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EYlDNtNG PXJBIjICJ, LEDtfElKr-PHIIJABELPHiA; TUESDAY, FEBRUARY 8, 1921
19
s
BAR SILVER
nar Bllver waa Hd hlhr In Lonfioa
today at 36 Hd. ,
NEW YORK BOND TRANSACTIONS
f jmf "J1''f"'lTw 'f B" " ' '
NEW ISSUE
$2,500,000
Oklahoma Gas & Electric Company
Bond Secured 8 Convertible Gold Notes
Dated February 1, 1921 Due February I, 1931
CtthM m m tfhwt m in m at tha option of th Company opon Atriu dans' pnitlthtd nottc en an Interest date vp to and including Ftoraarg
t, I9H, at I0S : and thereafter mtlkss during each ym f to end including February I. 1930, and on August 1. 1930. at 100. pha
ounxd Interest tn each com. Interest payable February I and August I. at the office of the Trustee in Not York, or ot the
holder's option at First National Bank in Boston or Continental 6 Commtreiat Trust & Saving Bank in Chisago.
Coupon NotM in denomination of $1000, $500 and $100, with privilege of registration as to principal only.
Tfce Cosapsoy vrffl aTe to pay interest without deduction for any Federal Income Tax not in excess of 2 which it may
lawfully pay at the source. Pennsylvania four mills tax refunded upon application.
The NotM will be convertible at 107 on and after February 1, 1922, and therearter until
maturity or their earlier redemption into 1 Cumulative Preferred Stock of
the Company at 100 with adjustment of interest and dividends.
THE NEW YORK TRUST COMPANY, NEW YORK, TRUSTEE
We refer to the accompanying tetter of Mr. J. J. O'Brien, Vice-President of the Company, for further particulars
ing this isvue, summarised as follows:
concem-
DffcfMrcc,ni.i.k.to. a.m.m x rtkj. r1-...
tern comprises modem and efficient electric generating
plants and distributes electricity and natural gas, serving
many important cities in Oklahoma, including Oklahoma
Cky, Muskogee, SapUlpa, El Reno, Enid, Drumright and
other towns, With a total population estimated at 225.000.
PURPOSE OF ISSUE Proceeds from the sale of
these Notes and from the aale of First At Refunding
Mortgage 7Gold Bonds due February I, 1941, and
Preferred Stock will provide funds for the retirement of
certain underlying bonds, and notes and payment of
Floating Debt incurred for extensions tand additions to
the property.
SECURITY Thise Note will be the direct obligation
of the Company and will be secured by a Trust Agree
ment dated February 1, 1921, under which will be pledged
as collateral $3,750,000 General Mortgage Bonds of the
Company, due February 1, 1931. The value of the physi
cal property is largely in excess' of the face value of the
total funded debt including these Note.
PROVISIONS OF ISSUE The authorized amount of
these Notes willbe $7,500,000 of which $2,500,000 will be
presently outstanding (this issue). The remaining Notes
may be issued upon deposit of General Mortgage Bonds
in the ratio of 150 of Bonds to each 100 of Notes
and only when Net Earnings, after deducting prior annual
interest charges, shall have been equal to at least three
times annual interest charges on the rJotes outstanding,
including those to be issued.
EARNINGS Net Earnings for the year ended December
31, 1920. after deducting all prior annual interest charges
exceed 3.43 times the annual interest requirements of.
these Notes. Net Earnings for the same period are equal
to over 1.61 times annual interest charges on the total
funded debt, including interest on these Notes. Earnings
of the properties have shown consistent and substantial
growth, gross earnings having increased over 153 and
net earnings over 73 in the past five calendar years.
SINKING FUND-An annual SinlringFund of $ 1 25.000.
payable in semi-annual installments and commencing
August I, 1921, will be provided in the Trust Agreement
for the retirement of the Notes at not exceeding the
redemption prices. This Sinking Fund should retire
approximately one-half of the present issue before matur
ity. The annual Sinking Fund will be increased by 5
of any additional notes issued.
AH Itfsl BMitttH ta eowntctloti with the iroe of them Notes will be paned opon Wy Messrs. Wintrtrop fit Stimaon of New YorV for the Bankets,
ml Messrs. Cummins Rocrner tc Fiynu of Chicago for the Company. The accounts of the Company are audited annually by Menrs. Haskins 6c
Setts, Certified Public Accountants.
The above Notes are offered when, as. and if issued and received by us
at 96 and accrued interest, to yield over 8Vi.
Temporary receipt of The New York Trust Company will be issued, exchangeable for
Temporary or DeGnttfre Notes when, as, and if receded from the Company.
Federal Securities Corporation
H. M. Byllesby & Co., Inc. E. H. Rollins & Sons
Bonbright & Company Spencer Trask & Co.
