Publication: Western Electrician
Chicago, IL, United States
Reported Changes of Ownership In
Cincinnati and Vicinity.
It is reported that all the lighting interests of Covington, Newport and other Kentucky towns near them have been consolidated under one company, which is yet to be named. Eastern capital has been interested in this matter and the North American Trust company, which held some of the bonds, aided in making the transfer. It is stated that this company and the Standard Oil company will each own half of the new concern, which is to be capitalized at $1,500,000. The properties consist of the Covington Gas company, the Newport Gas company and the Suburban Electric company. Bradford Shinkle received $750,000 for the plant of the Covington Gas company, and Charles Shaw, receiver and principal stockholder of the Suburban Electric company, received $150,000. No figures have been secured on any of the other properties. It is believed that this is the beginning of a company which will later on include the lighting interests of Cincinnati. The report is that General Hickenlooper, president of the Cincinnati Gas Light and Coke company, has expressed his willingness to dispose of his holdings to a company of that kind. The North American Trust company owns the greater part of the Cincinnati Edison company, so it will not be a very difficult matter to secure it.
Reports have been circulated of the probable sale of the property of the Cincinnati Street Railway company to the Whitney-Widener-Elkins syndicate, and the smaller stockholders became a little worried over the matter, but the officials of the company, including President Kilgour, have assured them that no proposition has ever been made to the company to purchase the system and that the concern has never held negotiations with any corporation or individual in regard to the matter. It has been stated, with seeming authority, however, that a proposition may be made by this syndicate to lease the system for a term of years, guaranteeing six per cent. dividend on all stock. The stock of the company is widely scattered and no syndicate or set of men owns a majority of it; so it would be a difficult matter to do anything of that kind without submitting the deal to a vote of the stockholders. Another deal which is said to be in progress is that of the sale of the Cincinnati, Covington and Newport street-railway properties to the Whitney-Widener-Elkins syndicate. In this case it is said that it will be a clear sale if the transaction goes through, in which the stockholders will realize about 90 on their stock, the syndicate to assume a bonded indebtedness of $2,404,000. This company owns all the suburban roads on the Kentucky side of the river, opposite Cincinnati.