New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-05-18
PUBLIC UTILITY NOTES.

| is to be consolidated with the Susquehanna
Railway. Light and Power Company. After
the consolidation the capitalization VIII be:
Authorized $4,000 three-year convertible
/ . per cent secured notes, S25,VpOvo b. per
cent cumulative preferred stock and 30
! O0oOo common stock; sS.SsoCo OF the COM
mon stock will he issued at once, Sl,6-o"D
remaining in the treasury. or the pre-
ferred stock, 80 te3, 100 will be issued at once,
sl,l72.i70 will be issued for equal exchange
for United Gas and Electric Company of
New Jersey preferred stock, $4,000 will he
reserved for convertible notes and S,56i, $50
will remain in the treasury. Preferred stock
Is per cent cumulative to April ], 1875
and per cent cumulative thereafter or
the three-year notes, $4,000 Will be issued
at once. g. 10000 will be issued for United
Gas and Electric Company OF New Jersey
| bonds and for working capital and 2'oU'-
| $50 will remain I'm the treasury. Notes ma
ture April !, 1915 They are convertible
after April !. 1914. into the company's pre-
ferred stock par for par.
With these securities issued United Gas
and Electric Corporation will own directly
and through ownership OF United Gas and
Electric Company OF New Jersey and the
fractional company tho following: Hous-
ton Gas and Fuel Company. Houston. Tex ;
Consumers Electric Light and Power Com
pany, New Orleans; international Trac-
ton Company, Buffalo; Harrisburg Flee
tIic Service Company, Harrisburg, Penn. !;
Altoona Gas Light and Fuel Company. COL
orado Springs Light Heat and Power Com
pany Elmra Water, Light and Railroad
|
Power Company. LeavenwOrth Light, Heat
and Power Company. Union Gas and Elec-
tric Company. Lockport Light Heat and
| Power Company. Citizens Gas ana fuel
Company, Hartford city Gas Light Com
pany. Wilkes-B Company and Lam
caster County Railway and Light Com
pany The last named owns four minor
companies In Lancaster. Penn.
A syndicate headed by William Solomon
6 Co has purchased Sl.5OO.OOe Western
Ohio Railway per cent first mortgage
londs due 1921. The bonds were not pur-
chased from the roiiway company. but had
been deposited by their various owners win
q committee Of Cleveland bankers for about
eighteen months, pending the sale OF the
entire lot to some distributing syndicate In
the East
Negotiations have been under way for the
sale of the bonds for some time. Stone
, Webster recently. completed report on the
property Of the company. This report IL
is stated. Is very favorable 60 the physical
condition 81 roadbed and equipment ana
also as to future earning prospects, the
bonds were put out by the company In 1902
when there was a great expansion OF cleo
trio railway building I'm ohio. The Western
Ohio Railway Company is leased to the
Western Ohio Railroad Company on basis
OF payment Of principal and interest on us
$4,000 900 per cent bonds. DIVIDENDS on
it's frs, and second preferred stocks ana
81. 600 annually The Western ohio Rail
road Corurauv operates IA miles Of cleo
trio railway in Northern Ohio, connecting
number ~ important towns. II has s9i3,-
500 stock outstanding Earnings for the
year ended December 81, 1911. were
Gross .5a6.i.5. n gain NJ t71.75o over the
preceding year net S2b5.s36. a gain NJ W
o.. net income. s?o.osG. a gain Of VS.
pss. dividends on preferred stocks OF west
eru ohio Railway Company. Sis,IO0. gain
OF S21.2s0. balance for stock Of Western
ohio Railroad Company. ibl.ess. gain OF
Ss.7l;.
Director, n the Northern Ohio Traction
and Light Company have decided to Issue
the entire Sl.s4o.o9C Of rer cent preferred
stock recently authorized hy the Pubic
service Commission Of Ohio. -.
The 400 sharer ~ stock will be offered
at par. TO both common and preferred
stockholders % tho company. offer IN hold
good until June !. Each stockho!def mas
the right 70 subscribe 10 as many shares
as ne desires. subject 10 proportionate allot-
uent. should there be an ~ ersubscription.
Payments may be made In me install
mcnts 20 july !. 1913. but certificates VIII
be ISSUED for all full shares paid for. these
cortt;ica;rs 20 bear 8 per cent interest Inc
stool, f. subject to redemption a. 10 and
accrued dividends after July :, 1918. or any
dividend date thereafter The Public Ser
vice Commission stipulated that this stock
should 10 issuoa ~ not less than par
Proceeds Of tho sale Of tho stock VIII be
ussd IA construct now central power sta
ton. reconstruct lines and other WORK
amounting ia al to about s.. 900 900. Bal
ance of cost u these improvements $3.50
600 is to Il. -akon from earnings OF COM
many bv the order 81 the Public service
Commission Of OHIO.
Announcement was made here yesterday
that control Of the Cleveland Electric
Illuminating Company had been acquired
bv the Central States Illuminating COM
many. o. New York. stockholders VIII re-
ceive $3.50 a share and accrued dividends Tor
their stock