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EVENING' PUBLIC EEDTXEm-
IPHIBXDEEPHffl, MONDAY,
JANtTARY 31, 1021'
NRir ISSUE
$1 5,000,000
The Atlantic Refining Co.
Ten -Year 6K Gold Debentures
Due March I, 1931
Alter Dtductinj FcierAl Tun
$9,628,000
9,006,000
7,410,000
1 1,026,000
I 1,047,000
averaged
of other
Dated March ), 1911
Interest piyibcc March 1 and September 1
Coupon bondi 1000, $ 500 and jtloo denomination!. Principal may be registered. Redeemable as a whole or
in lots of $500,000 or more on any interest date before maturity on 30 days' notice at 103
and interest on or before March 1, 191: and thereafter at one quarter per cent
less for each half year or part thereof but not at less than ioo'i.
FREE OFXORMJ1. FEDERJL 1XCOME TJX XOT TO EXCEED 2, JXD THE
PESNSYLFJXIJ PERSOSJL PROPERTY TJX XOT TO EXCEED 4 MILLS.
THE EQUITABLE TRIST CO. OF NfV YORK, TRUSTEE
tTe jitmnjrtzt at ftutwirci a Utter dated January ig, g2j,frcm Mr. J. IP. tan Dyke, Prtudtnt if th
Cfnpany:
Security. Sole funded debt consists of this issue and .$61,000 of mortgages. Preliminary
balance sheet of December 31, 1920, after allowance for proceeds of this issue, shows
net assets in excess of $110,900,000. An appraisal made in 1919 by Messrs. Ford,
Bacon & Davis indicates a. value $25,000,000 greater, making the total valuation
$135,900,000.
IS'et Earnings: These have been reported as follows:
Year Belore Deducting federal 'Inn
1916 ;.'. .,..-...-...... .1 $9t828,000
1917 ,. w- , 12,931,000
19 1 S 19,610,000
1919 ...., 13,623,000
1920 (Partially estimated) 15.328,000
Final figures after adjustment of Federal Taxes.
Net earnings before taxes in the five years ended December 31, 1920
nearlv 1; times annual interest on these debentures and the $61,000
funded debt.
Restrictions: No subsequent funded obligations can be issued which shall have priority
over these debentures, nor can the total of all funded debt exceed 50 of net assets.
The Company reserves the right to issue obligations secured on marine or other trans
portation plant and equipment (acquired subsequent to the date of issue of these
debentures) for all or part of the purchase price of such equipment and on real estate
in Philadelphia acquired as a site for an office building owned by it.
Sinking Fund: Commencing March 1, 1922, $500,000 per annum shall, be paid into a
sinking fund for purchases of these debentures at not over par and interest. If a
sufficient amount of them cannot be purchased in the succeeding four months to ex
haust the fund the unexpended balance reverts to the general funds of the Company.
Business: Organized in 1S70, the Company until 1911 date of dissolution was a con
stituent part of the Standard Oil Company. It owns modern refineries at Philadel
phia, Franklin and Pittsburgh, Pa. and Brunswick, Ga.
This utttc if debt Mart: u iffered subject ti the anthirtzattin thtrtif h th stockholder! tf the Ctmpanj, 7'ht
Ual fruetdingi tcttt fa paised uptn by Mesirs. Brian tf Williams, PhiUdephia, aunicl ftr the Cenuany and
tur etunstl Mesirs. McJdsi, Cittm is" Franklin, New 7'trk.
Delivery between February 10th and 14th, ip2f in the Cirri if ler.pirary certificates if the Company dimunte
t th rtte if 6lA per annum ti March J, IQST and exchangeable thereafter fir the definitive binds.
Price 99J3 and interest yielding over 6.50
Brown Brothers & Co. White, Weld & Co.
Graham, Parsons & Co. Redmond & Co.
The Equitable Trust Co. of New York
This inftrnatiin and these statistics are nit guaranteed, but
have been tbtaiaed frim jur.-et we believe ti be acurate. ,
Orders for these debentures having been received in excess of the amount
available, this advertisement appears as a matter of record only.
We are offering
A Twenty-Year Bond Yielding 8
Available in $100, $500, and $1,000 Amounts
The issuing Company serves electricity tor light and power
necessities of vital importance to one of the largest and most impor'
tant cities in the Middle West. Total population served approxi'
mately 450,000.
