Evening public ledger. [volume] (Philadelphia [Pa.]) 1914-1942, 1915-08-26
PURLIC UTILITIES

The Ohio Utilities Company has aus
thorized the newly organized Northwest
ern Ohio Light Company to purchase and
consolidate the Electric Light and Power
Companies at Urbana, Vanwert, Delphos.
Deshler and Liepiz. II also was given
authority to issue 100000 common stock
and $4,000 per cent. stock to be ex-
changed or sold at par and the proceeds
used to pay for the five individual plants
Reports of the Toronto Railways Com
pany and the Winnipeg Electric Railway
Company for the first half of the current
year show heavy decline in net income,
compared with the first six months in
1914 Net income of the Toronto Railways,
from January 1 to June 30, amounted to
81, ,269, ,746. a decrease of Sl4l,92l or nearly
6 per cent The Winnipeg Electric Rail-
way Company for June alone showed a
reduction In net earnings of almost AZ
per cent, while for the six months ended
June 30, net revenues totaled $621 .643, a
loss of 29.2 per cent from the corre-
spending period in the year preceding.
The consolidated income account of the
Detroit Edison Company for July, includ-
ing all constituent companies, shows
larger returns in operating revenues in
virtually every department. Commercial
electric revenues amounted to S460,273, an
increase OF II per cent. over July OF last
year; sales to other public service cor
porations were increased more than 16
per cent. municipal electric revenues
made a gain of 72 per cent, and the total
gross income. amounting to $546, 900. was
175 per cent. larger than last year. Oper-
ating and incorporating expenses. renew
ais and depreciation reserve totaled $780,
52s, leaving a net income of $l7l ,072. which
was more than "a per cent. In excess OF
net earnings a year ago. Interest on the
funded and unfunded debt was S96.652
after which there was a balance of s74,-
42O, an increase of 1914 per cent.
Next January the Mahoning and She
mango Railway and Light Company has
maturing about 100000 of refunding
fives, and a plan has been arranged TO
take care OF the maturing obligations,
some OF which are held in this vicinity.
The financial plan provides for the alb
sorption of l3 smaller corporations, chiefly
street railways operating In and around
New Castle, Pa, and Youngstown. Ohio.
Application has been made to the Public
Service Commissioner OF Pennsylvania TO
include in the consolidation a number OF
lighting companies, but the Commission
has not yet passed upon the questions
raised. The Mahoning and Shenango Rail-
way and Light Company Is controlled by
the Republic Railway and Light Com
pany having Offices In New York. A
syndicate OF bankers has already been
formed TO take care OF the financing, the
details OF which will be announced this
fall. Some preferred stock may be Issued
when the new bonds are brought out
At the directors meeting OF the Brook
lyn Union Gas Company, which will be
held next month. Il is believed In some
quarters that the question OF increasing
the capital stock will be considered. An
official of the company stated that he
was not aware that any action to this
end would be taken by the directors at
the forthcoming meeting. although he In
timated that developments along this line
might crop out at any time. II an in
crease In the capital Is authorized. share
holders will probably be offered the right
10 subscribe for the new stock pro rata
at par. In December, 1908. the author
lied stock was increased from $500. 600
TO t20000,0o0. although the outstanding
issue was only raised to si7,s99,000.