New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-06-05
MILLIONS READY FOR PLAN
Big Long Acre Power Plant To
Be on HaCkensaCk Meadows.
FISKS ENLIST LEACH FIRM
Only Awaiting End of Litigation
will Furnish Electricity
for McAdoo Tubes.

Since John c. Sheehan's announcement
several weeks ago that he had made an ar
rangement with Harvey Fisk e. Sons
through which that banking house would
finance the Long Acre Electric Light and
Power Company TO the amount of 100000
there has been no further statement OBJ
tainabe from any Of the parties in in
tcrest.
IL was learned yesterday. however. from
a source which should be we'll Informed
that Harvey Fisk & Sons and A. p. Leach
& Co. had agreed TO undertake the inanc-
ing necessary to put the Long Acre COM
pany in a strong position. and would fur
nsh funds up to 100000, a considerable
part Of the money to come from their for
oign connections. the Arrangement. how
ever being contingent upon an outcome
favorable to the Long Acre company or the
litigation now before the Court OF Appeals
in which IL is engaged with the New YORK
Edison Company.
The plans for the Long Acre Company
are. as has been rumored. associated with
the Hudson Companies. controlling the
Hudson e. Manhattan Railroad Company
which operates the service OF the McAdoo
tunnels. 1t Is intended to erect power
plant for the Long Acre Company on the
Hackensack Meadows, generating large
horsepower, part OF which will be used In
moving the Hudson & Manhattan trains
while the larger part will be transmitted
through cables stretched In the HUDSON
tunnels to this city and used TO furnish
light and power here. Ii is hoped TO nave
the powcrhouse finished and N operation py
November OF this year
Pliny Fisk, OF Harvey Fisk 4 Sons, salo
Yesterday that the foregoing outline of the
plan was substantially accurate, although
not all OF the details had yet been worked
cut. He declined TO name the exact amount
TO be provided by the bankers, saying only
that il would he several millions, ana
that the agreement TO furnish the money
was conditioned upon favorable declslon
by the state court OF last resort Inc
validity Of the Long Acre Companys iran
chises in this city, he added. was certain
The Long Acre Electric Light and POWER
Company was Incorporated in 1903 oy
number Of local theatrical managers, its
charter authorizing 1t TO erect plant ana
lay the necessary wires and other conduc-
]
nue.. sd street. the North River and b9tn
street franchise was later obtained
which had been granted by the Board OF
Aldermen twenty-five years ago to the
American Electrical Manufacturing Com
pany. 10 manufacture, sell and distribute
electricity.
In October. 1906, John G. Sheehan and his
associates bought from Joseph II. Hoadley
and others the control OF the Manhattan
Transit Company. which corporation soon
aftsrward acquired the entire $4,000 capi-
tai stock OF the Long Acre Company the
latter company thOa promptly began an ei-
fort to get its wires into the conduits Of the
Consolidated Telegraph aud Electrical Sub
way companies with the object OF extend
ing its service ultimately throughout the
city. The night was carried all the way up
To the Court 81 Appeals. which on April 30.
1907. decided in favor 81 the Long Acre
Company. affirming the decisions OF the
lower courts.
The Long Acre company thereupon sought
authorization for increasing iu stock and
Issuing bonds, TO secure funds for It's pro-
iected extensions: and. after long delay, me
Public Service Commission on July ~ wi
granted II permission to increase It's capt.
taI stock by g. 90 90 and 10 create an issue
OF 80 e0 Oao bonds. 100000 90 be brought
on, al once The New York Edison Com
many within n few days applied to the Pub
he Service Commission for rehearing
upon this order. alleging In support or its
application that IT was keeping us own
80 on a reasonable basis and that tho
nubllc necessity did not require the SER
vices OF an opposition electric light and
mower company. Later the New YORK Ed,
son Company secured writ or certorarl
90 revIew the Public Service Commission =
order allowing the increase IN the Long
Icre Capitalization. and the litigation on
that point IL at present awaiting decision
a Court nf AnnehIa.