New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-01-18
PUBLIC UTILITY NOTES.

The recent acquisition Of the equity in
practically the entire stock issues of the
Minneapolis General Electric Company by
the Consumers Power Company through
| the issue and deposit with the trustees
of 100000 of its general mortgage
bonds, junior to the first mortgage bonds
as additional security for the issue of So
0O0,000 per cent collateral lien notes Of
the Northern States Power Company, has
added potentially to the security of the
Consumers company first mortgage bonds
In letter sent out by William p. Bon
bright & Co. the salient features Of the
growth of the Consumers Power Company
are shown in eleven paragraphs telling Of
underlying strength.
The proceeds Of the sale Of $1,000 900
new stock Of the Manufacturers Light
and Heat Company, together with an adj
diional $33O.450 TO be taken from the gem
eral funds of the corporation. will be used
TO pay off the S1,736,O0O first mortgage
and collateral trust per cent bonds now
outstanding, together with interest and
premium. Stockholders have the right TO
subscribe to S1,5OO,OOO of the new stock at
par. subscriptions will be received from
February o TO February "a and are pay
able on March 20.
The reorganization committee of the
Central Colorado Power Company Is TAX
| ing steps to foreClose the mortgages, as
IS per cent Of the outstanding funded Sc
curities are said TO have been deposited
with them The properties will be sold
and a new company will he organized
! The securities deposited are reported TO be
| S9,O63, 900 Of the $1O,44e.o0O first mort
| gage bonds and S57G, 600 of the $4,000
/ first mortgage bonds Of the Leadville
Light and Power Company, which is a
subsidiary of the Colorado Company.
| The increased demand for public utility
stocks is shown by the increase in the
number Of stockholders Of the Massa-
! chusetts gas companies The last quarter
! ly dividend Of 81 paid on the common
stock was distributed among S,9S7 stock
holders, the largest in the history of the
! company. This is an Increase Of 262 over
| year ago. and is three times the num-
| Der six years ago. This is an average
| holding Of common stock OF siXty-two
shares, compared with 179 in 1906. There
are $500 preferred stockholders, which
| IS also n new high record. compared with
| 6,623 year ago and 6,4S6 three years ago.
dispatch from Toledo states that at
the annual meeting Of the Toledo Rail-
ways and Light Company Albion T..
LANCE, former president OF the company,
resigned from the board. and Conrad
We'll was elected TO succeed him. The
meeting was adjourned until January 80
without taking up any other business. as
the deal giving II. i. Doherty & Co. con-
troll has not yet been closed.
The report Of the Chattanooga Railway
and Light Company for November 1912,
shows gross earnings OF eSoI293. as com
pared with SSH for November, 1911.
an increase OF Sl2.5S2. net earnings We're
S35.9al. as compared with S31199, an in
crease Of S4.T32. The report for the
eleven months ended November 20. 1912.
shows gross earnings Of $9G922o, as com
pared with SS5q.Gi5 for the same period
in 1911. an increase OF Sl09515. and net
earnings for the corresponding period
were 1891, $50. as compared with S25G121.
! IN increase Of S35.55S.
! The Grand Rapids Railway Company's
/ report for November, 1912, shows gross
| earnings OF s1O077G as compared with
! So4.32&, an Increase Of S6.453 over No
vember 1911. and net earnings were SAL
! 500. as compared with s41179, an in
! crease Of STA The report for the eleven
months ended November 80, 1912, shows
gross Of S112GGlO. as compared with
/ s1.O6O7S4 for the corresponding period In
1911. an increase Of ST5,S2s. Net earn
| iDas were S49I.9SS. as compared with
/ 2tG0673. an increase Of $31,3l5.
GUARANTEED STOCKS.