New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-07-11
PUBLIC UTILITY NOTES.

The Commonwealth Power, Railway and
Light Company Is showing earnings for
the first five months Of the present year
at the rate of CO per cent on its $1,000 900
of common stock. after providing for the
regular per cent dividend on its 5000 600
Of preferred stock. The company is con-
tnuing to show good gains. according to
indications, in net earnings. For the five
months of the current year the gain was
S295, Al, or 1875 per cent. the net gain S05,-
$780, or 112 per cent, while the gain in sur
plus was 5000, or 81 per cent Operating
expenses increased 1913 per cent, or $l9o76l,
while interest charges increased 10 per cent,
or S66l0. The Grand Rapids Railway Com
pany of Michigan, which has been steadily
cutting down its operating expenses and
fixed charges, showed a gain in surplus
for the five months of SA267, while other
companies also came up for the FIVE months
with good gains. While no official state
ment has been made on the question OF
dividends on the common stock Of Com
monweslth Power, Railway and Light,
houses largely interested In 1t are looking
for the unanimous declaration Of an initial
dividend at the rate of per cent quar-
terly about the first OF the year.
Portland (Ore) Railway. Light and Power
Company for the month Of May shows
earnings of 6.22 per cent, and for the five
months ended May 81 Of b5 per cent on its
$25, 900 stock While gross earnings for
the month gained per cent and for the
five months 43 per cent, the surplus for
the stock for the month showed a decrease
of 1873 per cent, and for the five months a
decrease Of 1871 per cent from the corre-
spending periods of 1911.
The decrease in surplus earnings was due
to the increased operating expenses and
the larger interest charges. For the month
the cost of operating increased sc per cent,
and for the five months increased 1913 per
cent. This was largely caused by an in
crease in the taxes levied on the property
by the city and county. Interest charges
for May increased 222 per cent. and for the
five months increased 17.S per cent. This
increase in fixed charges came because OF
the issue Of additional bonds and the sale
OF s5,O0O0OO notes TO pay for the Mount
Hood Railway Company.
The earnings of the Mount Hood COM
pany have not yet begun to show TO any
appreciable extent in the gross of the COM
pany, but with the completion Of work now
under way they are expected to add ma
terially TO the earnings OF the company.
The last seven months Of the year have
always been the best for the company,
and by the close of 1912 1t is believed that
the present decrease in surplus earnings
will be wiped out and as large earnings
shown for tho stock as in 1871 when 7 per
cent was earned on it. Dividends at the
rate of l per cent quarterly are being paid
on the $25,O00000 of stock.
The Lehigh Valley Transit Company for
the twelve months ended May 81. 1912, re-
ports gross earnings Of s.. 423, 762; net earn
ings Of $795.351; surplus OF S3l7,2l4. IS the
earnings OF the company are showing
fairly good rate OF increase it is believed
that II will not be long until the company
is paying the full dividend Of per cent
on its S4g79.CS7 preferred stock.
Earnings for the year ended May 81 were
at the rate of G.25 per cent on the preferred.
The company was organized late in 1893,
and the preferred stock is cumulative since
November, 1910. An initial dividend of
per cent was paid In November, 1911, and
dividends OF 2 per cent year are now
being paid The company has $4,000 COM
mon stock and $S97O,OOo funded debt.
IT owns and operates 100 miles Of electric
railway in Allentown and Bethlehem,
Penn, and to numerous points in the Lee
high Valley district, 1t also operates lines
from Allentown to Chestnut HILL Philadel-
phia, and to NorristOwn. The company
owns stocks Of several electric lighting and
power companies doing business in the
L4high Valley section.