New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-05-05

New York Heat. Light and Power Com
pany. the Borough OF Manhattan Electric
Company. the Block Power and Light Com
pany. No. !: Manhattan Lighting Company,
the Yonkers Electric Light and Power Com
pany, the Consolidated Telephone and Elec-
trical Subway Company, the Edison Elec-
trical Illuminating Company, and the Har
lem Lighting Company, the New York Nut
| ual Gas Light Company. capital $500, 0OG:
the Standard Gas Light Company. capital
SlOO0,OC0; the United Electric Light and
Power Company, capital 100000; the Brush
Illuminating Company. capital 100000.
controlled through stock ownership by the
United States Light and Power Company,
and the Westchester Lighting Company,
formerly controlled by the United Gas
Lamp Company, of Philadelphia. In 1904
the New York and Westchester Lighting
Company was formed in the interests OF the
Consolidated Gas Company, with nominal
capital of $4,000. and this company &C
quired the control of the Westchester
Lighting Company through an issue of
bonds. The New York and Westchester
Lighting Company. after gaining possession
of the Westchester retransferred it TO the
Westchester Lighting Company, under new
control. The capital is s. 100000 preferred
and 100000 common. \ large territory
In suburban towns IS served by the West
chester Lighting Company.
There was time when the word Sc
curity' was not as comparative in its ele-
ments as is the case to-day. American in
vestments, aside from government bonds.
have had their ups and downs-in many
cases more downs than ups-in rising to
the point where they may be classed as
safe The word safe" has been badly
m.sused one, but its proper sense of APP
plication is being crystallized and it means
more to the analytical investor now than
1t has ever meant in the history of the
American security market
The growth of our country, the enhance
ment of the value OF our lands and the
prosperity of our nation have brought into
popular appreciation the underlying value
OF our public utilities, and as a natural fol-
lowing the securities based on our public
utilities have shown more rapid growth In
market standardizilg than any other class
Of investments offered TO the general pub
lie. Public utilities, however, may be d.
vided, and in that division the branch
which emphasizes the element of safety
more distinctly embraces gas and electric
light, heat and power companies. Strange
as it may seem. there is scarcely record
Of the failure of any well organized gas
company in this country. which statement
cannot be made Of any other class of cor
porations offering their securities TO the
public
While the range Of gas and electric light
heat and power earnings has been con-
Z 1,r,u rgr1 IN, ,1,n
primary organization of these companies
either in cooperation or separately, the
real market strength of this class of Sc
curities so far as the public is concerned
began practically in 1902. Prior to that
time gas companies were financed locally.
with the exception Of a few OF the very
large ones, and each company occupied an
individual and Independent position with
very little publicity or movement in its
securities. The success of these small
companies. however, attracted the atten-
ton of hnanciers and when the consolida-
ton idea gained Roadway in this coun-
try and various corporations began TO
amalgamate it was only logical that gas
and electric companies should offer a profit
able field for cooperation and co-organiza-
ton.
Naturally, the fundamental strength Of
gas companies particularly was a revelation
TO the investment public and it was not
long before studious investors began buy
ing this class Of securities. The constant
upward rise I'm the market for gas and cleo
trio light, heat and power common and
preferred stocks and bonds tells a story Of
popularity and public confidence Of eXcep-
tional importance.