KVIOXING PUBLIC LKDGIOR I'M ILA DIOLI'IIIA, KKIDAV, MAV I.'!. lilUl
m i
$4,500,000
Portland Railway, Light and Power Company
First Lien and Refunding Mortgage Gold Bonds
Twenty-Five Year 7y2' 0 Series "A"
Non-callable during the first ten years ,
Stroiif Features
The Portland Railway, Light
and Power Company supplies
electric light and power in
more than twenty communi
ties in western Oregon, in
eluding Portland.
It also operates the Portland
city railway system, which
it showing a substantial
earning power.
For the past twelve years
SS', of the electric energy
hat been generated by water
power.
1 continuance of economical
operation will be made possi
ble through development of
additional hydro - electric
properties.
The Public Service Commis
sion of Oregon valued the
properties of the Company
at a figure which is more
than J.W"i of outstanding
mortgage d e b t, including
this issue.
Cash payment of $ HO, 001)
each year into sinking fund
may be used for purchase of
Itonds up to I071 z (luring the
first ten years and redemp
tion prices thereafter)-.
These Itonds trill share in a
first mortgage lien on over
".irr of the Company's gener
ating capacity, including the
largest hydro-electric plants
and modern steam stations.
THE ISSUE
Interest pnynble May 1 and Nov. 1
Due Mny 1, 1940
Coupon DnncU in ilctinmiiiattons of $'00 ,m $1 OKI t.ich. rrKitcrablc a to
principal onl and nitrulijiiirralilr with ttilK riKtsU'teil Honds in donomina
tioniof $1,000. $S 000 nu multiples of $.i,()O0 Rnliemablc .iftcr Ma 1, 10.11,
at Kb and jurml mtmst ifur Ma 1, l'Ml. .it 10.? and .ii-muri imcreit
THE NATIONAL CITY BANK OF NEW YORK, TRUSTEE
Interest payable without deduction of the Nornml Federal Income
Tax up to 2. Four Mills Tax in Pennsylvania Refunded.
The Bonds, in addition to being secured by a direct mortgage, will
share through the pledge initially of $6,700,000 First and Refunding
Mortgage 5', Bonds in a direct first lien on over 75 of the
Company's generating capacity, including the largest hydro-electric
plants with a combined installation of 58,000 hp., modern steam
stations of 31,000 hp. capacity and a large amount of other valuable
property.
For the purpose of purchasing or redeeming First Lien and Refund
ing Bonds, the Mortgage will provide for a Sinking Fund requiring
cash payments of at least $225,000 semi-annually beginning Sep
tember 1, 1921. It is estimated that during the life of these
Scries "A" Bonds this Sinking Fund will retire in the aggregate
at least $10,000,000 First Lien and Refunding Mortgage Bonds of
this and succeeding scries.
First Lien and Refunding Mortgage Bonds may be issued in the
future, under conservative restrictions, only for refunding purposes,
and for 75', of expenditures for additional property providing net
earnings arc at least l;t times the annual interest charges on the
mortgage debt with the public, including the Bonds then to be
issued.
Net earnings for the twelve months ended April 30, 1921, arc
more than twice the annual interest chaigcs on all mortgage bonds
outstanding with the public, including this issue.
Jliivrt. i ifr it if a nrii whrn it.rd an1 rrrrli 'd bu ii- s,livt '
f ftiprwil of I'fnl innccriUnpn by tyur Ctvn .rt It n vfptrfd that '
mfrrim i rrttfrnti v lit br natlj fur dflt ry on nr about May 12, 1021,
Wc recommend these Bonds for investment
Price 96 and accrued interest, yielding over 7.85' (
Trr alfl nfrimt-T t tftl iron flirt n mft'crncni ai I i ' m -n vhlrn n I n
r pj n r i imr'-t if M th IJon 1" n not i,iiinoii j t tv 14 it tj 1 rorrv
Halsey, Stuart & Co., inc.
The National City Company
t7M
$6,000,000
agara Falls Power Company
the
First and Consolidation Mortgage Series AA 6 Gold Bonds
Dated NoTombor 1. 1920
fnr NnvrrobsT 1, 1358
lnti-rest p.ivnblo "tnl innirally May 1 and S'nvmbw 1 In Jfw TorV and TinfYalo fompanv In oh)b?otrd
to pii Kidtrtil Inromn Tax Kwfiillv rtndnr-tllil. af tho woumi, up to i Conpon bond In dpnomloatlons of
pin vn'l 51 on.1 principal mm b remsfers-d Fully rKlRtrfs ivnda In denomination of $1 Oftft
ml nuthor ri'ii multiiilri ltdfi"mihli In srholis or In part, at the option of th Onmpiuiv at
li ami nr'ind intv-wit ii(on two month notlm Th Mannn Tnnt Oornpiiny of Ituffilo TriiMwv
.Anthnni-H Nunc, Spne. A A. '$13.(100,000
OntstandinR. t$10,000,000
TIip total niount of Ftrwt and romuvntlaUim MortRaff" Rmirt-s which may ho irocntM V ltmltrd
no thnt never nt any thne nball threbMiMlittanainc an amrrntnto principal mim nwKtlni; J7&.UOO.B04,
tlnehj.linR Vi "00 (100 to be prrevntly lmi1.
