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TCVTONTNW PTTTrMM 2, 1920
vi' ?
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New Issue
$850,000
Penn Public Service Corporation
First 'and Refunding Mortgage Gold Bonds
(7i2 Fifteen Year Series B)
Due July 1, 1935. Interest payable January 1 and July 1 in New
any interest date on six weeks' published notice at 1114 ad
or prior to July 1, 1921, and thereafter at a premium of ?4 of 1 for
Dated July 1. 1920.
York. Callable on
irrrA lnfrncf rn nr
nation with privilege of registration as to principal. Bankers Trust Company, New
York, Trustee.
These bonds art free of the present Pennsylvania Four Mill Tax. The Company,
agree to pay Interest without deduction for any Normal Federal Income Tax
to an amount not exceeding 2 which It may lawfully pay at the source.
For further information attention is called to the letter of Mr. F. T. Hepburn,
President of the Company, which will be furnished upon request and which states
that:
The Perm Public Service Corporation owns and operates" an electric light and
power system serving over fifty communities in western Pcnnsylvania.includ
mg Johnstown, Somerset, Clearfield, Indiana, Phillipsburg and Blairsyillc.
It also docs some incidental gas and steam heating business. The territory
served has ah aggregate population estimated to exceed 400,000.
Franchises of the Company in the opinion of counsel arc unlimited in time
with a few minor exceptions.
The Company operates under the supervision of the Public Service Com
mission of the Commonwealth of Pennsylvania.
Gross oarnlngs of the system have Increased during the past five years over 145 and'
the net oarnlngs ovor 158, and aro now twice bond Interest charge.
Approximately 90 of the net earnings arc derived from the Company's
electric light and power business.
It is estimated that there is now available sufficient additional electric busi
ness in the territory to permit the Company to more than double Its present
load as soon as the increased power facilities requisite therefor arc provided.
Thes.e bonds are offered for delivery when, as and if issued and received by us,
and subject to the approval of counsel as to legal details. It is anticipated that
temporary bonds will be available for delivery on or about July 19, 192a
We recommend those bonds for Investment
f
price 95& and Interest, Yielding Over 8
Complete circular on request
Harris, Forbes & Co
Pine Street, Cor. William, New York
Wldenor Building, Philadelphia
E. H. Rollins & Sons
A3 Exchange Place, New York
1421 Chestnut Street, Philadelphia
Reilly, Brock ft Co
306 Chestnut Street, Philadelphia
New Ittuo '
Exempt From the Federal Income Tax
$1,170,000
COLUMBUS, OHIO
CITY SCHOOL DISTRICT
6 School Bonds
Dated July 1, 1920. Due Serially July 1st. Coupon Bonds in denomination of $1,000.
Principal and semi-annual interest payable at Columbus.
Financial Statement
Assessed Valuation, 1920 $368,898,580
Total Bonded Debt, including this issue 2,653,000
Sinking Fund 503,946
Net Bonded Debt 2,149,054
Population, 1910 Census 183,000
Population, estimated 238,000
Total "Bonded Debt Less Than of 1 of Assessed Valuation
These Bonds are a direct obligation, payable from a tax levied against
all of the taxable property therein, of the City School District, which includes
the City of Columbus, the State Capitol, and additional territory.
Maturities and Prices
(Accrued Interest to bo added)
$200,000 duo 1936 105.28 $200,000 duo 1939 105.85
200,000 " 1937 105.48 200,000 " 1940 106.02
200,000 " 1938 105.67 170,000 " 1941 106.18
Yielding 5.50
Legality to be approved by counsel whose opinion will be furnished upon xequesL
Atl statements heroin are official or baaed on Information which we regard as reliable, and whlln
wo do not guarantee them, they are the data on which we havo octet In the purchase of theso Honda
Halsey, Stuart & Co., E. H. Rollins & Sons
Philadelphia New York Philadelphia New York -
Continental and Commercial Trust and Savings Bank
Chicago
William R. Compton Co. Bankers Trust Company
New York New York
GERMAN CITY BONDS
JAPANESE GOV'T BONDS
I'rlces and complete
lormation cheerfully given.
NEWBURGEH,
HENDERSON & LOEB
Members Neio York and
Philadelphia Stock Exchange
1(10 Chostnut St.