Tt tnfntn mitftmt htrttm f eVWraat motm tetitttxM rtyataf a rlfltV. nJ mil tttmtrt In (JW mitmiUmmw m tW m (njiimmttm
ruuuuumjuuuuuucjuuu
Present Opportunities
In Conservative Investments
THE price of bonds is determined largely
by purchasing power of the interest
return from them, and by the demands for
money for industrial expansion.
In the past months the prices of basic
commodities have fallen and the purchas
ing power of the interest from bonds has
risen.
But the price of bonds has not yet increased
in proportion.
It is our belief that the price of conservative
securities will advance.
In the current issue of "Cassatt Offerings"
arc listed conservative securities which we
believe are worthy of your consideration
for the investment of your funds.
ASK FOR CIRCULAR K-6
CASSATT V CO.
ZtteUUSrd IST3
COMMERCIAL TRUST BLDG.
PHILADELPHIA
BALTIMORE
NEW YORK
PITTSBURGH
3CRANTON
;
SOME FINANCIERS
THINK A VOLCANIC BUSINESS
ERUPTION IS IMMINENT
AND THAT FINANCIAL CREDITS
WILL BE SHOT TO PIECES
ITS not the first time It hat happened. A
period of slow payments and bankruptcies
usually follows that of unusual business activ
ity, labor independence and high prices.
When the tide turns look out for trouble.
Then's when you need something more than
mercantile ratings and commercial assurances.
The "London" guarantees you against loss.
It eliminates credit worries, assumesyour losses,
pays promptly and without quibble. Detter
investigate and protect yourself now rather
than have regrets later.
OURSUTTJV
SEIWTCE
Lowes Paid In
ArnerkanQiiTcncy
TOfiv
AT YOUR
SERVICE
Aran Aareul
01
RAL.BS IN Slot
Cham
3 00
Ann Hmeltft
nr sa
2 11
1 its
A T T ev
a aau
Am T A T 6
1 sis
An T ( T h
s
1 0
1 OS
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At After
t StttJ
Armour 4 Ha
S..,.. M
i n
Ateh Topafca (4
H'a Pe ai
1 7H
Ateli Topeka
B'a Fa U
ChlCMO Mil A
Established
Eirttieen Sixty-nine
LONDON GUARANTEE AND
ACCIDENT COMPANY LTD.
R. A. IRVING. Oenerat Aeent
Phone Lombard 4016 820 UFitte lildj.
I'lIILADbU'tUA, FA. ,
lettw rMl 1 fi illfclAa
Rather Unusual
an inveetment
We offr
that POtSeeaefl th fnllnutSnn
feature :
' Total faced charges
earned tht time over.
-. Joint obligation of six
companlw.
3. Coupon rote 8.
D 70 boUht to yle,d
S. Hm ,tront Sinking
Fund.
0. tW.Hlbl. into 8 Pr.
? Raadlly Marketable.
Would YoutAks to nedf ifor
1 hAnt torn
Frederick Peirce
HONOR -
0NDH
& Co.
1NVEBT
jiENr
:'. nnut ntruM. wiir.inM.
.y-tt"?
SEsoiftli4t 111
OTOK. RUBBER
AND STEEL SECURITIES
COMPLETE SERVICE
la All ftmo ot IstTcatHMt
Mafai Dtpartmcttla
btrcstnient. Broktrata
Acceptance, Liberty Bonda
Foreign Exchang
SUtktkl, Ohio StcurHin
Emtcotive Prirto Wire
Connections
Member of Nw Yoth atnd
Otber Frlndpftl Stock
Exchangee
OTISfc CO.
UTettment Bankers
CLEVELAND
Mew York Bt nrrtt
Clnclanatl Cl"' T0,
Abrn Tanenitowa Dn
oatn t THSMre
Tractions and
PublicUtiUties
A iaiption of tht lltmrion ul
poitloo of ihm poup., isftihrf
with th bntM ot iffm Imptnd
lag crcflia mar Kn on th Uiipof
tuti (omptnlM, trt lUicuMtd Ut tha
cuirml Imuo of
The Kardos & Burke
Review
Pewl ty Invi'atorn anil bu.
iioai ninn throutihout tho
rountrrCopy will l t.t
ttea upon rcquen for No. 111
Kardos 8C Burke
STOCKS AND BONDS
1424WalnutSt.,Philadelphia
Ntw York PIcutHirgli
Chkiaso Bdilmon
TXna PrtriM Wtiw
We are interested in
Tenneiaee Power Co.
Be 1962 I
Portland Ry., Light & Power Co.
5s 1942
Caddo Oil & Refining Co.
6s 1927
BAMaJUa
itemlert .Viu? York and
J'ftdadelpMa Stock Exchanges
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Tidewater Oil Co.