The Bonds are mortgage secured on the Company's properties, the
total value of which, as fixed by State Public Service Commission for
rate making purposes, exceeds $22,400,000, compared with the total
bonded debt of $14,755,500. The security includes a direct first
mortgage hen on the new generating station, one of the most modern
in the country.
Net earnings in 1920, which did not reflect full benefit of rate in'
creases obtained during the year, or of economics resulting from new
generating station, were at the rate of approximately twice all bond
interest requirements.
The purchase of these bonds will provide you with a safe investment yield
ing oe.'o over a long penod of years years when the prevailing interest rate
will undoubtedly be much lower.
1 , "am ail J lrs. i-.ta o m - ' i
a itr fj' lotnl 1 "ifuru m
Name .
II BV I1
HALSEY, STUART &. CO.
Inttrpiritti Succetsor to N. If. faliey tf Co., Chicago
LAND TITLE BLOC, PHILADELPHIA
ft 'tlillO'l' 1. 11 Hit 12 1
CHICAGO MEW YORK OOSTON DETROIT
ST LOblS MINNEAPOLIS MILWAUKEE
iTlf
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DO YOU KNOW
OF ANYBODY
tt oto
than
' urn I .' K of K'.fK'' r r
ital imimrruiicu T ' iu
Inur pohHioii. ioi.r rvh'i ;unl
Mur .iri'r(uniii)- rviaims in
tl.o sfi urlty ln'Httitnt fltld arn
1'i'usm1 broadly 11 . ir MKclal
1, t;. . i f thin week t- it.tl il
"YOU
it
1 i i'f whirh h ) ,. h, n,
up'- jpr.n request 'In r u in
r KAK-UMi Kl VII.W ' tlio
.iM.r belnK a 'rv , ,., ,,n tho
.' ' 1 - ii tconoimc -'udtlon ua
iiff. Miff markf i i- nnd tho
r'-i' "'i 'f 'I. .(Mm urd
1r.11'. 1
Milton Heim& 60.
Slocks and Bond
Foreign Exchange
Sltml.rr. j;llliiillphl Mk. Kjfh
JlmilirM cnn.ol. MU. r.f . of N T
1622 Chettnuf Slroet
riionrm nll. Nome nni7-tSD0
Iir7tnnr. flnrc 7S9
'A nroudnuy i IHO fitli ,r .N. T.
Ktumfnri, Loon.
GOSSIP OF
THE STREET
Although tliore was a ileclilcly re
nctlonnry tcmloncy in llio bond ninrkct
in n whole tlurlng flic lust week, con
oidprnblc comment wns heard over tho
success of such offerlhR hm were nintlc,
including the S.'IO.OIKl.OOO of ltelglnn
(overmuent S wv cent bonds nnd thu
slinilnr nniount of bonds of the Ameri
ca 11 ARrlcnlttirnl C'heinicnl Corporntlon.
Ilotli of thco issues were quickly nit
sorbed. each bcinR heavily oversub
scribed within a short time after the
si'bscriptlon books were formally
opened.
I'nder ordinary conditions this would
be Interpreted n indicntinc that the
bond market situation is at 11 point
warranting the assumption that prices
will move forward nnd establish new
lilpli records within n reasonable time,
but there are many factors to be con
sidered in this connection at the mo
ment, such as n sliphtly tinner tone in
the money market nnd the possibility of
further extensive offerings of securities
over n period of the next few weeks.
Near the close of the week came the an
tmiincement tlmt the rennsylvania
Railroad Co. was putting out new
bonds, while one of the largo South
American countries is negotiating for
Si.', t.000.000 or SiiO.OOO.OOO of new
money, with every indication of further
substantial offerings by some of the
I'uropenn countries.
Therefore. It whs pointed out. no
Mack is likely to be permitted to take
place in the market in the immediate
future because of the unusuallv large
amount of new financing that Is con
templated. Attention is cnlled to this
particular class of new financing be
cause it involves such proportionately
large amounts, but there also is an
"thcr factor in tiie situation which
should not he overlooked, namely, the
great apgtegate of fresh money that tin
questionably will be required by cor
porations, municipalities nnd 'states
thtoughout this country over 11 period
f the next several month1..
It will be recalled that during the
period of the war tho states and cities
of the country postponed a great deal
of work which, tinder ordinary condi
tions, would have been done, such n
public improvements, etc., in keeping
with the demands of the times, nnd
now that the time nppeatH propitious
for rniMng new money. Mils work will
he nctively pursued, which in a way
will ho beneflciul becnuo it will nffoid
employment for thousands of indi
viduals who are idle through compul
sion as n result of the closing down of
commercial enterprises in virtually nil
sections of tho I nlted States.
