& ,y & X -j EVENING LEDaER-PHILADELl'HIA, FRIDAY, JULY 21, 1910. pT I t t r I I lv $ . fOUR NEW BANK BUILDINGS INDEX OF 'PROSPERITY HERE Franklin, Logan, Colonial and Beneficial to Have Larger Quarters in New ' Homes COST MORE THAN MILLION Cost of Philadelphia's Four Neil) Bank Buildings' FRANKLIN NATIONAL BANK, $600,000 to $1,000,000. Beneficial Saving Fund Society, $300,000. Colonial .Trust Company, $250,000. Logan Trust Company, ?150,000. Total, between $ 1,200,000 and $1,700,000. Bankers assert a wavo of pros perity has mado necessary the new buildings. An unprecedented wave of prosperity, which has sent millions of Rurplui dollars Into the coffero of Philadelphia linnlts, Is largely responsible for tho construction of four new buildings In this city nt n cost cstlmatnd between 11,200,00 and $1,700,000. Officials of the four financial Institutions', ths Colonial TfiHt Company, the Logan Trust Company, the Deneflclal Savin? Fund Boclety of Philadelphia Rnd the Franklin I ah an Indication of the hlnhly popular .f A a 1 tixi j.aI. ik. - i. I i.i I . r . ...... National Bank, declaro the now buildings arc n. necessity on account of Increased business. They say deposits haVo Increased bo rapidly and the business has been so rent that now quarters and ampler ac commodation must be had to handle It. The largest of the now building's Is that of the Franklin National Bank, 1416 Chest nut street. It Is to cost between K'00,000 and $1,000,000. On tho Chestnut strnot a Mo of the building It will" contain tho bank quarters proper. Tho Sansom street side of the building Is to bo an 18-story ofllco structure It Is to be of Georgia marble This bank began business 16 years ago with a capitalization of $1,000,000. It now has a surplus of J3,2S0,000 nnd between 4C,000,000 and 160,000,000 In deposits. Tho building which tho Beneficial Sav ings Fund Society of Philadelphia Is erect ing at 12th and Chestnut stroets Is for bank purposes only, It ii to be n whlto marbla building 70 feet high nnd Is to cost 300,000. It Is -to be ready for occu pancy by September, 1917. On August 1 tho Colonlnl Trust Com pany will break ground at 13th nnd Mar ket Btrcets for a $250,000 bank and ofllco building. 12 stories high Stores will oc cupy tho Market street sldo of the build ing. Tho bank Itself will bo In tho rear on tho 13th street side. The fourth structure, for which demolition of the present-structure- at 1433 Chestnut treet will begin August 1, Is for tho Logan Trust Company. It Is to be a four-story te.cl and concreto building, with whlto cranlto front, costing $150,000. Tho busi ness for the batik Is balng dono temporarily at lfith and Chestnut stroets. Tho bank has been located at 1431 Chestnut street Several years ngo It purchased the prop er:.; nt 1433 Clieittmt street, expecting to" b-tvA Tho construction of tho new b'llld 'Ki - therefore riant In lino with the Jfr Nf Vie bank. Tho iicw bulldlar will T" -th sites, 1431 nnd 1433 Chestnut :r'-.vt, "BOOK LARiW" GOOD flOR THE RAW RECRUIT Doubledny, Pago to Publish a Military Shorter Catechism Book Notes Doubledny, Page & Co. announce that It has become necessary to postpone put)' llcatlon of th'clr two American military books, "The Soldier's Catechism" and "Mili tary and Naat America," orlglnnlly set for August 1, to early In September, prob ably September 6, An Interesting item of news ltt this con nectlon Is that two of the three authors of "The .Soldier's Catechism" hae ben promoted In rank since the first announce ments of the book wero sent nut Thoie now are Major (formerly cap tin) V C Bolles and Captain (formcih' I ' J. S. Upham. The third coo ' tain 13. C. Jones. "Tho Soldier's Cateclilimt ' tho Indorsement of tho Arm " and an Introduction by Mai r L Scott, chief of Btnft U v scribed as a complete manunl t' w listed man nnd for those contemplating enlistment. Tho book Is nnnoilncod us tho outcome of a series of question and answer pamphlets prepared by tho same three United States Army officers and used wltli much success In army ;trclei. Matters comldsred In tho -volume range from cere, monlei and Inspections to ;aro of tho feet nnd teeth. Ill Ho firing, guai'd duty, the use of the bayonet, lntronchlng, scouting, signaling, tho use nnd "are of arms and military equipment, camp sanitation, how to keep fit on the march, the "nrtlcles of war," first aid for wounds and military stratery these are some of tho subjects covered. AE01IIE ROOSEVELT PUNISHES QUKXTIN FOR CARELESSNESS Brother Disciplines 'Brother in Platts burg Training Camp PLATTSBUBO, X. Y.. July 21. Tho name of Roosevelt stands on tho "blacklist" of Plattsburg camp and It wns put there by a Roosevelt Ab a result, whon Colonel Theodore Rooievelt visits the camp Saturday, a chat with his son, Quontln, will become possible only If the Colonel car ries it on while Quontln Is cleaning camp streets. . When discipline wast not ns It should be In Company,,!!, 4th Talnlhg Regiment, Captain Sutherland decided to "blacklist" and punish the offenders. Ills orders wcro conveyed to Sergeant Archie Roosevelt, ho was impressed with tho necessity of main taining order. Yesterday, when the company was In lino. in tho company stroet. a com motio)! was heard and Sergeant Roosevelt cried: "Tho man responsible for the commotion will Btep to the front." I IJo did and It was brother Quentln, followed by several other rookies. Then the name of Roosevelt went up on the "blacklist" all because Quentln care lessly dropped his rifle on a fellow rookie's toe. Will Meet to Boom Harbor Co-operatlvo plans are being launched today between the Jersey Board of Com 'merce and Navigation and the Camden Har bor Commission, aiming toward the better ment of general trade conditions and the improvement of the harbor to the end that 'business may be enhanced. Blanks have jbeen mailed to S3 Camden manufacturers asking views upon any possibilities they I may have in mind bearing upon the sub ject, and action will be taken. It Is said, .upon the best suggestions offered that might lead to the desired end. THE WEATHER July 21. Generally somewhat Official Forecast WASHINGTON. D. C. For Eastern Pennsylvania: fair tonight and Saturday; cooler tonight In eaat portion; gentls to moderate west and northwest winds. The coast storm has moved up to south ern New England, the lowest barometer along the coast being 29.3S Inches at Block Island. High wlndsand heavy seas pre vailed on the north Atlantic coast, with (ales along the Immediate path of the storm. Showers covered most of the cot ton belt, and occurred In portions of the Oh.lo basin and the Lake region during the last 24 hours. Conditions are more or legs unsettled throughout the eastern half of the country, while fair weather and seasonable temperatures are (reported from the plains States and the Far "West;. U. S. Weather Bureau Bulletin dbservatloos taken at 8 a. m.. Eastern time. Low . 8 lilt Italn- Vtoe. Station. m n't. fall.'WInd. Ily. Weather Atlanta. Oa. ... 73 TO .02 IV ' Clear Atlantic Cltr . . 14 S 1 2i W ,, naln lllamartk. N. D. 11 64 .. NW .. near Uoston. Mill . , SI fl2 ss K IS naln HufTalo. N. Y..7-I T3 ',, 8W 12 Cloudr rninwion p, w. ; .. my iu I'louay iBtwiu. u. .... i; -- ,$i f uieaK oa ,a 1.6 NW Aaa rinHnnall. Ohio.. TO Cleveland Ohio,, 72 72 Denver, Col. ... Si 62 Detroit. Wfch,,.. 72 73 Kl Paao ,. 74 72 flalveiton. Tax.,, "2 82 Ilatterai, K. C. 78 7 llillfar. V B... 78 Al Helena, Mont. , 8 08 Huron. S n. . . 8 8 I.JI.n.nnll. InJ 94 TA Gd fcTtlP Jackaonvllle FU.T 78 SW is Knoxvllle. Tenn. 72 70 S3 SW .. Ultl Hock. Arlc. 78 74 . NW 1 tn Ann.l.e Cat 80 60 . K louUvill. Kjr., 72 70 l.M N ifontiomery Ala. 78 74 .14 SW , i Montreal, Can. 78 72 ,. B .. NaabvllU. Tenn. 74 73 SW 12 i New Orleans. I. 76 74 .08 BV . . New York 73 68 .48 IV I Norfolk. Va .. 74 74 .24. BW It ufcianom uiu,, tv oo Clear I Omaba. Neb. ' Philadelphia Phoenix. Art J'ltteburxh, i rxh. Fa. 'artlma. &fa. Portlaa4.Of. 73 ea : 78 74 J: RO 80 .. B Quebec, Can. ui. S8 68 TH 7 1. Ijiule. Ma. 78 7 St. Paul, lilnn.. 