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EVENING PUBLIC ' LEDGEEr-PHILABELPHIA, FRIDAY, MARCH 19. 1920
26
"jgwfmmmm
NEW ISSUE
$2,000,000
The Denver Gas & Electric Light Company
.Two-Year 7 Collateral Secured Notes
Dated March It 20 Due March 1, 122
, Interest Payable, March lit and 5apUmber lit
Coupon Not., of $1000 Denomination. R.gl.ier.M. ., to prlncfp.l.
COLONIAL TRUST CO. OF PHILADELPHIA, Tru.teo
Callable at 101 and Intereit on 60 dayi' notice
Interest payable wlthput deduction of Normal Federal Income Tax not to e.ce.d 2tf . P.nn.yl
rania State Tax of 4 mill refunded
From a letter of Mr. Frank IV. Frueauff, President of the Denver Gas & Electric
Light Company, wc summarize the following:
)
SECURITY
These notes arc a direct obligation of the Company and arc secured by deposit with
the Trustee of
$935,000 The Denver Gas and Electric Company General (now First) Mortgage 5s, 1949
$2,720,000 The Denver Gas & Electric Light Company First & Refunding Mortgage
' 5s, 1951
These notes are followed by $1,217,800 outstanding (j Preferred Stock and
$10,000,000 of Common Stock. All of the Common Stock (except Directors' qualifying
shares) is owned by the Cities Service Company on which dividends of 6 are paid.
EARNINGS
1919 net earning were about 2V4 times interest requirements on the entire-funded
debt, including this issue of notes. During the past six years, and without benefit of the
funds received from the sale of the above notes, net earnings have b'cen enough each year
to pay the present interest requirements twice over.
Earnings reported for 12 months ending December 31, 1919:
Gross earnings $4,316,959.86
Operating expenses and taxes 2,590,764.04
Net earnings $1,726,195.82
Interest charges, including interest on above note issue . . . . 776,517.50
Balance over interest charges ' $949,678.32
BUSINESS
The Denver Gas & Electric Company supplies without competition electric light and
power, artificial gas and central station steam heat to the City of Denver and its sub
urbs, serving a population in excess of 260,000. 75 of company's revenue is derived
from sale of electric current for light and power.
The Company's franchises bear no unusual nor burdensome restrictions, several of
which for electric service contain no time limitations and its gas franchiseuns until 1926.
MANAGEMENT
Through ownership of the common stock by Cities Service Company, the Denver
Gas & Electric Light Company receives the benefit of management of that organiza
tion. Cities Service Company controls over 100 properties, and has securities outstand
ing which have a market-value in excess of $240,000,000. In 1918 Cities Service Company
and its subsidiaries reported combined .gross earnings of over $92,500,000.
We offer these notes for delivery if, when and as issued and strictly subject to prior sale
1 and subject to approval by our counsel.
PRICE 98 AND INTEREST, YIELDING OVER 8
This advertisement appears at a matter of record only, all the notes having been told.
EST & CO.
1417 CHFSTNUT STREET 15 WALL STREET
PHlLADEL, IKA NEW YORK
The Information Herein Submitted Has Been Obtained from the Best Available Sources, and While We Do
Not Guar.ir.tcc Itn Authenticity, We Bellcvo It to Ba Correct.
EASYIflONEYSAID
fllMIWllllMllttl'l
Confidence
It la the efficient meth
ods and modern facilities
of the Continental-Equitable
that Philadelphia's
builders of business like.
They havo shown their
appreciation of these
services and the con
fidence that they havo in
this bank by depositing
more than eleven million
dollars.
. Wc offer you the same
accommodations.
Corrrtn:NTAiEQurttM4Q
Title TXyn:CoMJrVWY
Twelfth Above Chestnut
Philadelphia
Capital SlflOOflOO
Surplus $1,000100
Over $11,000,000 Deposits
'mU'MbMmtMtMfMVnmm'MHWfttmMiit
Foreign Bonds
1,000,000 Marks
City of Berlin 4
Bonds, .$16.00
Per 1000 Marks
All Foreign Issues Traded In.