HrlRliter Outlook In Kontl Market
The feeling in important bnnking
qunrters is one of confidence as to tho
outlook for the future of the bond
market, the recessions which occurred
during the past week being looked upon
merely as temporary developments which
will be followed b nn even greater de
mand for bonds then has been In r-
dencc at any time thus fnr in the pres
ent calendar yeai. Immediately fol
lowing the pronounced declines during
Inst December, bond market prices
moved up rnther sharply during the first
week or so of .Tnnuury. but suddenly
come to a halt with a tendency toward
moderately lower levels'.
There "'ere numerous factors which
contributed toward bringing nbout such
n result, Including tho stiffness which
developed In money rates, following the
comparative case of a few days when
call rates on the board dropped to 0
per cent with loans being mntle on tho
outside at n substantially lower figure.
When the rate dropped, Interior Insti
tutions immediately withdrew them nnd
the call rate quickly snapped back to
the previously prevailing quotntlon of
7 per cent. Another factor which oper
ated toward higher money rates for a
time was the aggressiveness displayed
in the stock mnrket, many pools becom
ing active as soon as It became possible
to obtain money at the 0 per cent, or
lower rate, which wbh In evidence for a
few dnys.
Trade Itcvlval Forecast
Rising prices in the stock market,
the recovery in the price of agricultural
staples, less stringency in the monev
market and the slow lesumption o'f
work in textile mills nre acceptecd as
indications of a revival In business by
the writer of the weekly letter sent out
by the Mechanics nnd Metals Unnk of
New York.
"Theslo signs forecast revival," the
letter continues, "they do not mean
that it is actually here. Stock market
movements usually precede actual In
dustrial conditions by several months.
The decline in security values which
foreshadowed the present depression
continued nlmost without interruption
throughout 10-0. nnd nctuully begnn
in November, 1010. Money is not yet
definitely easier ; nnd just as recent
high rates in the money mnrket con
tinued for some months before affect
ing business, ho lower rates, if they
come, are likely to be in effect for a
j time before renewed borrowing nnd ex
I pnnsion arc (sufficiently encouraged.
The rise in tho pound sterling in two
months from .'.a'-' to $:i.M. and the
1 recovery in exchange, generally, should
j prove n decided nid to our export sales,
1 particulnrl ns the decline in eommodi-
l price levels has been even greater in
this country in recent months than in
Kuropc. Hut neither Is this likely to
I make itself felt immediateely. The ns
j totiisliingly large export figures in tho
last months of 10L'0. In view of world
, conditions, tire probnblj to he c
' plnined, at lenst in part, by the fact
that goods going forward represented
I tho filling of orders placed home time
I previously.
i "Kinnlly, the mills now lesuming
I operations arc mainly in the lines which
were first to suffer by the present
I slump, while in trades which did not
' begin to he affected until recently, fur-
thcr declines in prices or activity arc
widely looked for."
! Pennsylvania Itonds Popular
The new Pennsylvania Kailroad
fifteen-year ('. per cent bond has
proved quite a popular issue. They
were placed on the New York Stock
Kxcliange on Friday and the opening
price was par, against the subscrip
tion price of 00' 1. From par they
rose to lOO'j. a full poinl nbove the
price nt wliuli they were put ouf.
There wan an casing of tlio price at
this figure, the close being nt par. Tho
success of tho Issue has led to the
belief that there will be a considerable
nniount of railroad financing In tho
very near future.
Current Market Opinion
Ncwlterger, Henderson A Ixieli
Tho week's operations failed to dis
close nny significant change In tho
market situation. All developments
show a distinct. drift toward Improve
ment In both fundamental nnd basic
conditions. The outstanding feature hns
been the phenomennl recovery In foreign
exehnngo which carries considerable
significance although the real motive is
still undisclosed. Thin coupled, how
ever, with the continued expanding In
vestment demand and circumstnntinl
evidence of better mnney-mnrket con
ditions reflects a constant storing up of
constructive factors which sooner or
Inter must find reflection in market
sentiment. This much Is certain, most
of tho old Influences have Iot their
significance nnd the grip of the reac
t'.onnry party upon the market is broken
Tor the time being the market may be
regarded ns having drifted Into n nnrrow
trading nrcn and advantage should be
taken of nny recessions to buy Rtoeks,
ns the trend of the mnrket is upward.