72 6 Salt f-fk, uuh 70 70 feaa Anioaia. Tex. 78 78 Bin yranclsco . . C3 60 Uinta N . it bs 68 Ba. dm. juxcm e Eceaoloo. r. Tiubm. Eta. , waaalojrtpu .,., Wtosl-. Cass. T 72 .04 xr 63 60 .50 B 2. N 12 Cloudr . , p. .. uiear ..SB . Clear ,, HV 1 Cloudy .. W .. clear .08 BW 10 Rain .. TV 13 P.CIdy SW . C ear - 8E 13 Clear. uiouar Cloud r Cloudy Clear Cloudy Cloudy Cloudy P.CIdy Clear . . i louay 24 Rain Cloudy . Clear 10 Cloudy .. Clear Cloudy PCIdy Clear Cloudy Clear clear s W i ss si 21 :,U s f . . w . . .. N .. '.. BW .. i s ' ? OJ NB ". . . W , . SW .: : ., C!ia Clear Cloudy Clear Clear Clear P.CIdy Cloudy Cloudy CItar character of tho work a footnote to ono of the various scctloni states that "an at tempt has been mado o formulate tho so questtqns and answers In an simple Ian euage as pu4ilbte, and no attempt has been mnde to follow grammatical or technical rules It the Idea OuV.d be conveyed In a simpler form. , A samplo of tho nlethod employed by thu authors Is given In 'ho following quo tation: Q. (1.) For what purposo aro your In ttcnchtng tools Msucd to you? A. To holp mo protect myself against tho enemy s fire. Q (2.) What thickness of dry sand will prjtcct you from rifle flro? A. About 10 Inches. Q (3.) How much moist sand? A. About 14 Inches. Q. (4.) How much dirt without sand? A. About 20 inches.. J. C. Snalth's new novel, "Tho Sailor," which tho Appletnni aro to publish this weak, hn just appeared In London, and many critics already havo detected In the hero a striking similarity to tho distin guished poet, John Mnscllcld. "Tho Sailor" Is tho Btory of tho building of a man's character, portraying tho growth and struggles of a boy from squalor and Ignor ance to education nnd famo through his aosoclatlon with the sea. Natnlle Sumner Lincoln, author of "I Spy" D. Appleton & Co ), has had all sorts of Interesting experiences In her short nnd busy life, but somo of tho most Interest ing occurred whlto sho wns busily gather ing sheaves as a newspaper correspondent nt Washington City little Mile Zla, daugh ter of the Turkish Ambassador Zla Pasha, gave up wearing "pants," as she nahely expressed It, when sne came to Washing ton, and her Interost In Western matters mado her quite a "find" for tho newspaper folk. Ono day Miss Lincoln was fortunate enough to hav6 a prhato appolntmont with tho little lady, but Instead of dis cussing Wostcrn wayB sho kept Miss Lin coln busy answering questions of English grammar. Mile Zl.i spoke little English, but her French was delightful, and English plurals puzzled her "See, Mademolsello," sho said In French, "hero In this list of words to spell In tho plural In English Is 'turKcy' This Is not possible there Is but ono Turkey." Seeing her hurt ana disapproving iook Miss Lincoln dodged tho question, and tacitly agreed with tho little lady that -there was but ono Turkey, leaving her en llghtenmont tc the days when sho would have trio pleasure of attending one of tho dinners she was sure to bo Invited to to celebrate one of our national holidays. Eleanor II. Porter, author of "Just DaId,' Is spending part of her summer holiday visiting the friend to whom her latest Btory is dedicated. Wllla Slbcrt Cather, author of "Tho Song of the Lark" nnd "O Pioneers!" is sum mering In Now Mexico among tho Santa Clara Pueblos and the Black Mesa. Itupert Brooke, the young soldier-poet whose "Collected Poems" was published last autumn by John Lano Company, has ro celved high American honor. The Henry Howland memorial prize of $1600, every second yenr awarded by Yale University to "tho citizen of any country for marked distinction In literature, fine arts or the science of government," on June 21 wns accorded this young poet, who, not yet 29 when ho perished, hurried homo from America to servo his country at the out-. break of the great war. On his way to active service with the Dardanelles expedi tion Brooke suddenly became ill and died. Speaking of the late James J. Hill, Life remarks: "It wo had the British habit of putting handles to the names of eminent men, he would have been the 