Kings Co. Electric Extending Its Plans

Several New and Powerful Capitalists to Be Admitted.

WIDE SWEEP OF THE PROJECT.

It Is Intended to Have Several Power Stations in Addition to the One at the Foot of Gold Street, for Which Bids Will Be Received Next Week — Stock Has Been Increased Greatly and the Money Obtained Therefrom Will Be Expended in Betterments — Many Miles of Conduit Laid.

The Kings County Electric Light and Power Company, which was recently organized in this city with the intention of competing with the Edison Company which now has a practical monopoly of the business, is rapidly pushing its plans for the beginning of actual operations. According to the programme laid out by the management, the water front plant will be in running order about the first of next March. The company is said to control the Tesla patents for the manufacture and transmission of electricity, and it is declared that the new company will be able to supply electric power at rates so much lower than those now offered, that a serious cut will be made in the business of the existing companies. The men behind the new company declare that it is not their intention to make a fight against the Edison Company. They say that they have received guarantees of enough new business to warrant the opening of a new plant. It is not denied, however, that they propose to make a serious cut in the present rates, and that this will undoubtedly attract to them many of the customers of the electric companies now in the field.

Since the project of a new electric company was begun, the men behind the scheme say that they have met with such encouragement that they have greatly enlarged their original plans. This is true not only in regard to size of the plant that will be erected, but also in regard to the capitalization of the company. The original capitalization was $500,000 and this was increased to $2,500,000 last week, with additional bonds in proportion. It is now proposed to make the capitalization $5,000,000 and issue bonds to the same amount. The money thus raised, it is said, will be used for mechanical equipment and it is understood that the company now contemplates the opening of several power stations in different sections of the city. All of these will be of the most modern and improved design and this fact alone, apart from the alleged cheapness of the manufacture of electricity by the Tesla patents, will, it is said, give the new company an advantage over the existing companies.

Behind the new company is a powerful coterie of capitalists, who are accustomed to push to a successful issue any project which they undertake. The names of the heads of the three syndicates that control the entire capital issue are Vice President Garrett Hobart of New Jersey, ex-Governor R. P. Flower and W. N. Brady of New York, and William Berri, Seth L. Keeney and Felix Campbell of Brooklyn. A number of efforts have been made to acquire some of the stock and bonds by other well known capitalists, both here and in New York, but heretofore without success, as the present holders have, without exception, declined.

The standing of some of these new men, however, has been of such a character that the company has decided that it would be desirable to have them in the scheme. On this ground a call was issued last week for the original subscribers to give up 30 per cent. of their holdings for the purpose of allotting it to men whose financial strength would give additional prestige to the new company. Who these new men are it is impossible to ascertain, but it is said that their names will be found among the officers and directors of the company when the organization is perfected.

In pursuance of the plan to begin active business by next March, the electric company has recently advertised for bids for the building for the power house on the site of the water front property secured, between Bridge and Gold street and on John street. It is said that the contract for the new building will be awarded some time next week and the work of tearing down the present structure and erecting the power house building will be begun at once. The plans for the power house are not obtainable until the contract is awarded, but it is understood that the building will be a one story structure of the type common to all power houses. The orders for the machinery have all been placed and it will be ready by the time the new building is completed. In the meantime the work of laying subways is being steadily pushed and it is said that over a hundred miles have now been laid.

While the officers and directory of the new electric company have been practically decided upon, no information on this point will be given out for several weeks. It is rumored that one of the Brooklyn holders of stock will probably be at the head of the company and several other well known local capitalists will be found among the Board of Directors.