Send (or Detailed Circular
With Prices
"Foreign Trade Through Foreign Investments"
The Financial Strength
of Great Britain
THERE can be but one result of an investigation of the national wealth,
debt, income, exports and imports of each one of the Allies Great
Britain is without doubt strongest financially.
British exchange has suffered less than any of the others and it is reasonable
to believe will be the first to approach normal. The Chancellor of the British
Exchequer recently announced that the British Government is resolved to
avoid all new borrowings and to establish an adequate sinking fund and to stop
currency inflation. He also announced that the $500,000,000 Anglo-French
Loan would be paid off at maturity.
It is obvious that in view of these conditions, while British Government Internal
Loans do not offer as great speculative possibilities as the internal loans of some
of the other nations, the British bonds will supply better investments in addition
to offering profits ranging frcm 29 to 80.
We have prepared an interesting pamphlet which gives full information re
garding each one of the British Government Internal Loans. There is a com
plete table showing the date of each issue, the amount outstanding, interest
rates, maturities, the present approximate yield on bonds delivered here, ap
proximate yield with exchange at normal, approximate profit on redemption if
bonds are held until maturity and exchange returns to normal.
Americans who invest in British bonds which are paying a good income have
reasonable assurance of substantial profits and have the satisfaction of taking
the most logical way of improving exchange rates and in turn the export trade
of America with Great Britain.
For present and future reference our new pamphlet should be in
the hands of every banker, manufacturer, exporter and investor.
Complimentary copy sent on request for Circular No. P E-9I.
A. B. Leach & Co. Inc.
Investment Securities
115 So. Fourth Street, Philadelphia
?
TOJEJ SIGHT
Brokers Expect to Run Into 4
Per Cent Funds Before
Long
Two impressions seemed to riomtunte
the financial district yestcrdar, one was
inai easy money i in mum. udu me i
other that commodities' nrc due for n
downward elide.
U Is not often that opinions on mat
ters so Important as these two, nre so
universally held unless hcrnldcd lu tlio
public press, but In this Instance the
conclusions seem to have been arrived
at without any particular heralding.
One banker, perhaps, gavr. the best
Mplanatlon as to why "the street"
seemed unanimous on the subjects when
he said "It Is In the atmosphere." lie
also said that ho would not be sur
prised if, before very lone, wc would
run Into a session of 4 per cent money.
There are tales retailed lu broker'
boardrooms about the indications point
ing to a reduction In commodity prices,
and all of them bear the Bame earmarks
They tell 'of buyers who have at InsT
convinced sellers that the present treud
of prices cannot continue, that the turn- ,
Ine of the lane has been reached : that
the old excuses of high cost of raw
material and excessive labor costs, with
exhausted stocks and Inability to supply
the demauds, have been played to u
finish and don't go any longer. Buyers
have wakened up to find these stories
werep largely made to order to stimulate
Mddlnn at higher prices.
An Investment banker said he under
stood that for some time past produc
tions In many lines had caught up and
In some Instances had overtaken con
sumption. That exports of certain com
modules had not reached expectations,
and with the present prohibitive ex
exebango premiums uve likely to be less
han they have been, was also a con-
4iiirlna ttftnr.
This banker said that as the banks I
are getting after the outstanding Loans I
In a vigorous fashion, we may expect to
see the dally bargain counters make:
their appearance In stores of every de
scription. ,, ,
There Is now, he said, as there has
always been, a certain class who have
money and will not deny themselves
anything no matter what the price, but
after all tills class Is a comparatively
small percentage of a community which
Is up In open rebellion against a con
tlnunnce of war prices which have pre
vailed for five years past, and of which
they ore heartily sick and are will ng
o sacrifice many comforts to bring
them down. , ,
The recent recommendations of a re
organization of the system or leacrai
taxation by Secretary of the Treasury
Houston met with geucral approval In
the financial district.
A banker remarked lu this connection
that some of the plans proposed at one
time or other for taxation rcau inur
like a joke than the deliberations of seri
ous men. Me agreed wiiu ic wkimij
In his remarks aDoiit me douuiui in
fluence of the excess taxes profits ou
business, and the adoption of a Hat,
instead of a gvaded. tax on profits. He
is In favor of a consumption tax along
the lines which have beeu popularly dis
cussed and was surprised the secretary
made no reference to it.