PROPERTY: The Niaeara FaJla Power Compstny owns -and opcnUes all the hydro-electric power plant on th
American side of the Niagara River t Niagara Palla and controls the power plant on the CenacUun side
of the Falls owned and operated by the Canadian Niagara Power Company. The present aggregate In
stalled Rcticratmf; capacity of the fonr generating ttadotn on the American side of the Falls is approxi
mately 373,500 horsepower, and tlje additionai 112J00 horsepower installed in the generating nations of
the Canadian Niagara Power Company bring the assregore of the system plants up to 486 000 horsepower.
Upon completion of the enlargement and extension program, phins for which have been perfected and work
upon which is now in progress, the plants of the system vQl have a combined caparily of about 673,500
horsepower.
EARNINGS: oal nei income for the calendar yeai 1920, available for interest on he fnnded debt, vran eqniv
alent to OVKR TWO AND THREK-QUARTERS TrWTBS the interest requirements of the year, and to
OVER ONK ANT) SEVEN-KIGHTHS TIMES the annual interest requirements of the present ontstand
mR funded Mit including the $6,000,000 First and Coneolidation Mortgage Series AA 6T Gold Bond
pr'sentlv 'f he issued The earnings for the yrar 1020 do not reflect the full benefit from 'he operation
ot the thtro nev. uniti (aggregating approxtmntely IIZ.SOO horsepower) which have recently been installed,
nor do they reflect any benefits from the extensive improvements now under way Furthermore, the inter
est on the present issue of $6,000,000 Series AA Bonds does not become a charge against earnings until the
improvements have been completed and are available for use.
VALUE OF PROPERTIES: The real estate interest power houses transmission systems, etc, owned by The
Niagara Falls Power Company and the Canadian Niagara Power Company, and the investment pledged
with tru'.tees under various mortgages, are earned on the consolidated balance sheet under date of March 31,
1021 it $5S861,W6 04 or SI 7.639,046.0-1 in escess of the total funded debt of the two companies outstanding
in the handh of the public, including the $6,000,000 The Niagara Falls Power Company First and Consolidation
Mortgage Scries AA 6 Gold Bonds to be presently issued. The equity in these properties beyond the total
funded dbt outstanding in the hands of the public, as represented by the present market values of the pre
ferred and common stocks, is easily over $25,000,000
TWe Scunt7 for them FiomW, Sinking Fond PnmMom, PirpoM of Um and complete information rocardmir the property
and buMitno of the Company, are et forth in a letter fumwhed nt by Mr. Paul A Schoellkopf, President and General
Manager, topic of which we (hall be pleaded to funiiili to hrreator upon application.
Price 88 and interest, yielding about 7o
tmrnane nf tbe l.'nd m nibjwt lo the approval of the P'Jbl e Service Pnmmjr,nn of the State of Mercr Tor HnnrtK rt
offer' d If ns arri when Issued and received bv u All prix'i-cOlivja reUtllli; to the liwianne of the hondo win h na.vte1
iilH.n In our behalf b Mexrs Marten & Nichols, New lark.
"1
NEW YORK BOND SALES
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THE STREET
'I lie fniluri 1 tt Venn hei n KailiriM
iltrcctnis t , , ,,,, ,,,, t,,. 4P ,.
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mlnilfi nf tin nhiii pomtinn of tin"
lailrmifK nf tin" inintii 11111J the gm- I
rralitistiiliil.ti ' limilcndK While the
lMiltui- nf II, lii, t t,,,,. p the
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nf i;1.. pi 1 ioi,t tn the prefirr'rl sn(.
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has In mi pn-ei ,,i (:ui it 1 1, p.
