New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-12-10
PUBLIC UTILITY NOTES.

Inc financial reorganization OF the
street railway lines in and about the city
OF Buffalo has been accomplished and ap-
proval has been given by the Public Ser
vice Commission Of the I'd District. The
street railroads operated in Buffalo, Mag
ara Fails, the Tonowandas and adjacent
territory, known as the International
System have belonged TO three separate
corporations-the international Railway
Company, the Crosstown Street Railway
Company and the Electric City Railway
Company. The commission has authorized
the merger Of the last two companies into
the International Railway Company.
Owing 10 legal difficulties the Crosstown
street Railway Company cannot he
merged until next April. and pending the
actual merger the commission authorized
the lease OF the Crosstown company 10
the International Railway Company for
sSs years. AS soon as the merger takes
place this lease will become void
The commission has made an extensive
investigation Of the books OF these three
companies covering a period OF ten years
back and as a result OF this investigation
II has authorized the international Rail
way Company to make n mortgage for
100000 and to issue bonds secured there
by TO the amount Of sls,Sl7.50o. OF these
bonds so authorized su.e1 600 are to be
issued only as other bonds now outstand-
ing become due. OF the balance s4.Si4o0o
are 10 be used 10 pay of certificates OF
Indebtedness owing 20 the International
Traction Company. holding company or
ganized under the laws OF the State Of
New Jersey, OF similar amount the pro-
ceeds OF which were expended between
1902 and 1910 for additions and better
ments; N,231 GOO are authorized TO be sold,
the proceeds TO be used 20 reimburse the
treasury OF the international Railway
Company for additional property from
January J. 1911, to July g. 1912, and tl.59l,-
co are for similar expenditures made and
TO be made during the balance OF the cur
rent year. Among these expenditures are
the extensive improvements OF track and
roadway. and the new near-side cars
which are being installed by the company.
The conn any has also been authorized TO
issue 81. OlO0O0 of bonds with which TO pay
Off 100000 Buffalo Railway debentures
and $1,000 Buffalo & Niagara Falls sec
ond mortgage bonds.
For some time past the United Railways
Investment Company has been studying
plans for combining It's California rail-
roads with the power companies supplying
such railroads with power. including in
the combination other interests tributary
thereto. 1t has now formulated plans
which it is submitting TO its stockholders
for approval by which the California Rail-
way and Power Company will be organ
ICED TO accomplish this result.
This company. either through direct
stock ownership or through its subsidiary
companies. will own all the outstanding
capital stock OF the United Railroads or
san Francisco and Of the Sierra ana san
Francisco Power Company, which mas
approximately 81 900 developed horsepower;
also all the stocks Of other smaller com
parties engaged in the power. lighting
water and gas business In California
The combined gross earnings OF the
California properties owned for the year
ended June 80. 1912, amounted 10 S9,5ts,-
Under these plans it is provided that the
United Railways Investment Conpsny
ferred stock and s4O.0O0,000 common
stock Of the California Railway and row
or Company being all the preferred anu
common stocks 10 be presently Issued by
the California company.
II is proposed also that the California
company shall authorize an issue OF prior
preference per cent cumulative STOCK 81
which $4,000 900 will be presently Issued.
contract for the sale OF which has been
made with r. II. Rollins & Sons. The pro
| ceeds OF this stock will be used FOR the
purchase Of S2,000.000 par value OF notes
| OF the United Railroads OF San Francisco
and 70 complete payment OF the purchase
price Of the stocks Of the Coast valley Gas
I and Electric Company.
such action is a consistent CONTINUANCE
/ Of the company's established policy 20
! maintain its integrity a holding COM
| Danv causing the companies II owns or
| controls. In so far as practical TO conduct
/ their own financing.
The Eastern Texas Electric Company
has issued 100000 first and collateral
/ trust thirty year per cent bonds for me
purpose OF constructing an electric trac-
| ton line between Port Arthur and Beau
mont Tex This company owns the
bonds and stocks Of the various companies
| doing the electric light and power business
! in beaumont and the electric light, power.
! ice and refrigerating business IN Port
! Arthur IL also owns the subsidiary COM
/ NAMES which are constructing tho Beau
! mont-Port Arthur traction line.