When discussing the decision of the
Rnnmnn f!ntlrt OU the matter of StOClC
dividends, he remarked that It waH sur
prising that the House wuya unu im-diia
committee, when they found the dccl
Klon against taxation, did not propose
a law taxing undivided profits, and in
this way they would have reached the
big surpluses from which stock divi
dends will be distributed.
That the changed atmosphere in the
stock market during the past few days
is reflected In the bond market no longer
admits of doubt.
A partner In an uptown investment
house, which deals largely lu railroad
bonds, said there has been a decided
i-hann. In thn rnnt few days, a nd from
tho inquiries he had received, as well
as from the sales he had made, he had
nmrluried that the small investor lu
good . Ktlfnn wnSff-Co.. chico. m.-Tb.
coming into the market In large niim- , noHr(j ot Directum haa declared the ntth
bcrs. They aro discriminating buyers, ' (stii) quarterly dividend of vy per cent
Cl i,.m J . nlnllni. mi tho hlclii-st I ''' por share) for uerlod durlns March
he said, and are picking up uie nigiKsi , )020 on VT,ttti ocl of tn, C0Tnpanv
yields at the present prices. Up to tm"io Btocltholdera of record March 20, payable
present, .he said thru purchases have m ct -reprU & d rl9
made no appreclabl Change On prices, , jta.o. The Board of Director of thin mm.
but, notwithstanding, the trend Is u- ...wta. ai.rjd ih, jir.t (irt) .wurir
.... I ,............ . ,-m --. ,-r--...- - -" - ---
" . , , , ...preferred atocit or
The manager ot a large oona nouc
confirmed the above conditions as his
experience also. He said, however, that
tho big institutions seem to be out of
the market for the time being, probably
because they are finding other more
profitable bidders for their funds.
Borne of the big insurance companies,
he said, have let it be known they have
funds to loan on building propositions,
something which the municipalities are
encouraging at this time. These con
cerns, he said, are lu New York, and
If any of them In this city are doing it
they had not let It be known publicly,
but they are not buying railroad bonds,
he said.
Farson. Son & Co.
Member New York Stock Vxehanic
115 BROADWAY
NEW YORK
Securities
for Investment
JosepKW.Gross aCo.
. 1421 Chestnut St
Correspondents
Atdred & Company
North. Ind.,G.&Elec.5s 1929
Wilkcs-Barre G. & E. 5s 1955
Atlantic City Gas 5s 1960
Indiana Lighting 4s 1958
HENflY D. BOENNINQ & GO.
BTOCK EXCHANflF. niIUHNO
Direct lrlral Telephone (o New York
I
$2,000,000
Rockhill Coal & Iron Company
8 Cumulative Sinking Fund Preferred Stock
Par Value $100
Dividends payable quarterly on tho first days of March, Juno, September and Deeembar
Redeemable as a whole or in part, at tho option of the Company, on any dividend date on not less
than 30 days' notice, at 105 and accrued dividend
Commercial Trust Company, Philadelphia Clrard Trust Company, Philadelphia
Transfer Agent and Sinking Fund Trusteo Registrar
EXEMPT FROM PERSONAL PROPERTY TAX IN PENNSYLVANIA
and
NORMAL FEDERAL INCOME TAX
Capitalization: Authorized Issued
First Mortgage and Collateral Trust ( Sinking
Fund 20-Yoar Gold Bonds $3,500,000 $3,000,000
Preferred Stock 8 Cumulative (par $100) 2,000,000 2,000,000
Common Stock (no par valuo) 20,100 shs. 20,100 shs.
Front tnonnofton furniahtd us regarding this Preferred Stock by Mr. Robert C. Hill,
Vice-President of Madeira, Hill & Co., we summarise the following salient features
The Rockhill Coal and Iron Company, a Pennsylvania corporation, has acquired through
merger proceeding the properties formerly owned and operated by the Rockhill Iron and Coal
Company, and all of the outstanding bonds and capital stock of the East Broad Top Railroad and
Coal Company.
