The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1910-01-01
CAPITALIZATION OF
P0NtR.cOMBAE
..lS==:sf8,900,000-
Details Of Merger Of Eleven Street
Railway, Power, Gas and Elec-
trio Lighting Companies in
Michigan Made Public.
All Arrangements Must Be Completed
- by April ! or Stock Will
. Be Returned.

SAGINAW. Mich, jan Tho Com
monwealth Power. Railway & Light
Co.. which Is the corporate name for
the merger Of eleven street railway.
power. gas and electric lighting COM
panies IN Michigan, is capitalized at
$i9, 00Q,o0 Details OF the .organiza-
ton, which were. made public last
night. make Hodenpyl. Walbridge. n
Co.. Of New York: f. w. Clark a Co..
OF Philadelphia, and w. A. Foote. Of
jackson. Mich. the syndicate which
has charge OF the, combine
Six million dollars OF the capital
stock OF $1s.00o,O0O is preferred and
the remainder common stock. No
bonds have been issued. All the de-
tails must be concluded by April 1,
1910. or depositors of stock In the
subsidiary companies will have their
receipts and stock returned to them.
The following companies are includ.
ed In the combination: Commonwealth
Power Co., Grand Rapids Muskegon
Power Co., Saginaw-Bay City Railway
& Light Co.. Grand Rapids Railway
Co.. Michigan Light Co.. Flint Electric
Co. Flint Gas Co.. Cadillac Water &
Light Co.. Charlotte Electric Co. Shia.
wassee Light & Power Co., Au Sable
River Property and Rights.
The total combined earnings OF tho
companies for the, calendar year 1909
CNovember and December estimated)
were $s,ig2, 900, which is double the
dividends on the preferred stock. The
new company will have In its treasury
sl.150.000 In cash. 100000 Consum.
ers' Power co. 8 per cent preferred
stock and 100000 ichigan Light Co.
per cent stock.
Exchange OF -stock will be effected
with present stockholders on the fol
lowing basis: -,-----~-~..---,
For Commonwealth Power. Co,
stock. LIS. per cent OF common stock
OF Commonwealth Power. Railway &
Light Co.
For Grand Rapids-Muskegon Power
Co. common stock, 125 per cent or
common stock of Commonwealth Pow
or, Railway & Light Co.
For Saginaw-Bay City Railway &
Light Co, 40 per cent OF preferred
stock. and 6sper cent of common stock
OF Commonwealth Power. Railway &
Light Co.
For Grand Rapids. Railway Co.. COM
mon stock, 80 per cent OF preferred
stock, and 90 per cent OF common
stock of Commonwealth Power. Rail-
way & Light Co.
n all OF the above stocks are ex-
changed the issue OF securities OF the
Commonwealth Power. Railway &
Light Co., therefore will be $3,000,00o
OF preferred stock. and $7.350,0o0- OF
common stock. the balance of the
stock OF that company being issued for
the other properties acquired. for cash
paid. in. for securities purchased. and
in consideration OF the obligations as
sumed by the syndicate.
Messrs. Hodenpyl. Walbridge & Co,
T.. w. Clark G. Co., and w. A Foote
win act as syndicate managers with
out compensation. to supervise the
carrying out OF mis- plan ana shall
have power to declare the plan opera
tive on the depositing OF sufficient
stocks In their Judgment to insure its
success.
Work has already commenced on
the first development Of 10000 horse
power on the Au Sable river and on
the building OF transmission line TO
Bay City, Saginaw and Flint, which
should be completed and ready for the
delivery Of power by the end or 1910