New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-07-09
PUBLIC UTILITY NOTES.

y
Your board OF directors has decided
not to pay the usual dividend this month.
IL mas taken this course in the face OF the
fact that the earnings OF this company.
including the profits of the ORC Water.
Light and Power Company. show for the
I'VE months ended June /. 1913, $3.50, S31 81
after payment of expenses and charges.
Out OF this sum II has paid in dividends
10 June l, $3.50, leaving a surplus, after
payment Of dividends, of s72,5S1 81.
AT the present time it is not desirable
AT the prevailing rates to obtain money
from the usual sources to carry on new
construction. 1t has, therefore, been de-
cided to be the best policy temporarily to
discontinue the payment of dividends.
pending the time when financial condi-
tons become more nearly normal, and TO
use the earnings Of the company to
finance some of its construction work.
THE fact that the company is earning
nearly twice its dividends augurs we'll for
their early resumption"
Organization Now Completed.
The Louisville Gas and Electric Com
gas, electric light, power and heating
plants OF Louisville. has completed its or
SANITATION by the election OF II. NJ Bylles-
bee. chairman OF the board: George II.
Harries and Donald Mcdonald vice-pres-
ident and general manager; +. c. Gordon,
X. j. Graf, secretary, and F. b. Wilson,
treasurer ana assistant secretary. The ex-
ecutive committee OF the company will
include II. NJ. Byllesbee. Donald Melon
AID George II. Harrles Charles J. Doher-
ty, James b. Brown and !. ]. O'Brien. A
contract has been let for the construction
Of gas pipe line from the West Virginia
state line 10 Louisville. The contract will
involve about 10000 The stock OF the
Louisville Light Company. owned by the
Louisville Gas Company. will not be con-
verted into stock OF the new company, but
its 1851 shares will be distributed TO
shareholders Of the Louisville Gas Com
paiy.
Issues an EXPLANATION,
Vice-President and General Manager
John A. Britton OF the Pacific Gas and
Electric Company has issued the follow
ing statement on the passing OF the II.
per cent quarterly dividend:
while earnings OF the company in 1912
justified the payment OF dividends on both
common and preferred stocks and our
record for the six months ended June 30.
1913, indicates an increase in gross earn
ings OF approximately sl.5OO,Oco and in net
earnings Of $4,000, the financing Of our
Lake Spaulding development in the
Sierras necessitates our conserving all
available capital. For these reasons II
was deemed for the best interest of the
company that the common stock dividend
for the quarter ended June 30, 1913, be not
paid.
THE Lake spaulding development,
which embraces an installation aggre-
eating $4,000 horsepower In electric
energy, has cost up 10 June 60 $4,000,
and an additional $4,000 will be re-
quired during this year 10 complete IT,
This installation when completed will
show a cost Of 81 q horsepower. the low
est priced installation Of hydro-electric
power ever made on the Pacific Coast
1t will involve the construction of six
power houses and two additional high
tension long distance transmission lines,
besides adding water available for irriga-
ton sufficient TO irrigate an additional
e00e acres. All this VIII tend largely 10
increase the revenues OF the company as
well as 10 cheaper the cost OF production
of current, and il is thought that the
stockholders can wait for the added re-
turns which are bound to come from the
benefit OF this great work in the interest
of the public. The spauldng dam will be
completed this year. 100 yards OF con-
crete being placed daily"
Guarding Against Trouble.
The telephone probably will replace the
telegraph for dispatching work on the
Denver & Rio Grande system, according
10 an announcement made by Vice-Presi-
dent Brown OF that company. Construc-
ton gangs will start this week installing
special and private telephone system
between Grand Junction. Col. and ogden,
Utah For this purpose two heavy copper
wires will be strung distance Of 3&
~ I'd of IN