company
planned to take in Elizabeth companies
and make reduction in the price of
light, heat and power The Philadelphia
capitalists got in ahead of the local COM
pany, though, and the increase in stock
was not made
One of the men interested in the new
corporation said that it was proposed to
build a central power plant on the bank
of the Passaic River, probably on the
Harrison shore. Such plant, it was said,
would be equipped with the most modern
and very powerful dynamos, engines and
other paraphernalia which would enable
the company to transmit electrical cur
rent to all points within radius of six
teen or eighteen miles of the power sta
tion.
"The United Electric Company will, he
said, "carry out Mr.. Jackson's plan for
reduction in price to consumers, and will
also develop all the plants it may get con-
troll of now or hereafter"
The main plants of the companies alb
sorbed will, in all likelihood be kept as
reserve stations for cases of emergency
In this way the new corporation would
have chain of power houses, and by
making connections, could meet demands
in any part of the territory at any time.
The business to be done by the new con-
Germ is now conducted by the following
Good health is worth more than anything
Else to you and every bottle Of Hoods Sarsa-
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