'Duke of St Paul, or something like that." The probable truth of the observation Is emphasized by a study of the life of Hill's contemporary. Lord Strathcona, who In the early days of their association was plain Donald Smith. Concluding the account of the disturbance In the ned River section In the late 60's and of Smith's part in straightening out the dif ficulty, Beckles Wilson, author of "The Life of Lord Strathcona," recalls that it was on Smith's return from this mission that he and Hill first met. Hill was traveling by dog sledre to Winnipeg from St. Paul, hav ing Just established the Bed Blver Trans portation Company, At Fort Garry ho had Interviews with many of the omcrals with whom Smith had been conferring. Un doubtedly the commercial and diplomatic success of Smith's mission and the already apparent business acumen of Hill were Im portant factors In the Impression each made upon the other, even at that first meeting, and had much to do with the close and powerful association they formed later. Ella Frances Lynch, author of ''Educating tho Child at Home," Is in New YorkTor a few days on her way to ths Adirondacks. Miss Lynch, who has organised the League of Teacher Mothers, Is rejoicing In the fact that her efforts have already resulted in showing many mothers how absorbing an Interest It Is to trplp a child's mind, in stead of leaving this to pajd educators. Another result, she says, Is that some moth ers, uncertain whether to put (heir children Into certain private schools, have informed the principals that if they do not Introduce new methods of Individual instruction they "will keep their children at home and teach them themselves." Now, at last, aha says, they have an alternative. A much needed book for which Messrs. Henry Holt & Co. have arranged with Miss Constance D'Arcy Mackay to, Issue early In October will be the Forest Princess nf&Np exflejHesa f exexesssXexS MARGARET MUENSTERBEItG Daughter nf the Harvard psycholo gist, author of ''Anna Borden's Career" and "Red Poppies," and editor nnd translator of "A Harvest of German Verse" (D. Appleton). and five other masqUes In ono ' of which, "A Masque of Conservation," tho old gods of tho rivers nnd winds como Into striking contrast with American land exploiters of today. Tills will bo Miss Mackay's soventh book of or about drama to be Issued by tho Holts. Tho Thomas Y. Crowoll Company an nounces for early publication, "Tho Story of Lord Kitchener," by Harold F. B. Wheeler, ntithor of "Tho Boys' Nnpoloon." Tho snme publishers will soon Issuo other new books for young peoplo no follownl "Boys' Book of Plratco," by Henry Gilbert; "Hcroos of tho Great War," by O. A, Leask; "Story of the Indian Mutiny," by Henry Gilbert; "The Boy Settler," hi Ed win L. Sabtn. CHAMBERS RETURNS TO THE SHORT STORY Those in "Police H !" Have tho Binding Unity of a Coramon Hero Other Fiction Robert W. Chambers In "Tho King in Yellow" and Its accompanying tales nnd "In tho Quarter" wroto somo memornblo short stores. They had technical pro ficiency, power of plotting, bollovablo char acterization and tho Indefinable atmos pheric glamor that Is the llfo of a story otherwlso unendowed with Itallty. In moro recent years Mr. Chambers has written comparatively few short stories, and thoso not of tho first water. In his now book, "Police 1 1 1" jD. Appleton & Co , New YorK) ho has returned with measurable success to a field In which ho onco won distinction. Tho book Is comprised of half a dozon of what ore really Independent Bhort stories In form, but which havo tho connecting tlssuo of n common personality, a sclontlst, an anthropologic to bo precise, who serves ns hero and relator. Ills madcap achen tttres, which arc as much concerned with bluo eye and cornsllk tresses as with the problems of ethnology and pure science, aro ingeniously plotted and told In a brisk nnd epigrammatic stylo which makes tho diction a delight Mr. Chambers satlrh-cs all sorts of modern moods and faddists, and very cleverly, though occasionally with. a cynical