New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-06-10
Citizens Gas Company.


ings Of So. C23.
Citizens Gas Company.
The Citizens Gas Companv ~ Indian
apois has applied TO the Indiana Public
service Commission for approval Of a
proposed lease Of the entire gas property
OF the Indianapolis Gas Company. The
company states in its petition that the old
management Of the indianapolis com
pany was bent on bringing the Citizens
Gas Company into bankruptcy. and at
the suggestion Of the Citizens company
certain citizens Of indianapolis acquired
control Of the indianapolis company at
cost OF nearly 100000 under an agree
ment in advance that the old plant and
mains would be leased 10 the Citizens
company which should then operate the
entire system under its franchise How
ever although the present owners of tbe
indianapolis company are friends of the
Oluzens Gas Company. if the commits
sion does not approve OF the lease the
TWO companies will have to be operated
as competitive companies. The Citizens
company states that this would be- dan
serous' and claims that a single gas com
panE can be more efficiently operated
than two in the same community.
Northern Colorado Power Company.
The Northern Colorado Power Companv
VIII hold its meeting this week TO com
piete the plans OF reorganization. Under
'he present plans. which are expected to
De approved. the bonded Indebtedness Of
the company will be reduced from s.. $50
on" 20 100000, the past due notes will be
reduced $500 and stockholders will re-
ceiVe % per cent OF their present holdings
IN new stock There will be no change
IN the present stock captalzatiou as
after giving stockholders p per cent Of
~" now common stock the remainder
Will be used 10 exchange with holders OF
the @i2o"o OF past due notes and 10 cover
the cost Of underwriting the 100000 Of
new bonds, which will retire the issue
now outstanding. This 100000 Of new
bonds will be disposed OF al S.. with
bonus OF common stock. Of which $4,000
is reserved for this purpose II is stated
that 81 per cent OF the bonds have accept
ed this reorganization plan. and nov that
the plan is an assured success II is I'M
derstood the remaining 16 per cent will
assent
Union Gas and Electric Company.
owing to financial conditions surround
ing the Union Gas and Electric Com
pany, the preferred and common stock OF
which may pass into the hands OF the Co
lumba Gas and Electric Company, II Will
not pay the per cent dividend due on the
preferred stock on July T. as the net in
come before sinking fund charges for
the year will preclude declaring any part
OF its income as dividend on the pre-
ferred stock. Stockholders OF the Column
bia Gas and Electric Company will meet
on June 70 10 approve OF an issue OF
&, 10000 per cent debentures dated July
:, 1919, and payable on January !, 1897.
10 be exchanged for the preferred and
common stocks OF the Union Gas and
Electric Company
The Union Gas and Electric Company,
which mas lease on the Cincinnati Gas
and Electric Company. is formulating
plans for the financing Of a rev central
generating station OF the Cincinnati COM
pany Under the terms Of the lease the
Cincinnati company must provide for nee
essary improvements and extensions OF
its plant II is said that the Cincinnati
company will dispose or tract Of land
which. together with small issue OF
securities. will have sufficient capital 70
build the new generating station. which
It is said, will cost approximately 500
co.,
To Pay United Railways Bonds.
The United Railways COMPANY which
operates the local suburban traction lines
OF 81. Louis. VIII pay all its outstanding
bonds maturing July T. totallins AIJo'Vv'
Securities Of the company were sold last
week on reports that the company "ould
be unable TO redeem the bonds. To set
those reports at rest James Campbell.
president Of the North American CON-
nanv which controls the United Railways
Company, telegraphed from New YORK
that the bonds would be PAID.