New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-09-30
PUBLIC UTILITY NOTES.

The securities Of pubic utility COM
panies are still In active demand, al
though they have commanded special at
tention throughout the recent months OF
comparative dulness In the investment
m-rnet Apparently this demand is due
TO a realization on the part OF investors
that, with the steady Increase In popula-
ton and development of the towns, cities
and adjoining sections. the earnings OF
these companies Will increase proportion
ately.
The securities OF the Philadelphia Com
pany of Pittsburgh have been attracting
attention OF investors. both in this coun-
try and Europe for some time. This is
not unnatural, inasmuch as the Philadel-
phia Company, which was organized IN
1871, Is one of the largest public service
corporations IN the United States. It's
activities are diversified, for II is engaged
in supplying gas. both natural and aru-
fetal. electric light and power and street
railway service in the city OF Pittsburgh
and its suburbs, serving an estimated
population In excess OF 100000. The com
panies controlled by the Philadelphia
e6 per cent of the electric light and power.
and operate the entire street railway sys-
TEN in the city Of Pittsburgh and neigh
boring boroughs and counties, comprising
in all $40 miles of track.
In order to provide the company with
funds for further Improvement and de-
velopment work TO meet the needs OF the
large territory in which 1t operates. and
to purchase additional light and power
plants, Blair & Co. and Ladenburg. Thai
mann e. Co. are Offering, at s7is and ac-
crued interest, the unsold portion of the
100000 per cent convertible deoent-
ures which were authorized by the
stockholders in April of this year. ~
this price the bonds will yield over o'So
per cent OH the investment. stimuli
taneous Offering will be made In LONDON
through James Capel & Co., and applica-
ton will be made TO list the bonds on the
New York and London stock exchanges.
Harris, Forbes IL Co. and n. w. Halscy
& Co are Offering TO investors D,r"v"'
Pacific Gas and Electric Company general
and refunding mortgage per cent bonds.
This company owns and operates extern
siye properties engaged in the nlanufact-
ure and eale OF gas and electricity for
light. heat and power. and in street rail
way operation, serving about 90 per cent
of the entire population OF the State OF
California, including eight OF the eleven
largest cities in the state. The proceeds
OF the present issue Of bonds will be APP
piled TO various additions and improve
,nents. including q new hydro-electric de-
yelopment, which will have an initial gem
Grating capacity Of b3.0O0-horsepower. The
electric generating capacity OF the com
pany at present il 1872 57S- horsepower am
the rev development viii increase the
total generating capacity 10 &5,o73-horse-
power.
The statement Of earnings Of the Cities
Service Company for the twelve months
ended August 81 shows another Increase
I'm net and surplus. The percentage
earned on average amount Of common
stock outstanding IL 8.A6, compared with
IA for the year ended January 81. last.
The following official figures are pub
lished:
Earnings on stocks or subsidiary