touch that is not qulto agrcc ablo to those who beltevo Blnccrcly in somo such things as Imaglsm, suffrnglsm, Schocn berglsm and other Isms which characterize the waning second decade of the nineteenth century. The social life of Pittsburgh was not al ways n conglomerate of luxurious lim ousines. Lucullan menus nnd cxtrangances of steel and Iron mllllonnlren Something of the earlier manners and customs of the fort of Duqucsno and the borough of Pitt Is recounted Interestingly In "Pittsburgh: A Sketch of Its Early Social Life" (G. P. Putnam's Sons, New York), by Charles W. Dahllnger Mr. Dahlinger Is evidently well posted on his subject, and ho has made somo Interesting "finds" In the course of his antiquarian researches. "Unhappy in Their Daring" (Putnam's Sons; New York), by Marlus Lyle, Is a most unpleasant talc, told In highly artistic fashion. Its chief value Is Its picture gf the higher strata of Irish county society. The plot revolves around the efforts of a queer stick of a girl, homely but brilliant, to se duce the husband of her beautiful but con ventional half-sister, who Is likewise the moneyed member of the family. The man In tho case has all the defects of his class and his qualities, He Is esthetic and tem peramental He is really in loo with his wife, yet his allegiance succumbs to tho systematic campaign of his sister-in-law The characterization of tho erring man and maid Is very acute and pore than super ficial in Its subtle psychology. The wife Is rather a puppet and the other characters are merely sketched In. Among the sollder books of early sum mer the kind that will assuredly not find their way Into summer resort armchairs, worse luck Is "Alfred Russel Wallace; Loiters and Reminiscences," by James Mar chant (Harper & Bros., New York), It Is a remarkable document for Just one thing, Its record of the many years of warm Inter course between two great scientists who were bent upon the same course of re search. The flavor of the volume Is admir ably caught In this single quotation: "My Dear Wallace I have received your book ('Natural Selection') and read tho .preface. There never has been passed on me or. Indeed, on any one, a higher euloglum than yours. I wish that I fully deserved It. Your modesty and candor are very far from new to me. I hope it la a satisfaction to you to reflect and very few things In my life have been more satisfactory to me that we have never felt any Jealousy toward each other, though in one sense rhals. believe that I can say this of myself with truth, and I am absolutely sure that It is true of you. CHARLES DARWIN." PHILADELPHIA ELECTRIC REFINANCING PROJECT EMBRACES 25 CONCERNS Will Be a Pennsylvania Corpora tion and Its Stock and jBond Capitalization Will Amount to $110,000,000 STOCKHOLDERS NOTIFIED Detailed plans for the complete re financing of the Philadelphia Electric Com pany to provide cApltal necessary for broad extensions nnd developments In the com pany's system wcro mado public today. Jo seph B. McCall, the president, explained the program to be followed out, In a formal statement, and simultaneously letters were mailed to nil holders of the company's trust certificates giving the details of the plan. Tho appronl of tho Pennsylvania Public Service Commission Is needed before tho readjustment becomes a reality. All of the plants and properties now held by some 25 different companies, with the Philadelphia Electric Company of New Jer sey at the head, aro to be Unified Into one corporation. This will be the Philadelphia Electric Company, nnd will be a Pennsyl vania corporation, operating under a char ter of this State. The refinancing will bo made under tho direction of a syndicate of bankers, tho managers of which nra Drexel & Co. and Brown Brothers & Co. Tho basis for the reorganization was worked out by nn en gineering firm from Boston, which mado a thorough Investigation of tho company's physical condition. Its properties nnd tho possibilities for Its future growth. Upon the report of this Mrm tho details of tho