HE33 mmmmm It ' .2KS81 m. - ' -Mr ' - ''-Wis1 ' 'TfVVL" 'V TmTBI A u I .. MMU'I i l''lirWW'ilHBrWJtBIWBIIIiy)BBMlTBlWl"Wlll'llil'' W'tlTilll'WIm Wm I Wt WWW n Willi) I I 'i1 liHI lill 'I ."LI1 i J UHIWijJ iWI'UHUIl IWIII ' 'H.I. I MILMBIMsssssssssssWMsWMI'. 'i L Mliyj'IMMJBlllll)LWBBWWBMJBHlWfJMWBl'liMi'.l J'.T;if; vr T;.f-S3P1K IPI ;v"r.W V.TlZ ;,' rV-- r v , & - , ,. BVENIGt PUBLIC LBDGERPHIIADELPHIA, TUESDAY, APRIL 4 19221 , t v , fc , t , . A R- I V i ft j i R r r. v v. Newlssua ?.' United Light -. r $7,000,000 and Railways Cemp FirtU Lien and Contelidated Mortgage Geld Bends . 6 Series "A" Nen-Callable for 25 Years Date AerU 1, 1922 Redeemable in whole ud te April 1, 1948 at in hoi cswv. veupvn imrai m intcrcnanicsDia denominations or 91,000, 9300 ana 100 regftteri regiiterea oenat orji.eoo ana multiples, coupon and fully registered bends interchangeable in $1,000 or multiples. Due April 1.1952 Redeemable in whole or in part at the option of the Company en 30 days' published notice at any time en or after Anrll 1. 1947 ' 103; thereafter at one percent less each year up te April 1, 19S0, and thereafter at 100; plus accrued interest filterable as te principal only. Fully The Company will pay the normal Federal Income Tax deductible at the source, up te 2, and will refund the State Tax In Pen syivama upon application wiuun sixty aays, te the extent of the present rate of f Connecticut up te four mills annually. ! present rate of four mills, and the State Tax in i annually. i THE NEW YORK TRUST COMPANY, NEW YORK, CORPORATE TRUSTEE Purpe se of IsSUSt Earnings: em a letter te us, Mr. Franlf T. Hulswit, President of the Company, summarizes as fellows! Business The Company controls and operates properties furnishing a diversified public utility service in seventy-seven prosperous and growing communi ties located in the heart of the Middle West, supplying in all a population' of ever 600,000. The greater part of these properties is situated in Iowa and Illinois, two of .the wealthiest states in the Union from an agricultural ana industrial standpoint. "" The proceeds from the sale of. these Bends together with the -sale of Capi tal Stock already underwritten, will be used te.refund the Collateral Trust First Lien S Bends of Tri-City Railway fli Light Company, a subsidiary, and the 7 Bend Secured Geld Notes of the Company, both due April 1st; 1923. Earnings for the 12 months ended January 31, 1922 available for annual . interest en the total outstanding funded indebtedness of the Company, including this issue, are about 2.2 times the annual requirements. Earn ings are in- excess of 1 . 8 times the sum of annual interest en the funded indebtedness of the Company, including this issue and all annual prier charges. Security t These Bends will be secured, in the opinion of counsel, by a direct mert gage lien upon Important properties and by pledge of all securities of Sub sidiary Companies, as defined in the mortgage, new owned by the United Light and Railways Company or hereafter acquired, subject only te exist ing liens. They will be further secured by $7,000,000 face amount of First and Refunding Mortgage S Geld Bends of the Company or, in lieu , thereof, cash or obligations of the U. S. Government;. These pledged bends of the Company are secured by a first mortgage upon important ., , properties and by pledge of all securities of Subsidiary Companies owned ,",..' by the United Light ft Railways' Company as required by the terms of that Mortgage. The outstanding issue of $2,000,000 Convertible Deben- tures due 1926, will share with the Bends of this issue in the lien en the property and assets of the Company. All legal matters In connection w)th the issue of these Bends will be passed upon by Messrs. Winthrop H Stlmsen of New Yerk: for the Bankers, and by Messrs. Humes, Buck 6 Smith of New Yerk, for the Company. The accounts of the Company are audited annually by Messrs. Barrow, Wade. Quthiie flk Company, Chartered Accountants. The above Bends arc offered whan, aa and if issued and received by us, but subject te. approval of counsel, at Price 93 and accrued interest, te yield ever 6.45 -"si Bonbright & Company 437 Chestnut Street Philadelphia The information contained in this advertisement has been obtained from sources which we consider reliable. While net guaranteed, it is accepted by us as accurate. New Issue We own, offer and recommend ' ILLINOIS POWER COMPANY FIRST MORTGAGE 5 BONDS Due June 1, 1933 Earnings ever 2Vt times interest charges en total funded debt i PRICE 87V2 AND INTEREST, YIELDING 6.60 Descriptive Circular en Rtqutit l&RSiar Bres. & Ce, BANKERS 1421 CHESTNUT STREET PHILADELPHIA MEMBERS PHILADELPHIA STOCK EXCHANGE A Sound Investment N.t TtafiMs Amis $9,119,844 Closed lit Mertfaft Bends.. 