New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-06-16
PUBLIC UTILITY NOTES..

The income account OF the American
Cities Company for the first quarter Of the
present year does not fairly reflect the
earnings of that company. Earnings cred
tied TO American Cities in that statement
consist only Of the dividends received on
the preferred stocks OF the New Orleans
Railway and Light Company and the Mem
phls Street Railway Company together with
interest on bank balances. aggregating in
all Sl39. 921. These receipts were enough TO
pay operating expenses and interest on
American Cities bonds, leaving but A747
surplus for the quarter.
In addition to this should be placed Amer
lean Cities proportion Of earnings from its
subsidiary corporations for the quarter
American Cities owns s2.42 per cent Of the
stocks of Birmingham Railway Light and
Power. Sis per cent Of the stocks OF the
Memphis Street Railway. S0.4 per cent Of
the stocks Of Little Rock Railway and Elec-
trio, 1850 per cent Of the stocks Of New
Orleans Railway and Light and all OF the
stocks Of Knoxville Railway and Light and
Houston Lighting and Power.
The aggregate net income OF these six
companies after all deductions, for the
three months ended March 81. 1912, was
1865 100, Of which the proportion applicable
TO revenues Of American Cities was Sl7,l9l,
as against the amount given in quarterly
statement Of that company OF $751; 49S
American Cities, of course, will not take
over its full proportion of net income of
subsidiary corporations as II will leave a
part Of 1t for working capital Of these COM
panies. However. II will receive enough Of
this amount. in the way OF dividends on
stocks owned, TO provide for all bond in
terest. pay dividends on it's preferred stock
and leave a balance for American Cities
common for the year.
The Ohio Traction COMPANY which CON
trolls the Cincinnati Traction Company. the
Cincinnati Geological Company and the Gin
cinnau Car Company, in addition to sub
stantial interest in the Cincinnati Dayton
& Toledo Traction Company, has been au-
thorzed by the Ohio Public Service Com
mission to issue $4,000 of first mortgage 3
per cent bonds.
These bonds are the balance Of an issue
of s. 900, Of which Sl,75O.oo0 are now out
standing. Proceeds Of tho now bond issue
will be used to make improvements at the
East End power station OF the company.
Two OF its present power stations will he
converted into sub-ststions and all Of the
power used by the company Will be gener-
ated at the East End and the sth street
power stations
The company also has asked the commits
sion to approve the issue Of $50 n0o 5 per
cent preferred stock to reimburse it for
money already expended on the East End
station. The company now has &,6550p
common and ss.5000O0 per cent stock out
standing. out Of authorized issues of Sl0.-
10000 common and 100000 preferred
stock.
The Monongahela Valley Traction Com
pany which was organized on MAY Is, Is
now in complete operating charge Of the
Fairnont g. Clarksburg Traction COMPANY
the Fairmont & Northern Traction Com
psny and the Clarksburg & Western Elec-
trio Railway Company. The new corpora
ton succeeds to all the franchises and pen
alties of the three companies.
The company operates in the Mononga-
hela Valley Of West Virginia, which Is
showing a rapid growth in population ana
wealth The new company mas S,oO"
common and 81, $4,000 5 per cent preferred
stock II has also an authorized issue OF
az co.. 90 ; per cent first mortgage thirty-year
bends OF these bonds 100000 VIII be re
served for future corporate purposes s''o'-
no have been sold 10 provide funds TO re-
tire outstanding notes, complete the extern
sion Of the traction line to Weston ana 10
make other improvements and betternien's.
The company has in operation and uhder
oors.rrct,on 81 miles of traction line, serV-
ing a population Of 10000