The Jersey City news. (Jersey City [N.J.]) 1889-1906, 1905-04-13
PUBLIC SERVICE
HOLDS ELECTION
Organization for the Year
Completed at a Meeting
in the Fidelity Trust
Gompany's Rooms
.M'CARTER AGAINPRESIDEAT
Decision to Increase Capital
Will Result in an Issue
Of 50, 800, 900 in Stock
for Besterments.
M'CARTER ACAINPRESIDENT

Special to "rhe Jersey city News,
NEWARK, April 13, 1905. The
board Of directors of the Public Service
Corporation Of New Jersey held meet
ing in the rooms of the Fidelity Trust
Company for the purpose Of completing
the organization for the ensuing year.
The following officers were chosen:
President, Thomas n McGsster;; vice
presidents, John J. Barleigh, Of Camden:
A. B. Carlton and Charles a. Sterling;
treasurer, James P. Dusenberry; secre-
tary, Frederick Evans.
A resolution was unanimously adopted
providing for an increase of the capital
ctoek of the company from $f0,000,0 to
$12, 2,50o,000, the additional money to be
used for the further development Of the
property.
When inquiries were made at the Office
Of the company concerning the use to
which the money from the sale Of the
additional stock would be put, no further
information was vouehsafed than that ii
was to develop the concern.
Among financial men the purpose in
getting the additional money is supposed
to be to improve the trolley system
owned by The corporation. Criticisms
from every quarter in which the cars are
| operated is thought to have awakened the
directors 81 The facf that better service
must be given if public opinion is TO be
regarded, as it will, should the company
desire to give a service that the public
will patronize and make profitable
The gas and electric properties owned
by the corporation are both paying well.
There is plenty of money available from
k:he profits of the gas companies and from
the sale of treasury stock if necessary.
The electric concerns gave a profit last
year over all expenses, amounting TO
S225, 600, and showed an increase in busi-
ness of 10 per cent.
These facts leave the trolley branch of
the corporations property the only one
that needs money. Demands are made
from all sections for improved facilities
in travelling, but until the present time
they have been left unheeded.
Since the Incorporation of the COM
pany, May 6, 1908, the capital of the
Public Service has been S10.0o0,00o.
though by it's certificate of Incorporation
| it can increase the total to S25000,0oo.
The original capital was issued at par,
and the new stock, it is understood, is to-.
be put out to present stockholders. also
at par, with rights. The bylaws of the
company provide that future issues Of
stock after the original shall be made at
not less than par.
At the present time the stock is selling
at 13O asked, though It was said to-day
that some blocks of it could be gotten at
125. The stock went up to l52, and was
strong on speculative buying previous to
the defeat of the canal abandonment bill
in the Legislature. by which the company
would have largely proited. Little trad
ing has occurred since.
Previous 10 the election Of the officers
yesterday there We're some runlors in cir
culation that there might be a change in
the management, but tile election dis
poses Of these fer another year al least.
There have been rumors Of changes in
the management Of the various divisions
Of the trolley lines, but most Of the
rumors were denied to-day By Frederick
Evans, the secretary Of the company.
There have been some changes Of recent
date. but it was said they were such as
occur in any large corporation.
One report had il that Division Super
ilitendent Al w Pratt, Of this city. had /
gone on a vacation and would not estlfff
g the service Of the company, but Afr,
Evans said that this was not 50.
Arthur Ball, who has been with the
company since its organization as super
intenaent Of supplies for this district, has
been replaced b ]. 3. Whitehsad, II !