The Company owns in feo simple about 19,700 acres of land in Huntingdon, Bedford and
Fulton Counties, Pennsylvania, of which about 13,000 acres are in the East Broad Top Coal Field.
Mr. E. V. d'lnvilliers, a recognized authority on bituminous coal properties, estimates that there are
6500 acres of proven- coal lands, from which there should be about 40.000,000 tons of coal re
coverable, and that in the remaining coal acreage there should be 20,000,000 additional tons of
coal recoverable under profitable mining conditions. This property has been producing coal for
over fotty years, and has now in operation six mines with an annual capacity of about 750,000
net tons.
The properties and improvements of the Rockhill Iron & Coal Co. have been appraised by
Mr. d'lnvilliers at $2,650,000. The property and equipment of the East Broad Top Railroad
and Coal Co. have been Bppraiaed by Mr. George C. Burgess, Valuation Engineer of the Dela
ware U Hudson Company, at $2,175,000, making a total valuation of $5,025,000 for both prop
erties. In addition to these properties the Companies have net quick assets of over $750,000.
A Sinking Fund has been provided of 50 of the annual net earnings after the payment
of bond intereit, Sinking Fund. Preferred Dividend and taxes. No dividends can bo paid on
the common stock until one-half of the Preferred Stock 'has been retired. .
Based on the combined earnings of tho railroad and coal properties for the past thirty-four
months, it is estimated that the production of approximately 10,500,000 tons of coal will be suffi
cient to retire both the bonds and preferred stock leaving upwards of 29,500,000 tons of coal,
remaining with additional areas containing probably 20,000,000 tons.
Following this issue of Preferred Stock, the Company has outstanding 20,100 shares of
Common Stock of no par value. All of the Common Stock is held by Madeira, Hill & Company,
of Philadelphia, who will direct and operate the property.
Combined earnings of the Railroad and Coal Companies available for interest and sinking
fund charges, but before deducting reserves for depreciation, depletion and amortization for the
calendar years 1917 and 1918, and the ten months ended October 31, 1919, were as follows:
1917 1918 1919 (Ten Months)
$666,477.61 $576,943.14 $445,802.38
an annual average of about $600,000, which, after interest and Sinking Fund on bonds, is equiva
lent to an average of 7co per annum on the Preferred Stock.
All legal matters pertaining to tlic merger proceedings and the issuance of this stock
have been conducted under the direction of Messrs. Dickson, Deitler & McCouch, of Phila
delphia. I'art of this lanuo liavlin been tnken In ex
change by Storkhnlilera of the old Companies
rre offer the balance, when, aa and If leaueri. ,
Price 98 and Dividend, Yielding 8.16
Graham, Parsons & Co., '
435 Chestnut Street
West & Co., Philadelphia Ervin & Co.,
1417 Chestnut Street Drexel Building
Philadelphia Philadelphia
This Information and these statlatica are not guaranteed, but hive been obtained from sources r believe to bo
accurate.
Dividend
DIVIDENDS DECUMIED
retar Home llulldlna Co.. Minneapolis.
Minn. The Hoard of Dlrectri hae declared
the seventh (7th) ouarterly dividend of IV.
per wnt (81. j5 per ehore) vn the deferred
ttock. payable April 10. 1030, to atocltholdtra
ct record March 0. for period endlnz
March 81, 1920.
Metrouolltan Sr to BOc Store. Inc., Ntt
York city. N, V. The lllrectora of thla
corporation havo declared the twelfth MSth)
ouarterly dividend of 19. per cent (81.13 per
harr) on the preferred atork of reeord
Vurch .'D, payable April I. for quarter end-
clc of record March IB. lOZn.
payable April 1. 1020. Certificate, leaued
prior January 1. 1020. will carry cumu
lative dividend from data ot la.ue to clcco
of period March 31. 1020.
v
New york
MUtnsaWlla:-'
Wsi
Jb
Chicago
Baltimore
Boston
Pittsburgh
Buffalo .
