, 1905-06-07
JERSEYMEN HURT IN
PHILADELPHIA GAS
A OVER TELEPHONES
u. G.. I. Had an Eye on Public
Service Utilities I'm This
State

1r1Duue oIIcSpoHucH oehoo '"N va
lowing to his paper: Certain Jersey
men have been pretty hard hit by the
downfall of the United Gas Improve
ment Company's plans in Philadel-
phia. A number of prominent men in
Camden, Newark and this city bought
the stock of the company a few weeks
ago on the tip straight from head
quarters that when the additional
privileges were granted by the Phila-
delphia Councils the stock would soar
up to at least 200. The Jerseymen
paid from 100 to 125 for the stock, and
believed they would make fortunes as
the result.
When the great fight started last
week, the stock held pretty steady for
a day or two; then, as it became evil
dent that Mayor Weaver was in earn
est, it began to drop, and by Saturday
morning it had gone down to par, or
twenty points below where the Jersey
investors purchased it. The surren-
der of the gas company, came after the
market closed at Saturday noon, so
the effect of that movement did not
count for much until Monday. What
happened then was shown by the
ticker. The interest displayed in the
Philadelphia market hereabouts show
ed how extensively some people had
been bitten.
HAD EYE ON PUBLIC SERVICE
Another thing hat induced a great
many prominent Jerseymen to buy
the stock-and most of them are said
to have purchased or margin only
was the statement that the extended
lease of the gas plant in Philadelphia
was only the beginning of acquisitions
that would make the U. G. L., as it
is called for short, the most powerful
organization of capital and the largest
owner of franchises in the world. The
combination, when completed, was to
own the gas, electric light, water,
trolley and other systems of Philadel-
phia, New Jersey and Connecticut.
1t was to be called the Public Service
Corporation, after the Jersey concern
of the same NAME, and was to take
over its Jersey namesake-that is, if
the latter consented and the people of
New Jersey acquiesced. Recent f1uctu-
ations in Public Service stock gave
color to this story.
TAKE IN TELEPHONES, S
Another feature of the situation that
induced buying of United Gas stock
was the benefit that was to be reaped
by the Interstate Telephone Company
of New Jersey. The United Gas Com
pany controls the keystone Telephone
Company, of Philadelphia, which the
ring promoted to combat the Bell
telephone system. This independent
concern has materially interfered with
the Bell business in the Quaker City.
Some months ago the keystone made
arrangements and connections with
the Interstate Company, so that per-
sons in South Jersey and in this part
of the State car talk to Philadelphia
over rival lines. 1t was part of the
scheme that the Keystone should alb
sOrb the Interstate, and in turn be
taken over by the new Public Service
Corporation.
SIGNS OF TELEPHONE CLASH
Those vitality interested in the Inter-
state had been informed of the situa-
ton, and are said to have likewise in
vested in United Gas. 1t is under
stood hat there has also been some
quiet buying of Interstate within a
week OF two. The Interstate is con-
trolled by a number of very prominent
politicians of both parties, and while
the Interstate and the Bell have been
on apparently good terms, for reasons
that were mutually beneficial, there
were signs of a clash in the near future.
Hugh Hamill, president of the Trenton
Trust Company, is the head of the
Interstate, and the financial strength
and influence behind the corporation
made it particularly attractive to the
Philadelphia capitalists.
The question asked here, and with
considerable anxiety in certain quar-
tiers, is whether the victory of the
people in Philadelphia will knock out
all the plans that promised such a
golden flood.
WANTED.-Experienced cement fin