The Washington times., 1929-12-27
GAS AND power
FIRMS JOIN
MERGER
ALL SALES AND PRICES ON NEW YORK STOCK EXCHANGE III
~

NEW YORK, Dec. 27.-Consoli-
dation of the public utility proper
ties Of Standard Gas and Electric
Company and Standard Power ana
Light Corporation into 9 more
compact utility system valued at
approximately $1,000. 000, 900, is
planned, according to letter for.
warded TO stockholders OF both
companies, today, by John ].
OBrien, president Of Standard
Gas and Electric.
The letter notified stockholders
of q special meeting to be held on
January Z. at which time they will
be called upon to approve various
changes In the capital structures
of both companies.
At the meeting, stockholders OF
Standard Power and Light will be
asked to approve the acquisition
Of $50, 900 shares Of Standard Gas
and Electric stock from the United
States Electric Corporation, in adj
dition to 500, 900 shares of Stand
ard Electric common arranged
under q previous agreement.
Payment for the block Of Stand
ard Gas and Electric to be &C
quired from United States Electric
Power, win be made with 100000
shares Of series "A" common stock
of Standard Power and Light
which viii be authorized at the
stockholders meeting.
The present 100000 shares Of
Standard Power common stock
outstanding are to be split into
two series. One share Of each
class Of the new common stock win
be issued to holders Of each share
| Of the present common.
In connection with the acquisi-
ton Of Standard Power and Light
assets, Standard Gas and Electric
viii assume the principal and in
tereSt of Standard Power and
Lights $24,O00, 900 gold deben-
| lures.
At the same time, Standard Gas
and Electric viii surrender for
cancellation all Of the outstand-
ing participating preferred stock
of Standard Power.
Standard Gas and Electric will
issue 100000 shares Of its 81
cumulative prior preference stock
and 600 900 shares of its common
stock to Standard Power and
Light. It also viii pay an amount
Of cash equivalent to Standard
/ Powers cash, accounts receivable
and readily marketable securities,
other than stocks Of philadelphia
Company and Market Street Rail
way Company, and bonds OF
Sierra and San Francisco Power
Standard Power stockholders
Twin be asked TO approve an in
crease In the authorized shares
LOT all classes from $500, 900 shares
to 8.437. OLA shares. This win b
represented by 1,50O. 900 shares q
junior preferred, 1,500. 900 shares
of common stock and 1.500, O01
shares Of common stock. series
i..B."
A reduction viii be made In
the authorized number of pre-
ferred participating shares from
3, 30O.O 900 shares to 2,897, 01A
shares. thus providing for tta
cancellation Of that issued.
Upon the contamination Of q
of the above transactions, II. M
BylleSby a. Co. agree to slIrrendet
to Standard Gas and Electric al
LOT the /, OOO, 900 shares Of 5 per
cent noncurnulative voting stock
Of Standard Gas owned BY BY.
lleSby q Co. at 81 q share.
Contamination Of the transao-
tons win bring II. nc. ByIlesby ~
Co. into affiliation with these
companies.
Under the arrangement, III. M.
Byllesby q CO. and United States
| Electric Power Corporation win
control Standard Power and Light
and Standard Gas and Electric.
The properties therefore win con-
tinue under ByIlesby manage
ment.