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rrtnirilltr?, ,,
kPrte. July 10. feV We 'hours y8
terday Premier Peineare and Foreign
Minister fknanier of Ilaly conferred at
the Ministry of Tereiin Afaira discus,
fni tboreuthly the Turco-Greek situa
tion, Tangier and sereral ether Eure
pean questions.
When seen after the meeting, Bltner
Schancer refused te talk about what
had transpired, but It was learned from
a reliable source that M. Peineare lm
pressed upon his visitor the necessity
of an early settlement of the Near East
question. t is reported also that fJIgner
Schemer asked for a postponement of
the allied meeting en the Near East
problem from July te August, and that
the German situation was the subject
of attention.
Bigner Bchanter returned te Reme
last night.
Man Killed by Pralaht Train .
Fifteen minutes after his arms and
one leg had been cut, off by a freight
train yesterday morning, aeerge Parks,
727 North' Thirty-eighth street, died
In tha faHwtA.tla tXmaMtta.1 Tlt.
who was employed in the roundhouse of
the Pennsylvania Railroad at the Glr
ard avenue railroad bridge, was walking
along the- tracks near Glrard avenue
wnen tbe freight 'train ran him down.
lestt
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tt OBtt 95 tt
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Reserve Banks' Discount Rates
Official rediscount rHa at the twelve Fd
oral Reaerve Banlta ire a foil ma:
Treaa. Llp. Cem'l Bkra.
.,
Boaten ., 4
New Yerk 4
Philadelphia. 4
Cleveland ....... 4
Kienmena ...
Atlanta
Chlcase
8t. Leula ...
Mlnneapella .
Kanaaa City .
Dallas
Baa Franclace
Benda Paper Accept.
A
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a M a H
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1.7 : 4J i
4tf 41, Vt at!
in iv y
4tt 4 4!? 4t
B B B B
B 6 B B
B , 8 B 6
4 4 4 4
Liverpool Cotten
Liverpool. July 10. There vraa a aoed
demand for apet cotton today with prlcea
for mlddllnit at 18.45d; the aalea were 10.000
balea. The recelnta were 8000 bales, of
which 400 balea were American. Futures
were quiet n the early deallnsa. Spot
price were: American mlddllns fair. 14.90d;
reed mlddllns, 18.83d: fully middling. lS.flOd;
mlddllnr. 18.45(1; low mlddllns. 13.00d: geed
ordinary, 12.1Sd. and ordinary, 11.03d.
Outlay H $10,000,000 In twertty-
..t.j. i,J... -a..' J
tnrM ataiaa rreawssa .,
WaaMait. Jnlr'lO. A program of
rtsflensl forest highway construction
intelvlng n outlay of approximately
010,000,000 for 1170 miles of reads In
twenty-three States has been approved
by BecreUry Wallace. jThe program
will be inanced largely frem1 the forest
highway fund previaea ny we neuenu
Highway Act. . ., .
In addition te the major read proj
ects, about OB.000,000 will be ex
.n.iai h the VnrMt Service en mlaer
reads and trails required primarily for
the protection ana aaminiairauen ei
the national forests.
SUli'S ARMS BASE WRECKED
Deposed Canten PrMlaant Reported
Lsavlni for Honfkeng
Caatea, July 10. Bh'ellflre from a
fort controlled by General Chen Chlung
Ming, the United China leader, yester
day destroyed the munitions base' of
Dr. Bun Yat-Sen, the deposed Prest
dent of the Canten Government, and
it was renerted last nltht that Dr. Bun.
with three cruisers, had departed down
the river toward Hongkeng.
A number of casualties accompanied
the destruction of Bun'a munitions fac
tory, which was situated near Wham-pea.
ri
!Miiiui4iijiijuimreriijffliKiaiiminiiiirwi3rriiiwitinimitiiaii mMismjBm'jOTJttOTirBaKniiW!!
nrimmmiTin siiiiiii
. Isidore Newman fie Sen
y
beg (e announce that the business heretofore conducted by them was
incorporated July 1, 1922, and will be continued under the name of
Newman, Saunders fie Ce., Inc.