2,250,000 These assets are mere thin 4 times the first mortgage issue. The fixed assets, alone, are mere than double the outstanding bends. The yield Is nearly 7J4. The property is a long established, well man aged industrial with a history of excellent earnings. We reremmend this Issue Inquiries Invited Hambleton&Ce. Established 1865 Commercial Trust Building Philadelphia Baltiaert Waihiaitea New Yerk ' . - qff IP" ll We take pleasure in announcing that Alfred E. Sergeant has become associated with us in our investment department Geerge H. Burr & Ce. Philadelphia National Bank Building fr..- E sfls a ... a& - sa W. A. Harrimnn & Ce. INCORfORATBD Drexel llldtf., Philadelphia ""ALO SYRACUSE eU.larke. BANKERS 111 Ckestaut St., PklUsJsJ.hU MikbUhd 1837 PViU4slf4la ttataiati Naw Y Wj if April Bend Offerings Our pfferinjfs of con servative investments include Canadian gov ernment, provincial, municipal and cor poration bends, and fereism Kevernment bends, all payable in New Yerk funds and yielding about 5i te 7 Writ ter Circular F-44 Weed, Gundy & Ce. Incorporate We offer a flacttd litt of Municipal, Railroad and Corporation Bend W arc propared te purchatm sound ittutt of Corporation Bend which have an ettabliihcd recerd of earning STROUD & CO. Incorporated 1429 Walnut St., Philadelphia 120 Broadway, New Yerk A Safe Business Investment A Cemtwtent Office Mftnaetr or 8Uitnn with munarnrlnl ability can sacurs an active and profitable connection with an attrnctlva retail builnrne In the beet block en Market Ht, 1'nuaually low rant due te ce-uperatlva plan or mercAiandlalni'. An Immediate poaltlen la aeaured the right man with pnielblltty of becemlnc treasurer of company. A email Invest ment of 13.100 te iftOOO la neceiaarr. Every peaalbl element of risk has been el'mlnated. Phene Locust 7S0 for ap pointment or addreaa A u. ucnciKR erriCB Leng Term HIGHYIELD CU1.V Sarviaa C, . Sofia VP" Oabaa ApwewtJr.i, .1 . ' . l BxAKmT 4W mT Mf IaVW r MSS;, 'S.HMsa .., -... .Mfvs., sftxil,.rMBfirir mmsMmBMWWti'mWpnlmMmam . $4,555,000 Metropolitan Ediseri Company v , (PENNSYLVANIA) First and Refunding Mortgage Geld Bends, Series "B," 6 Denominations, f 1,000, $500 and 100 , Due February 1, 1952 ' v Price 98 and Interest, Yielding About 6.10J& Redeemable as a whole or in part upon thirty daya'. published notice, en any interest payment date te and including August 1, 1931, at 110; thereafter te and including August 1, 1941, at 107; and thereafter te and including Auauat 1. 1951. at 105: elua accrued interest in each case. Interest payable without deduction for Federal Income Taqes new or hereafter, deductible at the source net in excess of 1 Legal Investments for Savings Banks in the States of Vermont and New Hampshire. Free of the present Pennsylvania Four Mill Tax and Tax Refund in Massachusetts and Connecticut (as outlined mere fully in- descriptive circular). Application will be made in due course te list this series of bends en the New Yerk Stock Exchange. The Metropolitan Edisen Company owns and operates electric light and power proper ties in an extensive territory in Eastern Penn sylvania, serving Reading and Lebanon, Pa., and 64 ether communities, and supplies prac tically all of the current uBed by the Reading Transit & Light Company. At the present time, about 60 of the Company's gross earn ings is derived from the sale of electrical energy for power purposes. The population of the territory served is estimated at 300,000. The possibilities for the development of the electric power business are very large, the prespcts for new and increased sales forming one of the most important features in the ex tensive territory served by the Company. These Bends, in the opinion