Cleveland
.ts a'
. .
JMLjmiL
STEEL & TUBE COMPANY OF AMERICA
The Iloard ot Director, h.la declared the
rezular quarterly dividend of li per cent
on the 7 per cent cumulative, preferrid
lock of the company, payable April 1. 1D20.
to tbe atockholdera ot record at the close
of bualne.i March 20, 1020. The tranafer
bcoka will remain closed until 12 o'clock
noon Avrll ". 1020.
A. A. SCHLKSINGErt.
Preald.p' nd Treasurer.
urooDnrjKN on. coRrtmATioN
rnuadeli
de.
per
TOWN OF BILTM0RE SOLD
... . .... ... ..
Southern Railway to Build $2,000,
000 Station on Site
Ashevllle, N. 0 Murcb 10. Sule of
Hltmore, built nearly u quarter of a
century ago by the late Oeorue " .
Yanderbllt as a model town, was on
nounced yesterday. The purchasers nre
Dr. J. A. Sinclair, of Ashevllle ; George
Stephens, of Charlotte, N. C, and the
Southern Hallway Co. .
Tbe amount for the town ntljolnlnt;
Mrs. (leoroe W. Vandcrhilt's summer
home ot the same name was not an
nounced. The Southern Railway Is said
to havo plans for a $2,000,000 passen
rrr station for Ashevllle on the Hlltmore
site.
Wills- $250,000 to 52 Institutions
WltllamsDort. Pa.. March 10. Be
quests segregating $250,000 to fifty
two Institutions and individuals arc
insde in the will of Albeit I', Young, ,
probated berc., Heads ot depart
ments of the Bush & Bull firm, of which
he was senior member, received sums
from $1000 to $5000. The grand lodge
of Masons is given $25,000 In trust for
the Masonic Home at Gllzabethtown
and $SO0O is given to the annuity fund
of the Methodist Church. A trust
fund of $47,000 is created for the bene
fit ot wlUlnmsport charitable institutions.
l'winu Iranlit Hide. I'lilladelnhla
The Iloard of Director, haa thla da:
c'ared a dividend ot thlrtr rent KSOc
.hunt out or nenietinn ana aenreaiation re.
rervea. payable April IS, I9t0. to atock
i lildera of record ot tho close ct trunlneea
March 26. 1B20.
i .1. W. H. COOPER.
jreaiurer.
March 18. 1D20
HAST COAST FISHERIES CO,"
7 Mall at.. New Tork. March 10. 1020.
DIVIDEND No. S
The Tioard of Director, of thla Company hi
declared a quarterly dividend of 1 per rent
on the Common Stock, pavahle April 1, 1SI20,
to utookholrtera of record March 27, 1020.
MAHIC V. NOUMAN. Treaaurer.
Propoaa-
DKl'AKTMKNT III" I'UIU.IO WOUKS
TIDEWATER POWER CO.
1st 5s
Due Jan. 1949
Penna. Tax Refund
Fraa of Normal Income Tax
78 and Int. to Net Tfo
Towmend Whelen & Co.
' 80S Chestnut St.
v SAlArV
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f-.K'V
"VI
!ED. COPPER
iJHECTS
(Wl
mm
Sealed propo.ala will ba received at Itoora
210. City Hall, until 12 o'clock noon oil
I-rlday, March 20. llTJO, and opened at that
time In Jtoom 210, City flail, for
SCHEDULE "A'1 Branch Sewers,
SCHEDULE "B" Main Sewers.
Dltman street from present term
inus east of Shelmlre street to
Napfle street and in Napfle
street from Dltman street to
Frankford avenue. Ninth street
from Champlost avenue to
Green lane.
SCHEDULE "C" Reconstruction
of sewers.
York street from 16 feet 8 inches
northwest of Jasper street to
14 feet 10 inches southeast of
Howard street. Cohocksink
sewer in Allen street at Ger
mantown avenue.
SCHEDULE "D"--Cast Iron Wa-
ter Mains.
Wheatsheaf lane from Richmond
street to about 74S feet south
east. "O" street from old Front
street to about 407 feet northward.