I'enn Mnrv S?1pp1 Rh 10.17
j'hila. Rapid Transit 5s, 1957
MiIrU &. .New England 1st 5s, 1915
Bun Co, Dob. Gs, 1929
&ifAl&ES,FEARON & CO.
GE0.A.HUHN&S0NS
STOCKS AXI) IIOM1S
Mrmhrrx of the I'lillnrirlnhln. New
York and Oilmen Stoi k Kirlinncci
New York Cation Ktclianco
Commission Orders Executed In
All the Principal Market!
IIKI.I.KVUK COl'IlT lUJlfl.
1418 Walnut Nt.
NEW VOIUC OKFIfK ,
111 llroiidtTiir. ew lork
T
Wo tlo plruurf in lumounclne that
Mr. W. Morgan Churchman
has ltoms miioi'lnKil with us In the man.
inrrment of our Howl Department.
PARRISH & COMPANY
Member'
I'hllnilrlnhla Work Ktrjianie
New York Stock Kxchancs
1600 Wulnat Rt.. J,B &ro?dWlJ
I'hllnuclnliln !'..' New York. N. Vn
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Total, $10,006,000. compared with $10 -421.(100
eatcrd-y Thua far this week,
161,422,01)0 Sams period last ucek.
tUO, 105,000.
DIVIDENDS DECLARED
Elder Corporation, quartorly of 75 cnte.
pnvablo July 15 to stock of record July 3
West Penn Trnctlon and Waterpower Co.,
quarterly of 1 74 per cent on preferred, pay
able Auguft 10 to aleck of record AuguM 2.
A Firsi and Closed Mortgage Bond Yielding 8 Per Cent.
Secured iipon Real Estate in Philadelphia
. $1,000,000
Edward G. Budd Manufacturing Co.
First Mortgage Six Per Cent. Serial Gold Bonds
Dated August 1, 1917 Interest February 1 and August 1 f
Outstanding $1,799,000 as of August 1, 1920
Denomination $1,000 Coupon Bonds with Provision for Registration of Principal
Callable as a whole or in part at 101 and accrued interest. If
called in part, bonds must be of the last maturity outstanding.
Company agrees to pay the Normal Federal Income Tax up to 2.
Tax Free in Pennsylvania ,
Philadelphia Trust Company, Philadelphia, Trustee.
CAPITALIZATION.
Authorized Outstanding
First Mortgage 6 Serial Gold Bonds $2,000,000 $1,799,000
C$201,000 matured and paid off, as of August 1, 1920,
and the issue -is closed by this financing.)
8 Cumulative Preferred Stock 4,251,700 3,359,200
Common Stock 4,498,300 548,400
From a letter addressed to us by The total floor space is approximately
Mr. Edward G. Budd, President of the 850,000 square feet. The buildings are
Company, we summarize the following especially adapted to this particular type
. f ;. of manufacturing, the machinery equip-
mlormation. ment ,8 the best of itg klnd) the pant ag
PURPOSE OF ISSUE : The sale of this a whole is the largest and most completely
$1,000,000 of Bonds is'-to provide funds to equipped for this class , of work in the
take up floating debt and furnish additional country, and the organization is especially
working capital to handle the largely strong.
increased business of the Company. EARNINGS: The Company reports earn-
HISTORY OF BUSINESS: Edward G. n?s applicable to interest requirements
Budd Manufacturing Co. was organized in before deducting taxes but after providing
1912 and from its inception carried on for reserve for depreciation as follows:
about two years experimental work in a. catfndar wars Earnings applicable
small one-story building developing a line callndar ears. to interest charges.
of special steel stampings for the railroad 1915 $432,469.72
and automobile trades. These specialties 19x5 '.'.'.'.'.''.'.'.''.,'. ."l 014'393.35
have met a demand of Jhe trade and in the 1917 ,',','. '805'833.20
last five years the business has grown jrjig '. .'.'.'" 1,395,318.06
rapidly. The Company owns a plant con- 1919 .'.'.'.'.'.'.'. '.'. '.'.'.'. .l',689',683.67
sisting of "five large concrete and steel 5 months
buildings and seven acres of land at an 109ft oofim ofaj i-7iaonaRQ
intersection of the Philadelphia and Read- 1920 (estimated) . . . 1,718,908.63
ing Railway and the Pennsylvania Railroad, The average earnings for the past
with leases under favorable conditions for three years, after providing for these de-
a long period on a large concrete building ductions, are equivalent to more than 12
adjoining, this plant. This is the best times the interest requirements on the total
manufacturing location in the City of issue of bonds presently to be outstanding.