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Unoiilulcn mii luis bt'en niiiile nt u
penston of pnrinont
Wln'e t .. iithrrn Itnilmiv h- hen
hit hnnl I, il,. fitliei Iiik t mo-port 1
tmn -I-' iu- ininuin's euieil to indi
Mill' im iliiiilenrl mi- -iifi In tt ith
the fiiisti'.ii of m pinni.'tit - iipiim
Illlseil Mlie-iMs m ntller iiiii i n i s n
leilmtion 1.1 -11-peiiKinn nf 1I11 nietiils
unii'fl nit Im. hei n -m pn ue Kit -mur-
of iIuiiImhI elmnges 1 in 1- tlm k
ns tl.e- on 11 inuln-wc, burn I 1 - d.i
Sttnllri llllils itl the list few ilins linte
hreii iiinrii nf uiili n1llt ' I .1 lire- pi fib
tihli I inu mill, iiitliin im hi t fin
uiik.i bv tie Urpuhlfi' li 11 iiil.l Slei I
l.likini linn Mee 11 ml the I t ill (opi 1
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inniliet toiiillllnns iorri'il mil' M -sen n
ami niie-liiilf 1 nt k out of en tv 1I0II111 nf
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JJxiiliiliiitii; this in 1I1 tail Mi Kritt
silitiltt sinil ' SiJttv -four nulls mi' nf
im ilnllm nf opi uititiK expen-is win
III HlllO Hlli nut to Intuit . Mint the
nncis nf Illli'H ni' tlei hi tl 1 iin
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I ifinti nuts oiit nf mn ih In ni
llplllltlllK Kplll-ft lllle pBUl fnl Hull'
rlnlx litlil suppliis lit pi ue lixeil In tin
limerilineiit
Thru" "ii'i one-half eeili 11 of
inn ilnllnr mis pniil foi otln r 'Xmmii
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tun inn 11 1 his in IICIl
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nf nperiltlim expr Iisen for IH'J'I H pnirl
mil nt inns ilneilli tiei In tin- Imi -i
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nnil nlie-hiilf nuts ins fm iniiu t nils
11111I nupplifs pui mi 'I ot priiis hei
In jMieral ma 1 ku millions 11 n I be
jonil thi pniil 1 "f tl iniii'ii I- to
1 (Uitrol
'Meinj; the Ilnpi fill '"iile
IlMpite the iillMlliU'l illsappnilit lie
hrhailni nf tin millket ' e-lenlin r '
II fen nlisiilM- lieie lllne to pill
11 number nf hopeful element- 11 1 1
seneinl sittuilinn 'I his 111s stnkinitii
ill islriiteil in Hie IiirIiIi opt 1 in -1 1 'll
iiUilOHls In run nf th" prmiiiiiMit .p
tnvin 1 niiiliu mil houses nh.iii nn ,is
InllOIIS
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111,111 nisii't nn lit to sbi'le bi tl ' . nuns
nf the lln- iqmmiiic lnrlrmn.ii- mil
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market situuiinn It Is natmh, ( -
n llno'l nt selling mi conrl ww- ti.it
has In mi iintb ipmeii bur tne 1 1 nn
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1 1 I ailinni I In .i (i I 1 n uii '
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in - In the itlilmt liilllnail mi 11 nf tlifl
ifiiiiitii on likili tu hnvc anino ilellntto
effei I f 11 the ti lief of the 1 nrrlers. Tim
tii Btfi'ip iipp'iils In buie fully ill
nilllltecl tin" eiilnltlir HltH or olIllnRiotlH.
'I lie hlicirt iiinri-l in I lies steel Krnup fi
Inrue It i n mutter nf lery ullulit
11 ml leiiipniHii -urtnliMiiiM. that llieao
Inn 1 Ih. tatb. 11- ii,,l linili henvj nisli
11 iilirlniunls In tin iniiMiirv liaii. kept
Mill 1110111 r 1 niln -'ifT
(ii'llliic 11 l"u I r lJn.il
Tleie tipped 1- In he n steailr rcvivnl
of inteiest nt ill si 1 unties of wnW
iiintiimnl pnhln uiiliti 1 iirpfirnllnnq, 11 nil
tin ileiiiaiiil fnr tin- 1 loss of imestnicntti
is lirtteiiiiK lli iiin-tiiic public- Is
in. 'i lifcliuiiiic '" -" Hint tliu public
uiiliti (orporat nn- hme ptuisi il tlirouch
tin eilses ntnl mi intnitis; back Into
tin 11 " II 11 pi ill
I'ublie Senile 'ommisulons lit tllfi
vntiiiii- -tntes Inn liei ninn inurh bet
tei in ipinuileil mill the neerW nf public
iitiiitns 1 spe mill iilnnir llninnlnK linea,
nnil fulli n 1I11 tlint the iibilitr of a.