scheme wero based, SYSTEM WILL BE IMPROVED. Under tho plan announced tho authorized capital stock of tho Philadelphia Elcctrlo Company wilt be increased from $25,000, 000 to $50,000,000 nnd 6 per cent bonds to the extent of $60,000,000 will bo Issued, thereby making tho stock nnd bond capital ization of tho company $110,000,000. The complete program will glvo tho company an additional working capital of $50,000,000 for tho extensions to tho business and the Improvement of tho system. The mortgage of $60,000,000 wilt be a first Hen on all the property of tho com pany now owned or hereafter acquired, nnd will bear Interest nt 6 per cent. Under this mortgage $35,000,000 of 5 per cont. bonds will bo Issued In exchnngo for $28, 276,600 of collateral trust certificates now outstanding, to pay off $2,500,000 of notes nnd to provide part of the additional work ing capital. It has not been explained upon what basis the present authorized lssuo of $25,000,000 of stock at a par value of $26, but with only $22.60 paid in, will be exchnnged for ths new stock, of which there will bo $50,000,000. COMPANY'S STATEJ1ENT. The formal statement. Issued by Presi dent McCall, gives tho following details of tho working out of tho plan of refinancing: "It Is proposed: First. Thnt the nuthorlzed capital stock of tho Philadelphia Electric Com pany (of Pennsylvania) shall bo In creased from $26,000,000 to $60,000,- ooor Second. That the Philadelphia Elec tric Company (of Pennsylvania) au thorize a bonded Indebtedness In the sum of $60,000,000, to bo secured by a first mortgago which shall be a di rect Hen on all its property then owned, comprising tho entire plant and system it now operates in the'clty of Phlladel. phla, and all property It thereafter ac quires; the bonds to be In denomina tions of $1000 $600 nnd $100, to ma ture GO years from their 'date, to bo re deemable at 105 after five years, and to bear Interest at tho rate of 6 per cent, except In tho Instance noted In paragraph 3 (c) ; approximately $35, 000,000 of tho bonds to be presently Is sued and the remainder reserved for tho future financing of tho company to be Issued under restrictions properly protective of the holders of the bonds;, tho principal and Interest of the bonds to bo payable without deduction for any tax which the company may bo required to pay or retain under any present or future law of the United States or of the State of Pennsylvania. Third. That the holders of tho sev eral Issues of trust certificates bo given tho privilege until September 1, 1916, of selling or exchanging their trust certificates upon the following terms: (a) The holders of Edison Electrlo Gold 5s to receive $1080 In cash, or at their option $1100 face value of new 6 per cent bonds, for each $1000 face value of said trust certificates; (b) The holders of Philadelphia Electrlo Gold Es to recelvo $1060 In cash, or at their option $1060 face value of new 5 per cent, bonds, for each $1000 face value of said trust cer tificates; (c) The holders of Philadelphia Electric Gold is to receive $860 In cash, or at their option $160 face value nf new 5 per cent, bonds, for each $1000 face value of said trust certificates, or $1000 face value of new 4 per cent bonds, secured by the same mortgage, for each $1000 face value of said trust certificates. P. & R. MINERS STRIKE Refuse to Support Company's Demand for Eight-Hour Workday POTTSVILLE. Pa, July 27. Because the Philadelphia and Beading Coal and Iron Company, the operators of the Thomaston section of the Pins Knot Colliery, near here, Insist that the contract miners shall work eight hours a day, under the contract entered Into last May, the employes, num bering several hundred, went out In sym pathy with the contract miners. After the contract miners quit, at any time of the day they demand that they shall be hoisted to tho top, which the company declines to do. The Pine Knot Colliery continues at work. mpiiii'm"' G UARDS eoytr Tour wbMls. sttrs an4 fcdta and reduce your compta Mtlao Insurant rate. Expand! Metal crforattd Metal . ar OHM! unit W OCT OCB ESTIMATE BU-rlIrket 109J Kr.toji-Mla 21 T. S, JOHNSON SONS CO, CM ClTEHJiy. 