J. K. Newman,
President
Paul H. Saunders,
Vice President
L. Carrell' Reet,
Vice President
212 Carondelet Street
New Orleans
RaVJBSRSlaNlUIIUUISRIUllUIln
H. U Falk.
Secretary
v' i
Harry Hardie,
Treasurer
T. G. Stockhausen,
Mgr. Bend Dept.
iiiiiiummiiniiia
All of time Benda having bMe geld. th adrertisement appeaura m matter, of record poly.
jVsWtf Iu
$13,500,000
Detroit City Gas Company
First Mortgage Geld Bends, Series "A", 6
Te be dated July 1, 1922
Due July 1,1947.
Interest payable January 1 and July 1 in New Yerk City without deduction for any normal Fed
eral Income Tax new or hereafter deductible at the source net in excess of 2 Coupon bends in
denominations of $1,000, $500 and $100, registrable as te principal and interchangeable with fully
registered bends in denominations of $1,000 and authorized multiples thereof, as provided in the
mortgage. Redeemable at the option of the Company in whole or in part at any time upon sixty
days' published notice at 107)4 te and including July 1. 1932; at 10S thereafter te and including
July 1, 1942; at 101 thereafter te and including July 1, 1946, and after July 1, 1946, at the principal
amount thereof, plus accrued interest in each case.
Tax Exempt in Michigan te Residents of that Stat.
The. Company will agree te reimburse the holders of the Series "A" Bends, Resident in Pennsylvania,
' for the Pennsylvania Four Mills Tax If Requested Within Sixty Days After Payment
Issuance Autherised by the "Michigan Public Utilities Commission.
The following statements regarding these bends are based en a letter of Mr. Alansen P. Lathrop, President
of the Company, and en further information contained in the circular describing these bends:
The Detroit City Gas Company supplies gas in
the City of Detroit, Michigan, and adjacent terri
tory, 'serving, without competition, a population
estimated te be in excess of 1,100,000. Detroit,
with a population of 993,678 according te the
,1920 Census, is the fourth city in size in the
United States and the fourth city in the consump
tion of manufactured gas.
.... . ...
The Company, and its predecessors have rendered
service without interruption since about 1854,
and ever this long period the business has shown
a record of development which establishes it as
one of the foremost gas companies in the United
States.
The First Mortgage Geld Bends will be secured,
in the opinion of counsel, by a direct first lien
upon all the fixed properties, rights and fran
chises of the Company, with the exception of a
part formerly owned by a predecessor company,
representing less than 6 of the total value of
the property. . .
The bended debt of the Company, upon comple
tion of this financing, will be less than 63 of its
assessed valuation. The large equity is the result
of the Company's policy of consistently investing
a substantial part of its earnings in the property.
Fer the twelve months ended May 31, 1922, gross
earnings amounted te $8,668,075, and net earn
ings te $1,726,631. Fer the ten years ended
December 31, 1921, net earnings averaged
$2,019,686 per annum. The annual interest
charges en the outstanding bended debt, includ
ing this issue, will be $856,500.
The Company, in the opinion of counsel, has the
corporate right, without limit as te time, granted '
under the General Laws of the State of Michigan,
te conduct its business in the City of Detroit and
ether communities served. The present unsatis
factory regulatory ordinance in Detroit, which
limits the charges the Company may make te the
low rates new in effect, terminates October 31,
1923. In the absence of an agreement between
the City of Detroit and the Company as te the
rates te be charged thereafter, the question of
rates, in the opinion of counsel, may be submitted
te the Michigan Public Utilities Commission, as
provided in the statutes of Michigan. Upen the
expiration of the regulatory ordinance in Detroit,
the City has the right te purchase the property of
the Company at a valuation te be fixed by a
Beard of Arbitration, which shall consider as an
element of value the earning capacity of the
property and business as established and existing,
The'AMERICAN LIGHT & TRACTION COM.
PANY, one of the first large corporate holders of
stock of gas and electric "companies, owns ever
99.97 of the outstanding stock of the Detroit
City Gas Company.
Application will be made te Hat these Benda en the New Yerk Stock Exchnni
Price 97V2 and Interest, Yielding about 6.20
Geld Mortgage 594 Bends, due January 1, 1923, and General Mortgage 1 5 Geld Bends, due
July 171923. with all unmatured coupons attached te coupon bends will be accepted at time
of delivery of these Series "A" Bends in payment therefer at 100 and accrued interest
Halsey, Stuart & Ce.
