The Washington times., 1930-05-26
BROOKLYN GAS
SHARES ON
MART
Proceed To Be Used For
Retiring Debt Made in Ex-
panding Business

NEW YORK, May 26. - Ma
tional City ompany and
Guaranty Company of New York
will offer tor row at 1922 and
interest to yield 4.8 per cent, $l8,-
100000 Of the Brooklyn Union
Gas Company 20year S per cent
debentures, due June l, 1850.
Proceeds from the sale will be
used for partial retirement of
floating Indebtedness of the COM
pany incurred for capital ex-
penditures.
The company, incorporated in
1895, is one of the largest COM
panieS in the world supplying
manufactured gas and serves an
estimated population Of 100000
in 30 of the 80 wards of the
Borough of Brooklyn and two of
the five wards of the Borough of
Queens, all in the City of New
York.
Business increases
Growth of Brookl | and
Queens and of the company's
business has been uniformly con-
slant, each decade having shown
large increases without exception.
Properties of the company, ex-
elusive of working capital, repre-
sent an investment of more than
twice the principal amount of all
obligations, including the present
issue. These properties include
six gas manufacturing plants with
a daily capacity of 140,000,000
cubic feet, also the new Green
point plant; 25 gas holders with
capacity of 79,700,000 cubic
feet and transmission and diStri-
button systems and more than
2,171 miles of mains varying in
size from three to 48 inches.
Works and holder stations are all
interconnected, thereby providing
a maximum continuity of service.
Net Earnings Higher
Net earnings of the company
last year amounted to $3,315, 1896,
or more than three and a half
times annual interest charges on
the funded debt. including this
issue. The debentures are re-
deemable at the option of the
company in whole or in part on
30 days notice, on or prior to
January l, 1885, at 105; for the
next five years at 1882; until
January /. l945, at 102, and
thereafter to maturity at 101, in
all instances with accrued inter
est.
Announcement is made of or
ganization of independence Trust
shares, a fixed investment trust
which will soon offer to the pub
lie participating non-voting trust
certificates representing owner
ship and right to net earnings
and distributions from a group
of common stocks of so corpora.
tions covering utilities, indus
trials, banks, oils, rails and in,
Surance companies.
Each independence Trust Ger
tificate will represent 1-1,00Oth
part of a deposit unit composed
of one share of each of so com
mon stocks, deposited with the
trustee, the Pennsylvania Com.
pany for assurances on lives and
granting annuities.
Robert F. Holden, of PhiladeI
phia, is president of 1ndepen
dence Shares Corporation, the
board of directors of which in
cludes Robert F. Holden, Jacob S.
Disston, jr.; Theodore e. Bronn
Eckley B. Coke, Sd; Emil H.
Molthan and Charles Conrad.
City of Santiago, Chile, is un.
Gerstood to have arranged a loan
of $2,200,000 from Hallgarten g.
Co., and Kissel, Kinnicutt & Co.,
the proceeds of which will be
used for public improvements
and the retirement of floating in.
debtedneSS.
The new financing is expected
to take the form of an issue of
7 per cent external sinking fund
gold bonds of 1880 to be publicly
offered shortly.