anaheim-gazette 1922-07-13

SOUTHERN CAL. EDISON CO. ADOPTS JUNIOR FINANCING Will Mean a Saving of One Per Cent or More Following the big over-subscription of Edison common stock resulting in the discontinuation of its sale a week ago, the Southern California Edison company has taken the preliminary steps to institute a plan of cheaper junior financing, which will mean a saving of one per cent or more in the cost of its money. President John B. Miller has issued formal notice to the 47,000 stockholders of the company of a meeting to be held on August 1st to consider this plan. In his letter to the stockholders, President Miller says: "A greater proportionate earning will be provided for the benefit of the present stockholders. The position of the common stockholders will be improved by about $2,500,000. A cheaper means of financing for new construction requirements will be provided." In announcing this plan for the issuing of the new stock, President Miller said: "The Southern California Edison company has been conceded to be one of the most soundly financed utilities in the country, and this new move, in the face of cheaper money conditions, is an evidence of the foreseeing of its management. The company's general policy is to provide the major part of its new construction needs through the sale of bonds and the remainder by capital stock. Herefore common stock paying eight per cent dividends has been sold. It is now proposed to substitute a stock limited to seven per cent dividends for future sales, thus resulting in the company securing funds at one per cent less than formerly, with the resultant benefit to present stockholders. This plan will make additional funds available for dividends on the stock out- $35,000,000 par value in common stock and the number of stockholders has been increased from less than 2000 to over 47,000. This splendid result makes possible a rearrangement of the company's capitalization to provide for future financing at less cost, which should provide a greater surplus available for dividends on common stock." In a financial statement contained in his letter President Miller says, that the present capitalization of the company consists of first preferred stock of which $4,000,000 was authorized and an equal amount outstanding. Of the second preferred $12,500,000 was authorized with $12,029,900 outstanding. Of the common there was authorized $83,500,000 with $50,407,400 outstanding, making a total authorized capitalization of $100,000,000, of which $65,437,30 is outstanding. It is now proposed to rearrange the capitalization so as to provide for the original preferred stock of which $4,000,000 will be authorized with the same amount outstanding, preferred stock $36,000,000 with $9,500,000 outstanding. Of the common, $60,000,000 will be authorized, with $50,407,400 outstanding, making the total capitalization $100,000,000, with $63,907,400 outstanding. "The original preferred stock will occupy the same position as the present preferred stock," says President Miller in his communication. "All of the second preferred stock will be retired. This rearrangement will make available a new stock limited to seven per cent dividends, which will be used to provide a part of the funds needed for the company's construction program, which, during the next ten years includes the development of approximately 1,000,000 horse power of water power on the company's Big creek project, which appurtenant transmission lines and distribution system." major part of its new construction needs through the sale of bonds and the remainder by capital stock. Herefore common stock paying eight per cent dividends has been sold. It is now proposed to substitute a stock limited to seven per cent dividends for future sales, thus resulting in the company securing funds at one per cent less than formerly, with the resultant benefit to present stockholders. This plan will make additional funds available for dividends on the stock outstanding." While this plan can be made effective only under the authority of the railroad commission, it is hoped that that will be granted prior to the stockholders' meeting on August 1st. In his announcement to the stockholders, President Miller says: "Through the unprecedented distribution of common capital stock amongst the people of southern and central California, your company is now in a most enviable position. In 1917 it adopted the policy of having a large number of partner stockholders with the result that between 1917 and the present date there has been sold about the second preferred stock will be retired. This rearrangement will make available a new stock limited to seven per cent dibidends, which will be used to provide a part of the funds needed for the company's construction program, which, during the next ten years includes the development of approximately 1,000,000 horse power of water power on the company's Big creek project, which appurtenant transmission lines and distribution system. "It is generally recognized," Mr. Miller concludes, "that this great development will be of inestimable value to the public in providing an abundant supply of cheap water power for future needs. The new plan will also eliminate the present outstanding $12,029,900 face value of second preferred stock by the issuance in place thereof of $9,500,000 of new seven per cent preferred stock, thus immediately resulting in an improvement of the position of the common stock by the reduction of $2,500,000 of outstanding capitalization. "It is the opinion of your directors that the successful consummation of this plan will be of material benefit to" ANNING Beginning Saturday, July 8, WILL BE OPEN WILL BE OPEN From First National Bank American Savings Bank ANAMEIM GAZETTE