Incorporated
Lehman Brethers
The National City Company
Geldman, Sachs & Ce.
. Tk... PS, sM for :$ rf.rSlW fcVUWVtr'lt
in tkt turthM if thli neurit?
V
X
'
mvsm sww
NBWISSUI
t"
.$
$4,500,000
. Baragua Sugar Company
(Cempanla Azucarcra Baragua) V ,""
: SUBSIDIARY OF PUNTA ALEGRB SUGAR COMPANY
First Mortgage Fifteen -Year 7Vi Sinking Fund Geld Bends
Te be dated July 1 .iq (Closed Mortgage) v Te mature July 1 j.iqjt
' Interest payable January t j and July 1 y. without deduction for normal Federal Income Tax up te and
Including . Pennsylvania and Connecticut Four Mills Taxes, and also the Massachusetts Income Tax
net In excess of b annually will be refunded by the Company en appropriate request. Coupon bends in
denominations of $1,000, $joe and $100, Interchangeable, registerable as te princlpsl only. Redeemable
in whole or In part at 1 10 and accrued Interest en any Interest date te and including July 1. 1018. the
premium theraf ter decreasing one point for each year or fraction thereof. The Chase National Bank of the
City of New Yerk, Trustee.
An Annual Sinking Fund of $225,000 In caah or benda at face value is provided commencing July 15, 1923, total
payments aggregating 70 of the par value of this issue. Bends will be drawn by let and called for the Sinking Fund
at the current redemption price, if net purchaseable at or below thia price.
CAPITALIZATION
First (closed) Mortgage 7Wh bends, this issue $4,500,000
Capital Stock, 110,250 shares ($50 par) . . . 5,512,500
MR. EDWIN F. ATKINS, President of the Punta Alegre Sugar Company summarizes as fellows his letter te us:
Compania Azucarera Baragua (translated Baragua Sugar Company is being incorporated under the laws
of Cuba and will succeed te the ownership of the fixed assets of the present Baragua Sugar Company, a
Delaware corporation. The entire capital stock of the new company will be acquired by the Punta Alegre
Sugar Company.
The property is a self-contained, low cost sugar producer, including a modern mill with a daily capacity of
5,000 tens el cane; ever 41,000 acres of land in Camaguey Province owned in fee, approximately iq.oeo
acres controlled through lease and about iq.oeo additional acres from which the cane is under contract; 110
kilometers of standard gauge private railroad; adequate rolling stock, and a private seaport.
It is estimated that in normal years the pert facilities alone will result in a saving in shipping costs in
excess of the interest en this bend issue as compared with costs if dependent upon public carriers.
Net profits of the property, before depreciation and income taxes but after inventory adjustments, for
the last five years have averaged $1,030,771 per year, or mere than six times annual interest charges en
these bends. Even in the calendar year iqn, such net profits were ever $1,003,000.
Net tangible asset of the Company as shown en its projected balance sheet will be ever $1,270 per $1,000
bend, and have recently been appraised as having a value in excess of this figure. '
The present advantageous arrangement for marketing the sugar of the Punta Alegre Sugar Company
through E. Atkins & Ce., is available te the new company.
Application will be made te Hat this issue en the New Yerk and Bosten Stock Exchanges
The legal proceedings in connection with this issue, are being passed upon by Messrs. Chadbourne, Babbitt & Wallace, of New Yerk
Uty ler tne Banners ana Messrs. Keet, iarK, nuexner 01 newiana 01 incw iefk v-itv ler the Kunta Alegre Sugar (company in con-
.. i
A (
ISA
t.H
la'
t
m
m
1 'i
f
i
y
junction with Claudie G. Ms ndeza, Esq., of Havana, Cuba for the Bankers and the Punta Alegre Sugar Company jointly. Interim
;ew 1 one or temporary Denas win be issued pending deliv
definitive form.
certificates of Trie Chase National Bank of the City of New Yerk or temporary bends will be issue
ing delivery el bends in
h
We offer these bends when, as and if issued and received and subject te the approval of Counsel
Price 100 and interest yielding 7Vz
Hayden, stone & Ce.
