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JSVBING, PUBLIC LEDGEIPHJXADKLPHIA. . WEDNESDAY, . DECEMBER ,1, 190
.j
25
New Yerk Bends
(SaMCO IN 11000)
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$12,500,000 .
Virginia-Carolina Chemical Company
Twelve-Year 1l Sinking Fund Geld Debentures
Ded November i, 1920 Interest payable May 1 and November ! Due November 1, tyjt
Kdtamala In whelt or In part at th option of tht Company en net Ime than 0 day notlce en amy le '
ttrtit data, at 103 ant Inwrttt en or bafera Nerambar I, 191?, tha praalaa dacrtaalng H
for aach aaetatdlng at month nntfl tnamrtty
Iircrert te be payable wltkmt deduction for aty Federal Income Tax up t ftt umb kkk dH
Company may b eblljd te withheld
Fannaylvanlt Paraenal Property Tax of Four Mills Rfqnd4
Coupon Debentures in denominations of $tee, 6500 And $1,0005 Debentures
may be registered as te principal. Total authorized issue $11,500,000.
GUARANTY TRUST COMPANY OP NEW YORK, TRUSTKE
Ftr information regarding these Debentures we refer 4 letter tf Mr. C. G. Wilsm, President eftht
Ctmpany, which he has summarized briefly as fellews:
COMPANY, Incorporated In 1893, la one of the largest manufacturer and dealer In Its
lines, being tngafed, directly Or through subsidiaries In th manufacture of fertiliser,
sulphuric acid, cotton seed products and edible oil products and the mining
phosphate rock.
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NET EARNINGS of Company and subsidiaries corn paw as follewit
Total Interest
Fiscal Year
Ended May 31
Net Earnings
before Interest and
Federal Taxes
including
Current Interest
1010 .$ 5,437,466
1917 . ... t . 3,903,249
1918 ............ 13,119,801
1910 ....... 10,939,334
1930 ............ 10,876,745
$1,160,397
1,341,163
1,808,391
3,366,071
1,899,699
Number of
Times Earned
4,67
4.73
6.69
4.83
3.73
ASSETS: The consolidated net assets as of May 31, 1920, together with the proceed!
of this issue, exceed .3.80 times the total funded debt including this issue) the net
quick assets alone, en this basis, being 1.7S times such funded debt
SINKING FUND, payable semi-annually, commencing March 1, 1931, wOl provide
for th retirement of ever 30 of the total issue before maturity.
RESTRICTIONS? Ne mertgag te be created by Company or ita aubsldlaries without
including these Debentures equally and ratably therewith, except Inter-company and
purchase money mertgagee and also except the extension of the existing First Mort
gage for net mere than three years; the consolidated net quick assets are te be main
tained at net less than 150 of the'princlpal amount of all Debentures outstanding
excluding the Company's existing First Mortgage Bends.
' All legal proceedings are being tassid upon by Messrs. Hornblower, Miller s Garrison and Messrs.
Oudin, Kilbreth id Sthackne, New Yerk, The Company's aceeunts have
been audited by Price, Waterhouse t$ Ce,
lattrim receipt or temporary Dtbenrurti will be deliverable la (he fint initince. All offering are wbject te approval of ceuaral
"when, at and if limed and received by ui" and iiibjtct te authorization of litue by the stockholder.
Price 96.25 and interest, yielding approximately 8
Ctraul&r en request
BLAIR ft CO., INC. HALLGARTEN & CO.
THE EQUITABLE TRUST COMPANY OF NEW YORK
ILLINOIS TRUST ft SAVINGS BANK FIRST TRUST ft SAVINGS BANK
CHICAGO CHICAGO
Tit tttmitai ertHMit tlfwt, tJJ!r nt) ptttsntiei, en ttittti frtm mttit wihi URti a, h rtEilh
"' ' " ' '- -
''ll'nVl I 'I il.Ul.
Lr.'.'j,',1 ".riss
$4,000,000
The Niagara Falls Power Company
Firrt and Consolidation Mortgage Series AA 6 Geld Bends
Dated November 1, 1920
Intereat pnyabl
Due November 1, 1990
Vahln iMiml.nnmitlllv fakJ 1 mA VAir.Mh.. 1 ! ?.. --,. n..at -. . i- .... .
Authorized Iaaue, Series AA, $15,000,000
Te Be Presently Outstanding, $4,000,000
The total amount of Flrat and Consolidation Mertgag Henda which may be axaeuted la limited
be that never at any time (.hall thre t eutstimdin r an asperate prlnelpal lum excaX 7B,090V0OO.