Parsly Hros. & Co. The sale on
Frldny of ?i0.000,000 Pennsylvania
Railroad Co. secured OVj per cent bonds
nt a price to yield (1,58 per cent fur
nished a clear-cut example of the rnsler
motley conditions resulting from the
dellation of the Inst few months. T.ast
April tho ten-year 7 per cent bonds of
the Pennsylvania were sold at par,
definitely establishing tho rate for new
I issues of high-grade railroad securities
I at that time. The successful marketing
of the new issue on n ti.w.si j,pr 0fnt
basis marks an Improvement of nearly
'i per cent in nine months, the two
Issues being identical as regards se
curity. This improvement in invest
ment conditions 1h especially gratifying
in view of the mportant railroad ma
turities in the next few years.
Heritor & Co. The principal char
acteristic of tho market hns been its
stendiness In the face of the general
pessimism nnd bearish talk. With a
period of somewhat easier money nnd
the effect of nccumulntlon which is
taking p'neo in good stocks, it is not
nt nil Improbable that we should have
considerable strength nnd nctltltv u
tho market. ' '
1 "y6V.MAD,ep--?t J remem
bered that the market has now IuM
quite n broad and extensive ndvnnr.
over the low point of decline as exem?
pllfied In December! therefore some ct.
back Is naturally to bo expected, tjn.
derlying conditions, however, nui r
well for the future, nnd, In our jn5.
lncnt, any recessions of fair proportion.
should be tnken advantage of for com.
mltmcnts on tho long side.
tics. THE TRADKIt,
GOVERNMENT BONDS
Philippine 4i. tim ..
Phlllrplno is, W35 .
t' H OtlV colt 2. 1DS0
IT H Gov Ttt 3k. 1030.
t' fi Gov ren 3, lIMfl.
U 8 Oov coil 4s, 1025.
DM
51
tin
no
inj
102
lin
nti1
ft!Hi
In-n;
I0.V4
i
iilllllllllllllllllllllllllllllliiiiiiiiiiiiiiiitu
mm -
I Tints on
1 Tin Roofs.
GEO. A. HUHN & SONS
STOCKS AND ItONDS
Mrmlirrt. uf the I'MlndHnhln. Kn
lurk nnil Clilcnrn Htorli r.irhnnte
New York tvtlnn ftrlmnrc
CotnmUilon Orders Executed la
All the Principal Market
nuu.r.vui; cuirnr iiljju.
14 IB U'nlniit St.
3TEW VOItK tiri'ICK
lit llrondwor. New York
1X7HY arc tin roofs nl-
t T ways painted an ugly
dull red? Nobody seems
E to know. Peters, tho paint
man, said ho always sup
5 posed that was tho law.
And so tin roofs arc
5 often called ugly. But tin,
like shingles, will take
S beautiful colors just as
well as ugly ones. It all
depends on the roofer or
5 the architect. If he has
brains and taste, he will
Sj make a tin roof as hand-
some as any other; and if
5 he hasn't he can't do any
worse than use tho same
old muddy red.
Tin makes the best ot nil
roofs but you wnnt tlio best
tin. Ask any roofer to name.
E tho best brands. If ho men-
tions NU-DURA-TIN, you'ro
safe!
E Tim metat. cr.un op tiula.
503 ARClt STREET
I
WE WILL BUY
American Gas & Klcctrlc Cs
tluc December 1st, 1921
BAUER, STARR & CO:
iNvr.sTMi'.vr st'.t umr.s
t.llllil Thin llllilillllR. 1'hllnrirlplil;,
ev Aork (inire, lift llrimilmiy
Direct I'rii'ntc Tctrphone bet. Offices
fSmlm2M''7Pf
fllllllllllllllllllllllllllllllll
$10,000,000
The Ohio Power Company
First and Refunding Mortgage Series "A" 7 Sinking Fund Gold Bonds
Dated January 3, 1921 Due January 1, 1951
Coupon Bonds Oi $1,000, $500 and $100 with provision for registration of principal.
Coupon Bonds for $1000 and Registered Bonds interchangeable. Principal nnd
interest pnyable in New York City. Interest payable January 1 and July 1.