Brown Brethers & Ce. Harris, Ferbes & Ce.
Statements contained herein are net guaranteed but are baaed upon Information shich we
believe ta be accurate and reliable and upon which we have acted In the purchase of these Bends.
Guaranty Trust Company
of New Yerk
140 Broadway
LONDON PARIS
LIVERPOOL HAVRE ANTWERP
BRUSSELS
CONSTANTINOPLE
Condensed Statement, June 30, 1922
RESOURCES
Cash en Hand, in Federal Reserve Bank
and Due from Banks and Bankers $149,597,879.54
U. S. Government Bends and Certificates 50,517,776.25
Public Securities .' 32,656,908.55
Other Securities 23,110,492.32
Leans and Bills Purchased 314,852,440.39
Real Estate Bends and Mortgages 2,659,581.67
Foreign Exchange 16,459,091.28
Credits Granted en Acceptances 24,188,693.64
Real Estate 8,535,671.41
Accrued Interest and Accounts Receivable 7,772,816.87
$630,351,351.92
LIABILITIES
Capital : $25,000,000.00
Surplua Fund 15,000,000.00
Undivided Profits 2,400,090.11
$42,400,090.11
Accrued Interest Payable and Reserve for Taxes
and Expenses 4,647,756.15
Due for Exchange Bought 4,964,067.78
Miscellaneous Liabilities 7,001,356.40
Acceptances New Yerk Office 20,202,390.74
Foreign Offices 4,036,302.90
Outstanding Dividend Checks 655,995.50
Outstanding Treasurer's Checks 28,801,337.22
Deposits 517,642,055.12
$630,351,351.92
Bends for Investment
Liberty Bends Bought,
Sold, Cashed
F. P. R1ST1NE& COMPANY
Established 1802
Wldsatr laildief, Pkllad.lpsia
New Yerk Elite..!., N. J.
Members New Yerk and 1'hlladelphU
Htetk Kichtinfra
WANTED
OFFERINGS OF
Shreveport & Elderado
Pipe Line Stock,
GEORGE N. FLEMING
221 LAFAYETTE BLDG.
I'hnnri l-emlmril SIM
RVadint Equip. 5't Series "J" 1923-1932
Pilti.,Cincin.,Ckic. & St.L.5't 1970 Scrip.
Ckarleiten Centel Rv., Gat & Elec5'i 1999
Naiaville Railway & Light Ce..S's 1953
Indianapolis Street Railway Ce.4' 1933
Recktiter Railway Company. .. .S's 1930
Pennsylvania Ce. Collateral ,3la'i 1937
Waikintten Terminal lit. . .J1,)'. 1945
Manufacturer. Water Cempanjr..5's 1939
Indianapolis Water Werk Secur. Pfd. Stk.
SAMUEL K. PHILLIPS ft CO.
Les Angeles Gas
and Electric Cerp.
Qen. JsRaf.5I. Bends
Due 1947
Company operates in
Les Angeles and adja
cent cities and suburban
territory.
Prlc 9C and Interest
Yielding: ever 5.75
A circular describing the
above, together with our
July Bend Circular, will be
sent upon request for F-ll.
Harris, Ferhes ft Ce
Pine St., Cor. William
NEW YORK
PHILADELPHIA OFFICE
Wldener Building
Telephone Spruce 7040
graiiiiiiiiiiiU!ii!!i!iiiiiiKiiii!ii!imi!miiii!ji!iiitiir!:iiaiiii,TiiiiiiijiiiiiiiilciiiBit
I ESTABLISHED 1865
p
9 BIOREN & CO.
1 BANKERS
I 410 Chestnut St., Philadelphia
Government,
Municipal, Railroad
and Corporation
Securities
Members .Vete Yerk ami
Philadelphia Stei.k h'xchangej
animiiiiaiiitiiiiiiiiaiiiiiiiiiiiiiiiiiiiiiiiiiiiriiiiiirjiiiiiiitiiiiuiiiiiiiiiiii'iiiiiiiii
BROOKE, STOKES & CO.
INVESTMENT
SECURITIES
Philadelphia
Washington Baltimore
r, - X4
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