of counsel, will be secured by a first mortgage lien upon a portion of the property of the Company, and will be further secured by a direct mortgage lien en all property new owned or hereafter acquired, subject te only $2,570,000 under lying (closed mortgages) bends new outstand ing with the public. The replacement value of the Company's property as of October 31, 1920, as determined by independent Consulting Engineers, plus subsequent expenditures, amounts te $11,61 1, 838. The inclusion of the Company's invest ment in securities of affiliated companies gives an aggregate figure of $15,350,918, as compared with the total bended debt te be outstanding with public, including this issue, of $8,718,000. Fer the twelve months ended February 28, 1922, gross earnings, including ether income, were $2,782,663 and net earnings, $1,092,088, as compared with annual interest en the total mortgage indebtedness of $529,240. Metropolitan Edisen Company First and Ref. Mortgage 5 Geld Bends, due August 1, 1922, with final coupon attached, will be accepted in payment at 100JJ and accrued interest te date of delivery. Thete bends are offered for delivery when, as and If Issued and received by us. and subject te appreral of counsel. Temporary bends, later exchangeable for definitive bends, will be ready for delivery about May 1, 1922. The above statements are official or are based en information which we retard aa reliable, and, while we de net guarantee them, they are the data upon which we have acted in the purchase of this security. HALSEY, STUART & CO. INCORPORATED Land Title Bldg., Philadelphia - Phene Locust 7410 CHICAGO NEW YORK PHILADELPHIA BOSTON DETROIT . MILWAUKEE ST. LOUIS MINNEAPOLIS Te the Helders of New Orleans Railway & Light Company General Mortgage 4 Per Cent. Geld Bends DEFAULT having been made in the payment of interest due January 1, 1922, ,en the above bends, and said default having continued for a period of ninety days, the undersigned committee, acting under a deposit agreement dated October 10, 1921, considers it of the utmost importance that prompt steps should be taken for a reorganization of the affairs of the Company, and that concerted action en the part of the General Mortgage 4 Bondholders is essential te the protection of their interests. ' A majority of the outstanding bends have already been deposited, and it will be necessary for the bondholders who have net yet deposited their holdings te de se in order te participate in any plan of reorganization. Deposits of bends accompanied by coupons due January 1, 1922, and subsequent thereto may be made with any one of the following depesitaries: fclBERNIA BANK & TRUST COMPANY, NEW ORLEANS CANAL-COMMERCIAL TRUST & SAVINGS BANK, NEW ORLEANS INTERSTATE TRUST & BANKING COMPANY, NEW ORLEANS THE NEW YORK TRUST COMPANY, NEW YORK CITY u who will advance te any depositing bondholder se desiring ,the equivalent of the coupon which matured January 1, 1922, en any of the above bends new in default, together with 5 interest thereon if accompanied by properly executed income tax certificate. Negotiable certificates of deposit will be issued for deposited bends. Copies of the deposit agreement will be furnished upon application te any of the depositaries or te the Secretary. BONDHOLDERS' PROTECTIVE COMMITTEE R. S. HECHT, Chairman President, Illbrmla llunk & Trust Company, Mew Orleans CRAWFORD H. ELLIS, Vice-Chairman Vice Treslilent, United Fruit Company, New Orleunn MORTIMER N. BUCKNER Chairman of the Heard, The New Yerk Tnil Company, New Yefk City JAMES P. BUTLER President, Cansl-Cemmerclul Tru.t & Hariris flank. New Orleans GEORGE W. DODGE Vlrc riraldent, Interstate Trust & Nankins Company, New Orleans JOSEPH P. HENICON Capitalist, New Orleuns ELI T. WATSON or Messrs. Watsen, Williams & Company, New Orleans PAUL H. SAUNDERS Or Messrs, Islder Newman & (ions, New Orleans BERNARD McCLOSKE Y, WALKER B. SPENCER, Counsel AprU 1, 1922 D. ALLEN JOHNSON Secretary Hibernia Bank Building New Orleans h Alan A. Alexander AC. u Stock and Bend$f mmemmsmm smJamL-fm .Phil,. tSrn TmmmZLim Mi- -.v . ? 7a '- ", T' f e J in" .i yftisa. MfJfei. l-cft jt.r MUM. A A idKMHfc M r i F VI v., 'l m J UL
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