PROPERTY: The NlttarA Feils Power Company ewni and operates all the hydro-eleotric power plants en the
American side of the Niagara River nt Niagara Palls and controls the power plant en the Canadian side
t.iuS L,2L'L?w,"ed nd ep?te.d th8 Canadian Niagara Power Company. The. present aggregate In
1M3S ISn Aft 2g cnPnclty of ,th four Kencrntlng stations en the American side of the Falls is approxi apprexi
rwifl TO.00 horsepewor, and the additional 112,500 horsepewor installed in the generating stations of the
eaniidlsn Niagara Power Company brings the aggregate of the system plants up te 480.000 horsepower.
Plans have bn perfected for a combined capacity of about 020,000 horsepower.
EARNINGS: Tha Jetal net income of The Niagara Falls Power Company and Canadian Niagara Power Company
for the twaly jnenths ended September 80, 1020, available for interest en the funded debt, was equivalent te
th6 5nnartftnw?'e!Rht emes i l. .a.nnu?l interest nqulreinents of the total outstanding funded debt, including
2XM' ' i . S1"' ud Cenns?LidJ?t,?n Merteo Sprios AA 6 Geld Bends. The earnings for the twelve
months ended September 30, 1920, de net reflect the full benefit from the operation of the threo new units
(aggregating approximately 112,600 horsepower) which have recently been Installed"
VALUE OP PROPERTIES: The real estate intereits, power houses, transmission systems, ate, owned by The
wltVSJf.-!)1 f,-j0Wer CemPany nd the Canadian Niagara Power Company, and the investments pledged
n iftBtJg.ir(!rnvJ0,u,8 merteaffe, are carried en the consolidated balance sheet under date of September
?i 92?i "I IW.W9.308.77, , or ?23 753360.77 in excess of the total funded debt of the two companies eutstand
Hn,tin ty'jEL"? l t pSbi,cAi.nci,uiI5,th5 M.000,000 The Niagara Falls Power Cempanv First and I Cov"li
a,'!, "?.!? leri0B, 44 c Geld BendB t0 bc Pssntty outstanding. The equity Vin these prepe iea
iXWA"" de "tandlnB in the hands of the public, as" represented fiy the present rat?Jet
values of the preferred and common stocks, Is easily ever $23,000,000.
ni!?n.CUiyi 0r,the80 Bends. Sinking Fund Previsions, Purposes of Issue and complcte Information regarding the
.PPiy.nn,diUB,n" of the Company, are set forth In a letter furnished us by Mr. Paul A. Scheel kenf President
nd General Manager, copies of which we shall be pleased te furnish te investors upon application.' "e8,dent
Price 87 lA and interest, yielding ever 7
Bend?0. '&',. HS""1"- l0 B,ubJtct t? the approval of Puhlle flervlc Commliwlen for 8cend District of Etau of Nw Yerk
lerlllt "S fSnSL'i.."?.8"11 w1hen .t9Ued M& ved by us. The proceedings relating te the iMuanoe of th beml ami
lerallty of tha Indenture securing the game will b passed upon, In'eur behSlf, by Messrs. Slaaten & Nlehela New Yerk
Spencer Trask & Ce.
25 Bread Street, New Yerk
E, H. Rollins & Sens
1421 Chestnut Street, Philadelphia
Schoellkepf, Hutten & Ce.
Marine Trust Building, Buffalo
Ml liiarmaHeit eiven htrtin te from oljtclet leureti, or from thou leMch uit rteard a. ri(nbf
St n e event are the atalamcnra Kereln contained te be reearded a ?'eE '?EJ!i Xfi!'
regarded as or representations.
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Banking Methods
Applied te Real Estate
The same painstaking and conservative business poli
cies, which characterize ether departments of this Com
pany, are found in its Real Estate Department.
This Department, which combines every advantage
of a real estate agency with the added security of a trust
company, offers en the usual commission basis the serv
ices of a staff of experienced real estate men.
Careful attention is given te the prompt payment of
taxes, water rent and insurance, in addition te regular
collection of rents, all dealings with tenants, overseeing
of repairs, etc. Appraisals with a view te purchase,
sale or The placing of a mortgage, made en request.
The Girard Trust Company's Real Estate Department has in
its charge properties, large and small, in 36 states of the Union,
the District of Columbia and the Dominion of Canada.