SCHEDULE "E" Wood
Case.
Plan file case In Room 534, City
Hall.
SCHEDULE "F" Automobiles.
Four automobiles.
i!?ITT"V.0J"f a'? vfiii Da. required In
Filing
uly
comply With the Act
tlva to workmen". Comn.ni
:. fyj U. contracto
rela.
r 18. lb
i.ll.n ,.......
and.vroof ..rauat ba furnUlied the DaoarK
lit
V
Srm!!,0.,p;r.TJlvv11 Tla -ct im ink
IBfJiit JlaWI"'. tirtrsapdtr or sur4'ii
immi&mMK .
ishhmml.iAr llinn i Tifflstr - tl.
Republic of France
Progress Id the recovery of France from th
World War has already given f reah evidence of
he characterifltie vitality of the French people.
We are receiving subscriptions for account of
tho French Government to
The New French Internal
5 Loan of 1920
Redeemable within GO yean by semi
annual drawings besinuuur September
16th. 1920, at 150, which la equlralent
tt 1500 francs for each ,1000-frane bond
Subscriptions are payable In dollars at the raU
of exchange fixed each day by the French
Financial Agency in the United States, which
is based on the closing rate of exchange for the
previous day. Subscription books close March
20th.
Price Today $73.53 per 1000 Franc Bond
At tho normal rate of exchange the cost of thla
bond to the American inrestor would be 8103
Oar Interim receipt caJUmjr for temporary bonds of
the French Government will be Issued arjalnat payraeafe
In full in dollars.
BROWN BROTHERS & CO.
Fourth and Chestnut Streets
PHILADELPHIA
A Good
Place to Do
Business
By depositing money
with us, you not only as
sure its safe keeping1, but
you nre entitled to a bank
ing: service that will help
to increase your account
Stop In and See Us
Third
National Bank
Opposite Broad Street StatUn
Food DralU For Salt Htrm
NEWBURGER,
HENDERSON & L0E1
Members New York etni
Philadelphia Stoek Eekn$es
14.0 Chestnut St.
FOREIGN INVESTMENTS
Cemal.fa ianalM iurniiKtd rm
taa ftmwn Ontmmtmt. ttvttipat
a Oartwrol Imum
in? uvvm ran hm at ctmir
BATES IN AMOrTNTH TO BBr
l.CO.0e Uaeka Cllr at
44 Bb4a
JXM.eOO Marks City at
.eO.OS Mrta Clur at
, Hsaaa
Maatafc
LIBERTY BONDS
Bought, Sold and Quoted
Call, Phono or Write Liberty Bond Department
West & Go.
Ball, Sprue 350
1417 CHESTNUT STREET
Member.
New. Tork Stock Exchanaa Kmyiton. Paea 2.0nn
Philadelphia Stock Uxohana
Wa Always Hare on Hand a U.t of lllih Graae Bend.
Harrisb'g Lt. 6c Pr. Stock & Bonds
Mah.&Sh.R.&L.58&6sl920
Phila. Elec. & U. G. I. Notes
Texas Co. 3 year 7s 1923
hi
w
GEO. A. HUHN & SONS
Uc.
BTOCKN AVI) Iinvna
Merobera of tin Philadelphia, New
York and Chicaao Stork tfich.ajJ7a
New Tork Cotton JSscKiai.
AH the Principal Markets
jj6VIb Miliar KijMi.
rriLtri&fou ..'.''
m mmKiiti .''--.
BARGAIN DAYS IN BONDS!
What tho Experts Sag:
Moody-"
"We inust cs baeb to tho TVa t
Cnd the relative barvalna that ara
obtained In in railroad ba4 mrat
today."
Babeon
"Oooa bonds aro tho oalr tklam I
am bullish on."
Let us aubrnlt offerings
EDWARDV.KANE&CO.
MORRIS DUILDING
NTY., Chic. & St. Loula 1st in, 1
Phila. Natl. Bank
Penna. It. It. Gen. in, 19G5
ttonncrn central nwyf Co,
CHAKLES FEARON ,ft
333 Cbeataut Street
Wl,
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