SUPERVISORS' PROCEEDINGS' Real estate belonging to the county of Orange was sold by the board of supervisors to Charles Adams, for the sum of $1500. Said property being located in the city of Fullerton. The county auditor was ordered and directed to draw warrants for registration clerks as set forth in certified list presented by the county clerk. In re: map of tract No. 323, said map was ordered received by the board and submitted to the city engineer of the city of Newport Beach. Fumigating license was ordered issued to G. E. Herman. Spraying license was ordered issued to E. O. Haucter and Wade Robinson on recommendation of the county horticultural commissioner. Specifications, plans and profiles as presented by the county superintendent of highways for the repairing and reconstruction of bridge across Coyote creek on Spring street near Los Alamitos, were adopted by the bo ard. Notice for bids for doing said work to be given by publication in the Santa Ana Daily Evening Register. Bids to be received up to 11 a.m., July 11. Specifications, plans and profiles as presented by the superintendent of highways, for raising the wooden bridge over the Santa Ana river on Adams street, and the raising of the concrete bridge over the Santa Ana river on Talbert road, were adopted by the board. Notice for bids for doing said work to be given by publication in the Huntington Beach News. JUDGE SHAW'S CANDIDACY At the primary election of August 29th the voters of the southern California counties will have an opportunity of again returning Judge Victor E. Shaw to the place upon the appellate court which he has graced for more than sixteen years. Judge Shaw was elected b ya very handsome majority to his term which is now about to expire and comes before the people on August 29th with every reason for re-election. Judge Shaw's capacity and training as a jurist are so wildly known and so favorably considered that his re-election would appear to be not only desirable, but one of the civic duties of the voters of southern California. Everywhere his candidacy has been welcomed and the judge's host of friends are urging that he be given a vote at the primary which will be in accord with the distinguished service he has rendered through many years of service upon the appellate court. The primary election of August 29th will be conclusive of the election to this office as but one other candidate has presented himself. A fool who "is wise in his own conceit," never lacks for applause—his own. NOTICE In the Superior Court of the County of Orange, State of California. In the Matter of the Estate of Ferd A. Backs, also known as Ferdinand A. Backs Deceased. Notice for Publication of Time of Proving Will, Etc. Notice is hereby given that Friday, the 28th day of July, 1922, at 10 o'clock a.m., of said day, at the court room of this Court, Department No. 2, in the IN the Santa Ana Daily Evening Register. Bids to be received up to 11 a.m., July 11. Specifications, plans and profiles as presented by the superintendent of highways, for raising the wooden bridge over the Santa Ana river on Adams street, and the raising of the concrete bridge over the Santa Ana river on Talbert road, were adopted by the board. Notice for bids for doing said work to be given by publication in the Huntington Beach News. Bids to be received up to 11 a.m., August 1. Resolution was passed pertaining to coast highway. AND LOAN IT TO EUROPE Margot Asquith says the trouble with this country is too much money. We prove it by the way we spend it on foreign lecturers. WANTS CHARITY America believes in hands across the sea, but her trouble is that Europe's interest is limited to hand-outs across the sea. In the Superior Court of the County of Orange, State of California. In the Matter of the Estate of Ferd A. Backs, also known as Ferdinand A. Backs Deceased. Notice for Publication of Time of Proving Will, Etc. Notice is hereby given that Friday, the 28th day of July, 1922, at 10 o'clock a.m., of said day, at the court room of this Court, Department No. 2, in the City of Santa Ana, County of Orange, State of California, has been appointed as the time and place for hearing the application of Louisa Backs, praying that a document now on file in this court, purporting to be the last Will and Testament of the said deceased, be admitted to probate, that Letters Testamentary be issued thereon to Louisa Backs at which time and place all persons interested therein may appear and contest the same. Dated July 11th, 1922. (SEAL) J. M. BACKS, County Clerk. By E. R. Abbey, Deputy. 7-13-3t ANNUNCEMENT July, July 8, and continuing until further notice. Banks of Anaheim OPEN SATURDAY EVENING July 8, and continuing until further notice Banks of Anaheim OPEN SATURDAY EVEN From 5:30 p.m. to 8 p.m. The Southern County Bank BRANCHES Buena Park El Monte Anaheim National Bank Voice Highways Town, county or state boundaries are not the boundaries of telephone service. Stretching from each telephone to every other telephone there is a voice highway. Its use may be had for the asking. On these highways there may be business waiting—there may be the pleasure and comfort of friendship and affection. Long distance rates vary during the twenty-four hours of the day, and also change according to the class of service desired. The telephone directory gives full information. On these highways there may be business waiting—there may be the pleasure and comfort of friendship and affection. Long distance rates vary during the twenty-four hours of the day, and also change according to the class of service desired. The telephone directory gives full information. Every Bell telephone is a Long Distance station. The Pacific Telephone And Telegraph Company Y EVENINGS m. Golden State National Bank