nu ni ii uiiliti 1 . iin-e tie new lapltal
ri nreil in 11 1 iiiiiln ps uhillti to ren-
hi in ii'nsf'l -mi 1 11 ml in prnvulo for
iniiri-nl busil 1 ie Mills not upon
hi' urns enriiniKs nf the fompnnr bur
I 1. 11 lis net reiMiui- I'lcuren reoentlv
t leptirert inilniite thnt 'ifl ri eompa
in- niieinting 111 I 10(1 t.ou-n lito been
if uiieil n tntnl of I'l'-J inerwisea and
t Im where t' e nricin'il reniljUKtjrintit
'f rntis has .ioiei insiifHeienC ml'll
in till itnrnsi- I m bun given,
I'lie elertm iililimv rnmpanles In
J It nf the '."--I elties tn the t'nlterl
'-tali- of 2." (Mill pnpnlntinn or over nrn
11 ii iiiiikiiic fiie raiiifint; frnm fie in
(i I he - 1 i 1 1 of 1 mea rharpil br
iiptrni st 1' mn ! ti r licht and power
1 11 pun r- nr. -o larieil and o rompll -1
,,ti I 1 ' f 11 11 1 tint ion nf their flsuri'i
- iui'--i'i I ' it n ite to -ar thnt
tln-e 'ii 11 is limn been as fnirlv
,, 1 t i 1 1 1 . 11 ' '' ni, rend-
1 tu 1 1 1 1 1. 1- 1 I antes nnd
, mi Mi 'i 111 m'Anru.
Conservative Invcstmcnls
MacMcckin & Williamson
ItllOll) M sNSOM HT1.
ilrinberi I'lilhi Hunk L.xchnni
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J? Hill
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A VlU 1 ot hclptuliK- ,i;ul
- (xr-son.i! iiu' l .1 niaikLj
thai acrcrisru ot thi- iinL
entire personnel
Central National Bank
of Philadclphi.i
Chestnut Street at Fifth
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LXLMPI 1 ROM I i R l, v '
Township of Upper Darby
5 . Bonds
r.itrc Ma I ').
1 il',
1
K He b nn II
Spencer Trask & Co.
25 Broad Street, New York
E. H. Rollins & Sons
1-121 Cliestnut Street, Philadelphia
Schoellkopf, Hutton &. Pomeroy, Inc.
Marine Trunt Btiildintr, Buffalo
ffHnormfifSmi pwen hTin U from official rwri-iM nr from thru it'iici a-n rttqnrd t$ rTitshlirj
but 111 no (rovni'' art th itatemtmti htrttn anUantrci to b rtgardul at our rttpreitntiitumi.
K I
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Price 102 36 To Return 4.8.'
1Rdmond&lft.
(Ill
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K l e u tn rets t in "s
( III I I f I
Brortd and San?om Si.
Philadelphia
PitUburch
Hell,
.H Pinr Sltel
Nevs firk
Aihington
I
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111 '
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Kelly Springfield
Tire Co. 10-yr.
S. F. 8s i Uf)' .
Callable at 110
I'i IIii'IiIIi il l l
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VblDINtu HiftC Ps inii
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l.i in nil I, tl tfilrli ( u
I'lilliilrliililu I Irctrln (
Samuel K. Phillips & Co.
Jlrmlirrs I'lillnilrlnlilii HIiMk I'.trliunte
Mi tiua,iMir BriiKL-r
? IS.-, Stockwefl, Wilison & Linvill
Certified Public Accountants
Land Titlo BUIg,, Philadelphia
i s nun
ii s iii.'ii
ll'a ID!,'
million, I.
im iii mn it inn i iiiii'iiiiMiiiN
h Ml II III
PI ItllDlll ,V 1
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in lapiiRl lo i nf ililu romiiRiiy, pai mile
Jiinel, 1131 m mm KliuidiT. or f.Ioid I l
the clo of huilniits Mm id lost
llKNnV UOI'KINS, Jit SeoreUry
I M
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, 111'
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GEO. A. HUHN & SONS
-UK li- l IIOMis
H 11,1 IT- I III, I I ll III I III , S ,
i k unit III cii -Li u l,i,,
Ni.ii nrl, ( mn n I m h ,i K.
loinniltslon Oiilen I kpcuted In
All llie Pllntlpnl NUrkrt.
.Liberty floruit nouiltt and Sold
lli llMrur , ( oiirl lllilit HIS Wiilnut HI
IN. 111 tlrondwii Atlnutlo ll
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U. S. Treasury
Certificates
3j (
IVir I rl i ilfti v 1 . l
llt. il M , ll, 'l. l
We Sohf.it Suhsi ription
Pine 100 and
At ci tied Into, est
- ' I HI I II - III I M.I i
COMMERCIALTRUSr
Company
' ' I . I I i ll ., rl
l ill II .M ,1
MI tl S ll l I I r, ,., t ,
of urlni lm.1 or Uini,.i , , '
rlly buiifciil uf n ll Mi nit (, r ,
for uur Uiuklit t H unit Iruru Ibe w,
S. W 'i'lltMS & CO.
fltotk lcbaujt UliU fbUiil.ltUU.
W! sP I ! .K
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muoHmmwQQ
SlOi H.s H.fltK,si'aMiVm,160N09
MIP1
h.i. fven,A Jtgr CMAtflt.
COitVXlOT0OC ttkZcntr
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V. i bt'i n I'imi r
C oiiitiitjii .mil Pitferrcd
HENRY D BOEHNING & CO.
nil I I li II I s I llll lllM.
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