Evening star. [volume] (Washington, D.C.) 1854-1972, 1899-01-23
ELECTRIC LIGHT STOCK
Completing the Details for Closing tn,
Alleged Deal.
Current Gossip That Gas and Electric
Lighting Companies Are to Be
Under One Control

The closing up of the details of the deal
by which the control of the United States
Electro Lighting Company is to pass into
other hands In the near future, II IS un-
derstood, has been practically completed
at least as far as the preliminary stages
are concerned. 1t is stated that Friday
last there was paid at the Bank of Wash
ington the sum of 100000 as a guarantee
OF good faith that the balance of the money
to purchase a control of the stock at sI5o
per share would be forthcoming according
to the terms of the agreement by which a
majority of the stockholders consented to
sell their stock
1t is now said this money, as already
indicated in The Star, is to be paid in in
stallments, the last one being due next
June. 1t is provided, it is said, that the
purchasers have the right to pay for the
stock at any time prior to that date.
AS the stock is turned into the bank a
certificate or receipt is given to the stock
holder stating that so many shares have
been deposited. These receipts. ii is said
pear per cent interest on the purchase
price of the stock, ard, as the present dlvi-
dend Is q per cent on 800, the stockholders
VIII receive an additional per cent.
As to the Purchasers.
1t is believed a majority of the stockhold
ers have signed an agreement to sell under
these conditions, and that all the stock con-
sututing a control will soon be turned over
10 the bank. There is good deal of gossip
as to the identity of the principals in this
purchase. Some claim, as already stated in
Ihe Star, that the buyer is the Electric
Lighting Company of America. a new cor
pofaton recently organized for the purpose
OF acquiring electric lighting and gas plants
IN various parts of the country
Ihere are those also who say this pur-
chase is only part of scheme which il
Is proposed to carry out here and which
contemplates the operation of the two cleo
flc Iehtlng companies and the gas COM
pdLy under one management. 1t is said
the Potomac Company has been purchased
The Story Denied.
On the other hand those interested I'm the
Potomac Company deny that they have even
been approached on this subject. 1t is well
known that the stock OF the latter COM
pany Is mostly owned by Mr. Frederick C
stevens. the president of the West End
Bank Mr. stevens is said to be interested
with Mr.. John R. Mclean I'm various en-
lerprlses, and as the latter is the president
oL the W Washington Gas Company. some
people nave reached the conclusion that
there is nothing in the story ahout the
New Jersey concern buying the L 6 Elec-
tflc company, but that the real purchases
II VIII pe seen, are people who are already
largeIy interested in the gas company and
Ihe Folomac Electric Lighting Company
ana that 1t is the purpose to onera 9 All
infee companies under one management
ne ABOVE represents a portion of The
current gossip on this subject and in Tho
meantime electric lighting and gas stock
continues 10 show steady advances in the
quotations or the stock market and CON
at the present.