Los Angeles herald., 1909-09-04
OLSON ELECTRIC
DENIES ALLIANCE
WITH MONOPOLY
JUNIORS OF ABSORPTION ARE
] CALLED FALSE
OF NEW COMPANY
LEAD TO REPORTS
Secretary Of Southern California Con-
Germ Declares It Has No connec-
tion with Water Power
Trust

N UMORS which arose following the
II reincorporation of the Edison
Az Electric company as the Southern
California Edison company that the
change meant absorption by the hydro
electric power trust are fatty denied
by officers of the company. These ru-
mors came about mainly through the
popular impression the General Electric
and Westinghouse financial interests
are trying to merge the water power
companies of the country, and because
of the fact that men owning apparently
a nominal amount of stock are the di-
rectors of the new $6O00,0O0 company
The latter procedure is the usual one
when the real owners are outside
financierS.
There is no change of ownership;
share for share the stock of the South
ern California Edison company is owned
by the same men who have been iden-
titled with the Edison Electric COM
pany," said R. H. Ballard, secretary
and assistant general manager OF the
Southern California Edison company,
yesterday. 1.-THE change was made to
make a California corporation of the
company, which has been Wyoming
corporation, and in the course of events
made necessary by the expanding busi-
ness of the company. We believe that
Southern California in the next hVe
years will show a wonderful develop
ment; with it will come great demand
for electrical power necessary. Ihat
means a greater capitalization, and in
making the new company it was
thought best to make it California
corporation"
"Have the General Electric or the
Westinghouse or the Smith groups, who
are supposed to compose this hydro
electric power trust, any interest in the
new company?
mo" said Mr.. Ballard, "and not elsez
where on the Pacific coast to my knowl-
edge"
Late on Pacific Coast
"They are said to want to intrench
themselves out here very badly"
"Well, they're coming too late. We
can foresee the big growth coming in
this section in the next five years, and
we are simply getting ready to be up
with it. With the putting back into
service Of the Kern river plant we have
now 50,000-horse power from water and
20,000-horse power from steam, all told.
We have sites to be developed that will
give us 100, 000-horse power"
The Southern California Edison COM
pany has authorized a bond issue of
$50, 900 000 which makes the total cap
italization 100000, 900. To retire the Sc
curitfes of the Edison Electric COM
pany will require approximately $25,-
00o, 900. and S35, ,000, 900 will be at hand to
meet the improvements contemplated
or arising in future.
The first company was known sim
ply as edison Electric company" and
articles were filed in June, 1898, with
George H. Barker, Louis w. Holy, H.
H. Sinclair J. H. Holmes, John b.
Miller and w. S. Wright as directors.
The capital stock was first $500,0OO.
then 81, 900. 900, $1,25O,000 and $2,0OO,0O0
In 1902 it was succeeded by a Wyo-
ming corporation known as the Edi-
son Electric company, with $10,000.00O
capital. Numerous smaller companies
were taken over, and that company
closed It's corporate existence with
branches and offices in twenty-five
towns of Southern California. Its d.
rectors were ]. B. Miller, Henry Fisher,
H. H. Sinclair, G. 1. Cochran, J. C.
Drake, w. S. Wright. w. R. Staats,
A. w. Harris and j. w Edminston
When articles for the Southern Cali
fornia Edison company were filed the
directors were all employees of the old
company, Auditor e. w. Sax being the
only official of the Edison Electric
company among them, and it was this
arrangement which gave rise to the ru-
mors of consolidation with the eastern
trust interests.