Philadelphia and has very largely increased The earnings for 1919 were in excess of If
in value since purchased by the Company. times such interest requirements.
MATURITIES AND PRICES.
$84,000
$84,000
$84,000
$84,000
$83,000
$83,000
due Aug. 1,
due Aug. 1,
due Aug.
due Aug.
due Aug.
due Aug.
1921, at
1922, at
1923, at
1924, at
1925, at
1926, at
98Vfiandint
96
94
93A
91
90
$83,000 due Aug. 1,
$83,000 due Aug. 1,
$83,000 due Aug. 1,
$83,000 due Aug. 1,
$83,000 due Aug. 1,
$83,000 due Aug. 1,
1927, at 891iandint,
1928, at 88 " "
1929, at 87 " "
1930, at 86ij " "
1931, at 85i " "
1932, at84 " "
AT THE ABOVE PRICES THESE BONDS YIELD ABOUT 8
All legal matters in connection with this issue are being approved by Hon.
Theodore F. Jenkins for the Company and by Messrs Henry, Pepper, Bodine '& Stokes
for the Bankers.
Offered when, as, and if authorized, issued and received by us.
Brown Brothers & Co. Wm. A. Read & Co.
Townsend Whelen & Co. Frazier & Co.
The statements in thi3 advertisement nre based upon information obtained from olliclal sources or
from thoBc which wo regard as reliable.
ISLAND OIL AND
TRANSPORT
The. recent lilting of this ie.
cunty on the New York Stock
fcxchnnjio lend added interest
c . .f1ctl b"ught out In our
Special Letter I. O., a compli
montary copy of which will ba
ent upon requeit.
Y Tl5l"r''tlvc '""ruinat basis. Odd
viirif """'"'I- dnqutrtes in.
MILTON HEIM & CO.
(Nuccfsar In (lolilhrr Hflml
Member I'lillu. 8tofk lSita.inn
. A ."", iitoek K. ' . v.
1822 Cheitnut Street
I'hoocm llrll. Hprure AOrMSOO.
,. Kernlonf. Knee TS0.
U llroadH nr A 4(19 Mh A., N, y.
11 Mi $$ PENN w
r . .
!
STOCK EXCHANGE SERVICE
Eapid executions of orders in Philadelphia, New York and
all principal markets.
"Fortnightly Financial Review" of the market sent regularly
to clients.
Intelligent analysis of Financial News.
West & Co.
1417 CHESTNUT STREET
Bell, Spruce SS0 tllVVSil'nU Keystone, Race MOO
4 Pointed Questions
for July Investors
IS THIS a trouble-free investment, or is it one that will keep me
watching its price in the financial pages by day and giving me sleep
less moments by night?
i
Will it be paid in cash on the day due, without delays, or ils, or buts?
Is it a direct first mortgage, coming ahead of all other obligations?
Is it founded on a fundamental necessity of life a commodity or ser
vice for which the demand exceeds, and will continue to exceed, the
supply?
The investor who purchases a first mortgage bond, safeguarded under
the Straus Plan, can .answer all these questions with an unqualified
"yes." You cannot afford to delay investigating the Straus Plan, which
has ended the worries of so many investors.
W.rite today for our booklet, "Safety and 6," which explains our plan,
and for our July Investment Guide, which describes a total of $-10,000,000
in first mortgage serial bonds, netting the safe interest rate of 6, with 4
Federal Income Tax paid. AskTfor
CIRCULAR 434-Q
S .W STRAUS $ GO.
ESTABLISHED 1882 INCORPORATED
STOCK EXCHANGE BUILDING, PHILADELPHIA
Phone Spruce 5628
NEW YORK
CHICAGO
DETUOIT
BL KKALO
t'l.KVIOLAND
BOSTON
Washington
indianapolis
I'lTTHIlLlUHl
C
SAN FHANCISCO
MUAVAUKRIS
MINNEAPOLIS
Thirty-eight Years Without Loss to Any Investor
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A
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July 1. lUiiU.
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