The Washington herald. [volume] (Washington, D.C.) 1906-1939, 1912-12-05
STOCK OFFERING OF THE
AMERICAN PUBLIC UTILITIES

Kelsey Brewer & Co.. operators Of
gas and electric properties. Grand Rap
IDS, Mich, are managing the syndicate
which Is offering s2.30o.ooo per cent
cumulative preferred and $4,000 COM
ties Company in blocks of 1900 par value
preferred. and $50 common for $1,000
The American Public Utilities Com
pany now owns and operates the Utah
Gas and Coke Company. Salt Lake City;
Boise idaho Gaslight and Coke Com
pany, Minnesota wisconsin Power Cor
portation, EIkhart Gas and Fuel Com
pany, EIkhart. Ind; Valparaiso
Lighting Company. Valparaiso, Ind.
winona Cdinn.) Gas Light and Coke
Company, Albion CAIich.) Gaslight Com
pany, Holland (Mich.) City Gas Com
pany. and the jackson Caiss.) Light and
Traction Company.
The present financing is for the purpose
, of acquiring through majority stock
ties Company. of Indianapolis; the Peo-
pies Light and Heat Company, Of In
dianapolis. and the La Crosse Gas and
Electric Company. Of La Crosse. wis. All
the companies have satisfactory fran
chise rights.
Capitalization of the company is:
Authorized. Outstanding.
Bonds. oyear Sc! collateral -,
trust -..........-.-..-....--.-.S2oO o.OW SSWS
Preferred 81 cumulative stock 100000 3aioO
Common Stock-..............-.- 100000 2soO
Estimates for earnings of ensuing year
are:
Gross, all properties. 41
Operating expenses taxes interest &e...... les $50
Earnings. American Public Utilities Co.. 49, ~
Gross. American Public Utilities CompAny.. NlSS
American Public Utilities Company, interest
charges tt ~
FreferTed dividends. He1e
Net surplus for common stock................ 2olE
It is estimated that the surplus avail
able for the preferred stock Is two and
one-fourth times the amount required TO
pay the per cent dividends and that
after this and all other charges the es-
timated net surplus for the common as
shown above is equivalent to approx
mately 10 per cent on the outstanding
amount. Dividends will be paid, on the
preferred from date of issue, and 1t may
be redeemed on any dividend date. at los
and accrued dividends. While the COM
pany will pay only per. cent per an
mum in quarterly installments on the
common from date of issue. II is conf
IDENTIFY believed that the rate will. be
raised / per cent per annum. until per
cent is paid yearly. Stockholders are
also expected to participate in profits
accruing from acquisition of new prop
critics, which may be in the form Of stock
dividends.
The securities Of the American Public
Utilities have been listed on the stock
exchanges in Columbus, Cleveland,
Louisville, and Detroit and enjoy a ready
market in New York City, Boston, St
Paul.. and Grand Rapids, Mich.
Inc offering will open on December 5,
and close at noon December Is, 1872 Sub
scribers may pay half cash at time of
allotment and the remaining 80 per cent
on January 10, 1913. Interest at the rate
OF per cent will be charged on defer
red payments.
Associated in the syndicate with KEEL
sey, Brewer & Co. are understood to be
other strong financial interests, and It
is expected that they will eventually
take over other important public utility
properties supplying growing industrial
centers.