Debenture 6 Vat, 1031
Atlantic Refining Co.
Debenture 6Va, 1931
Gulf Oil Corporation
Debenture 7, 1933
ClrcvAara upon re2cat
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MctaVtri PUIa. Stock Eickanj
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Bonds of some American companies
have foreign exchange features
2 00
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Bonds of some American rail
roads originally placed with
European investors are payable in
foreign currency. These bonds
may be purchased in this country
at attractive prices, due to depre
ciation of foreigrn exchange.
Such bonds have features in
their favor not possessed by for
eirn bonds in general.
They are obligations of well-
known American companies whose
stability and earnings are based
on conditions in America. The
details of these companies' opera
tions are readily available for
accurate analysis by the investor.
As these bonds are payable,
principal and interest, in foreign
currency, they possess the specu
lative feature of considerable
increase in value as foreign ex
change approaches normal.
Examples of the above bond.3 are as folloics:
Chic, Milwaukee & St. P. Ry. Co. European Loan 4s, 1925
Price $57.00 per 500-franc bond
Central Pacific Ry. Co. European Loan 4s, 1946
Price $65.00 per 500-franc bond
Principal and interest payable in Pounds Sterling or France.
Edward B.Smith & Co
1411 CHESTNUT STREbl
PHILADELPHIA
CSTABUSMCO 1892
Member. Ntw York and Phlladeljjhl.
Stock Exchange!
165 BROADWAY
NEW YORK
ALLENTOWN
POTTSVILLE
EASTON
W1LLIAMSVORT
NEW LONDON
ACCOUNTANT AVAILABLE
Thorough, modern ofllfe eiirutlre,
devlaer of eflldent ofuce ajaiemai lorreii I
rorrpairjndrnt, Ionc experience with
lurne rorvorallona. Rnlnry H3100, Ate SI,
llo .1-30.1, J.tdser Oilier.
UNITED GAS IMP,
8s, 1023
B0ENNING.GARRIS0N&C0.
STOCK EXCHANGE HVILDINO
Dlrel rrWute Telephone to Maw York
Mcmbera I'll II u, Mtock Hielmnne
A 29 Year Power Company Bond Yielding 8
Available in $1,000, $500 and $100 Amounts
i
The Empire District Electric Company
(Joplin, Mo.)
First Lien and General Mortgage 8 Gold Bonds
Due Norember 1, 1949
Price 100 and Interest, Yielding 8
Callable onh at 110 if rtdttmtd on or before November 1, 1925, at 07y, thrreafttr and on or bffire
November I, 193S, at 105 thereafter and ot or before November 1, 194S, and thereafter at a premium
of l?fc for eth eomfUte year inlervenins between the last date of coil and maturity.
This offering combines two qualities now much
in favor among discriminating investors
It it a long term, high coupon rate
bond protected against early call by
a high call price.
2 It ia a power company bond.
Lessened business activity, declining com
modity costs, greater economy and thrift and
decreased speculation are all combining to in
crease the supply of funds available for invest
ment. As a logical sequence, it appears inevitable
that money rates must decline and that the prices
of good bonds must increase.
Analytical investors, appreciating that th:
present attractive bond rates may not long be
available, are seeking, through the purchase of
long term bonds, to assure themselves of the
benefits of prevailing rates for as long a time
as possible.
In like manner, careful investors are turning,
in an increasing degree, to public utility bonds.
The demand for the services of such companies
is affected relatively little by changing business
conditions; they have little or no inventory or
credit losses to write off; their rates have been
very generally increased, and operating costs, due
to declining prices of labor and materials, arp now
tending toward lower levels.
The bonds of public utility companies which
successfully met the difficult conditions of the
war and post-war Period conditions such as it
is unlikely that they will ever again be called
upon to face may well be regarded as seasoned
securities worthy of the confidence of the most
conservative investor.
The Empire District Electric Company is an
example of a company which not only success
fully withstood the difficulties of this period, but
made actual progress. Gross and net earnings
increased in the last six years 210 and 90
respectively. For th twelve months ended
October 31, 1920, gross earnings were reported
as $2,532,939; net earnings, $663,222. Annual
interest requirements on the total mortgage debt,
including this issue, are $327,965.
These bonds are the mortgage-secured obliga
tions of this company, which serves electricity for
light and power to an area of approximately
1,000 square miles and a population of about
100,000, centering about Joplin, Missouri a terri
tory rich in agricultural and mineral resources
and offering a large and diversified demand for
power.
Farther dttaili regarding thcae bondt, which we recommend and offer after
careful investigation prior to our own purchase, are contained in a com
plete descriptive circular, a copy of which will be supplied upon request.
Halsey, Stuart & Co.,
Inc.
Land Title Bid.
FULeJtrhk
Arthur Perry & Co,
19 Milk Str
Boston
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