Redeemable as a whole or in part on any interest date on 60 days' notice at 107S and interest to and
including January 1, 1926; at 106 and interest to and including January 1, 1931; at 104', and interest
to arid including January 1, 1936; at 103 and interest to and including January 1, 1941; at 101VS
and interest to and including January 1, 1949. and at lOO'S and interest thereafter to maturity.
The Company agree to pny interest without deduction for the United State Normal Income Tnx up to 2
Tho Pennsylvania Four-Mill Tax Refunded
CENTRAL UNION TRUST COMPANY OF NEW YORK, TRUSTEE
The following information is summarized from a letter to us from Mr. R. E. Breed, President ot
The Ohio Power Company and of the American Gas and Electric Company.
The Company The Ohio Power Company owns and operates large electric light and
power generating and distributing systems in important manufacturing sections of Ohio,
with over 1152 miles of transmission and distributing lines and serving the cities of
Canton, Newark, Steubenville and the Ohio River district near Wheeling, W. Va., and
over 45 cities and towns in the State. The company's main power station is at Windsor
on the Ohio River near Wheeling, W. Va. This is one of the three largest steam gener
ating turbine plants in the United States and has its own coal mines adjacent to the plant.
Earnings Twice Interest In the last two years to December 31 gross earnings and net
income after taxes, maintenance and depreciation have been as follows :
Gross Earnings
Net Income. .
-J
Brilliant
Opportunity
leu eligible man with .scat
on New York Stock Ex
change or means to pur
chase seat, to become a
partner or associate him
.self with established bond
house in New York City.
Replies will bo treated
confidential. If desired
communication can be
made through personal at
torney. Address J. C. A.,
1'osl Office Ilox :J72, City
Hall Station, New York
City.
S. II. NAIIXU
C. . I'AYTOM
StOCkwell, Wilson & Linvill Sailer & Stevenson
Certified Public Accountants
II AVI) rill'.STVtJT HTS.
RONDS
Lfind Title Bids., Philadelphia r,x Frtt yteldins 41 to 3
POGROM IN DETROIT?
Send fnr "MiiiiiHlhUm. ' rimrhiil anil
iint luminal Hnnlllom I'ovfrlr. ( rlmr.
)lrrKilon. M illm (no tmn.
Ilncon. fi08 Chestnut Strei-t
2:
Mlillh'llilllM I'.i.
$5,000 Policy CosIj $69.70
PENNMUTUALLIFE
Acr IO ilUI'l""'" "dure rout aflrr flr.t
Trnr UnrunWril II7. ArU SOO million!
M'rllr for Piwrlmen inillcr nl jnur asr,
1101 KM. & 1)1 KII.HI. (riirrnl Arrnlt
ll'J hl'nlirn (ilmnl lllile-. HiIIh,, J',
1'liour llllirrt 35!1 250a
1920 1019
1 ? ? ? $7,695,842 $5,496,765
1 T V '.' 2,477,466 1,920,694
Annual bond interest charges accruing, on completion of the present financing, will be
$1,236,875, net income being more than twice this charge last year.
Property Values The First and Refunding Bonds will be secured by a direct mortgage
lien on the entire property of the company, conservatively appraised at over $25,000,000.
They are secured by first lien on part of this property and on the balance are subject to
only $2,617,500 prior liens outstanding underdosed mortgages.
Outstanding Bonds On completion of this financing, $15,800,000 First and Refunding
Mortgage Bnods will be outstanding.
Sinking Fund- The mortgage provides for an annual sinking fund, beginning January 1,
1924, of V.1 of the Series "A" First and Refunding Mortgage Bonds outstanding each
year, up to and including January 1, 1936, and thereafter of 2 per annum to maturity.
This sinking fund is to be used to purchase bonds in the market ifobtainableatorunderpar.
If not so obtainable the unexpended balance reverts to the renewal and improvement fund.
We offer thee bonds wlien, nnd if issued nnd subject to npproval of legality by counsel. InterimlReceipts of Dillon,
Rend & Co. or Temporary Bonds excbnngeable for definitive Bonds when received will be delivernble about February IS.
Price 95'i and Interest. To Yield about 7.40
Dillon, Read & Co.
Formerly
Wm. A. Read & Co.
Lee, Higginson & Co.
Continental and Commercial
Trust & Savings Bank
Th mformttton eonUlntd in this sdrrrriKmrst lut been abUmed frsm tourcei wlueh we conudtr reliable.
While not iMtrsntecd. It It scccpted by ui tccvustc.
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