Chartered IB 39
Booklet of prepertitr fat
tale will be tent
en requett
GIRARD TOUST COMPANY
BROAD AND CHESTNUT STREETS, PHILADELPHIA
Capital and Surplua
$10,000,000.
EFFINGHAM B. MORRIS
PRESIDENT
Member Federal
Reaerve Syatem
Natien Bank of Commerce
in NewYerk
Established 1839
STATEMENT OF CONDITION
NOVEMBER IS,. 1920 t '
Liabilities
Capital Paid up $35,000,000.00
Surplua 25,000,000.00
Undivided Profits 8,182,4(57.33
Deposits 349,804,962.93
U. S. Bends Borrowed 6,000,000.00
Bills Payable and Redis
counts with Federal Re
serve Bank 102,578,000.00
Reserved for Taxes, etc..." 4,137,130.41
Unearned Discount 2,942,544.08
Letters of Credit and Ac
ceptances 50,385,089.89
Other Liabilities....'. 1,850,000.00
Resources
Leans and Discounts $364,576,466.19
U. S. Victory Notes and
Certificates of Indebted
ness Other Bends and Securities
U. S. Bends Borrowed
Stock of Federal Reserve
Bank
Banking Heuse
Cash, Exchanges, and due
from Federal Reserve Bank
Due from Banks and Bankers
Interest Accrued
Customers' Liability under
Letten of Credit and Ac
ceptances 47.128.634.76
5575,880,194.64
1,929,031.04
9,004,519.46
6,000,000.00
1,500,000.00
4,000,000.00
134,619,115.27
6,626,065.88
496.362.04
$575,880,194.64
J. HOWARD AHOHEV
JOIEPH A. BRODERICK
OUY EMERSON
HARRY P. DARRAND
LOUIS P. CHRISTENSOS
JAMES I. CLARKE
OABHItf
ROV M. PAS9MORE
JAMES S. ALEXANDER
WILLIAM A. DAY
HKNRY W. de FOREST
FORREST F. DRYOEN
CHARLES E. DUNLAP
rnaaieeHT
JAMES S. ALEXANDER
. VIC-rHaiDBNTB
HERBERT P. HOWELL
LOUIS A. KEIOEl
DAVID H. Q. PENNY
JOHN E. ftOVENSKY
eeeONO viCfrrtcaiDtrtra
AROHIBALD F. MAXWELL
FRANZ MEYER
DIRKOrOKS
HERBERT P. HOWELL
ANDREW W. MELLON
FARI8 R. RUSSELL
STEVENSON E. WARD
ROOER H. WILLIAMS
EDWARD H. RAWLS
EVERETT E. RISLEY
HENRY C. STEVEN9
AUDITOIt
ALBERT EMERTON
CHARLES II. RUSSELL
VALENTINE P. SNYDER
HARRY D. THAYER
JAMES TIMPSON
THOMAS WILLIAMS
giiiiiiiiiiristtn urn iimitiiimi tim iiiimhiiiiiiimcuiii raniiiit iriiicaiiirtieiiucjriiiiiiiiiiica iinciiiiiiiintnTll k
s
J Our December Bend Letter
has been mailed te our clients. We have udditiennl cepius
I for interestinK investors net en our mailing list.
i This letter discusses the 1920 hen.l mnrk.,t n,i u
te tnke advantage of unparalleled investment opportu
nities. Copies Scut Upen Request
West & Ce.
1117 lirntnut Ktrret
1'uiinaripin
.V It.-.. ..!.. ....
.. , ew Yerk
. Verk SleU KxrhaiiCF
... ., i I lilludelpliU Sterk I'.xi h.iine
Me Alwayrf ll., en lleiul u I.ut of Itlali tirade lleud.
. "a'uiiurm-c I in liru
JailllllHIIIHIHHIl"1H'l"H'''"'H
Duquetne Light
6, 1949
B0ENNINQ, GARRISON & CO.
UTUCH KXOIANOK IIUILDINQ
0ltt fUsMJffxsiL te..??ir.xrk
iinaia Dtwa, JT4CUI
NEWBURBp-R
HENDERSON & LOEB
Philadelphia Stock Exchange
1410 Chestnut St.
Canadian
Provincial Bends
Te Yield 7 te 7.50
Principal and interest payable
in New Yerk City.
Clrculara and prlcta upon M'ru.it
Harris, Ferbes & Ce
Plna Streat, Cernnr William
NEW YORK
Philadelphia Office i
Wldan.r Dulldlnr
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