8T. fi Why Enlistment Failed to Yield Enough Men Roland G, Usher, author of 'Tan-Germanism" and "The Challenge of the Future," contributes an article to Sunday's Public Ledger on the failure of the Ameri can system of voluntary enlistment. He contends that our private soldier starts with the notion that somehow the. work will be exciting, romantic and thrilling, and that he is not prompted by pure patriotism. fU aW.V-t. A WJ- B PUBLIC eXEDGER PHILADELPHIA ELECTRIC COMPANY Plan for Retirement of Trust Certificates To the Holders of Edison Electric Five Per Cent. Stock Trust Certificates, Philadelphia Electric Five Per Cent. Gold Trust Certificates, Philadelphia Electric Four Per Cent Gold Trust Certificates, i The rapidly growing business of the Philadelphia Electric Company has made necessary the raising of additional funds for the further extension and development of its system, in order to provide for the increased requirements of the public, and to maintain the character of service which it is the primary duty of a public service company to furnish to its consumers. To accomplish this purpose, it is necessary that the Company shall have the co-operation of the holders of the several issues of the outstanding trust certificates. ' The system of the Philadelphia Elec tric Company (of New Jersey) consists of the plants and properties of twenty one different companies in the City of Philadelphia, substantially all of whose capital stock, with the exception of two of the companies, is owned by two New Jersey corporations, all of whose capital stock in turn is owned by the Philadel phia Electric Company (of New Jersey). The capital stock of nineteen of these companies in Philadelphia and of the two New Jersey corporations is pledged aa collateral for the various issues of the outstanding trust certificates, as follows: $1,994,300 Edison Electric 5 Stock Trust Certificates, (11,268,060 Philadelphia Electric 5 Gold 3 Trust Certificates, $15,014,142 Philadelphia Electric 4 Gold Trust Certificates, or a total of $23,276,502 outstanding trust certificates. The capital stock of the remaining two companies owning plants and prop( crtics in the City of Philadelphia, viz., Kensington Electric Company and The Philadelphia Electric Company (of Penn sylvania), is likewise owned by Philadcl phia Elcctric'Company (of New Jersey), but is not deposited with the Trustees as security for the trust certificates. The Philadelphia Electric Company (of Pennsylvania), organized under the laws of Pennsylvania in 1902, now oper ates, under a franchise from the City of Philadelphia, the entire system through out the City of Philadelphia, cither by its own plant or by virtue of leases made with the other operating companies, and since 1902 the principal additions to the plants, and systems in Philadelphia havo been made by it. After giving consideration to several methods of financing, the Management has decided that the plan most advantageous to the security holders and the Com pany is the unification of the various plants and properties into one ownership by a transfer to The Philadelphia Electric Company (of Pennsylvania). In order to accomplish this purpose, it'is proposed : , 1. That the authorized capital stock of The Philadelphia Electric Company (of Pennsylvania) be increased to $50,000,000. 2. That Tho Philadelphia Electric Company (of Pennsylvania) authorize a bonded indebtedness in the sum of $60,000,000, to be secured by a first mortgago which shall be a direct lien on all its property then owned, comprising the entire plant and system it now operates In the City of Philadelphia, and all property It thereafter acquires; the bonds to be in denominations of $1900, $500, and $100, to bear interest at the rate of 5, except in tho instance noted in paragraph 3 (c) to mature fifty years from their date, and to be redeemable after fifteen years at 105 for tho 5 bonds; approximately $35,000,000 of the bonds to be presently issued and the remainder reserved for the future financing of the Company to be issued under restrictions properly protective of the holders of the bonds; the principal and interest of the bonds to be payablo without deduction for any tax which tho Company may be required to pay or retain under any present or future law of the United States or of the State of Pennsylvania. 3. That the holders of the several issues of trust certificates be given the privilege until September 1, 1916, of selling or exchanging their trust certificates upon the following terms: (a) The holders of Edison Electric 5s to receive $1080 in cash, or at their option $1100 face value of new 5 bonds, for each $1000 face value of said trust certificates; (&) The holders of Philadelphia Electric Gold 5s to receive $1050 in cash, or at their option $1060 face value of new 56 bonds, for each $1000 face value of snld trust certificates; (c) The holders of Philadelphia Electric Gold 4s to recelye $850 in cash,' or at their option $860 face value of new 5 bonds, for each $1000 face value of said trust certificates, or $1000 face value of new 4 bonds, secured by the same mortgage, for each $1000 face value of said trust certificates. ' Where trust certificates are exchanged for new bonds, amounts less than $100, not convertible into bonds, will be paid in cash. The holders of trust certificates who approve this plan are requested to de posit their certificates with The Land Title and Trust Company, Broad and Chestnut Streets, Philadelphia, and at the same time to execute and deliver to that Company written authority on forms provided by the Company, for the sur render and cancellation of their trust certificates for cash or in exchange for new bonds, as may be desired, on the terms herein specified. The Land Title and Trust Company will issue for the trust certificates so deposited, its nego tiable receipts entitling the holder to receive on consummation of the plan either cash or new bonds, as the holder shall have designated. Signatures to forms of assignment must be guaranteed by a bank or banker known to the Depository. It is expected that the retirement of the trust certificates by purchase or by exchange for new bonds will be accom plished not la,ter than December 1, 1916. Any semi-annual payments maturing in the interval upon the deposited certifi cates will be paid in the usual manner to the registered holders of the negotiable receipts issued therefor. Any addi tional sums accruing thereon will be ad-' justed to date of settlement. If for any reastfn the plan shall not become opera tive, the trust certificates that have been deposited will be delivered to the holders of the receipts issued therefor, on sur render of the receipts, and due notice thereof will be given by the Company to the holders of the receipts. The Company upon its part has made the necessary financial arrange ments in accordance with this plan to enable it to provide for the future. If the plan becomes operative it will be most advantageous to the present holders of the outstanding trust certificates and strengthen their security, as they will be entitled to .receive in exchange the new bonds secured by an absolute first mort gage on all the property now owned or hereafter acquired by The Philadelphia Electric Company (of Pennsylvania). The success of the plan is largely dependent 'on the prompt exercise by the holders of trust certificates of their election to sell or exchange their certificates and it is essential that the trust certificates be deposited with The Land Title and Trust Company on or,beforc September 1,-1916. 'C The Board of Directors and officers of the Company earnestly recommenrltha acceptance of this plan by the certificate holders and urge that prompt and favuo able action be taken by them. By order of the Board of Directors: 1 PHILADELPHIA ELECTRIC COMPANY , ( Joseph B.' McCall, Prwdm, YA 1 I
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