, New Issue $3,000,000 Tide Water Power Company First Lien and Refunding Mortgage Geld Bends . . Series A Sinking Fund 6S5 Dated October 2, 1922 . Due October 1 , 1942 Callable only for Sinking Fund at 1074 "d Interest until October 1, 1927, and thereafter as a whole or In part, at 1071 and interest through April 1, 1928, and at of ten during each succeeding year te maturity. THE NEW YORK TRUST COMPANY, NEW YORK, TRUSTEE The Company agrees te pay the normal Federal Income Tax net te exceed 2. It also agrees te refund, when paid and claimed by holders, the Massachusetts State Income Tax net In excess of 6i',?S. and the Pennsylvania, Maryland and Connecticut personal property taxes net exceeding four mills. The President of the Company summarizes his letter te us concerning the Company and its bends as follews: BUSINESS The Tide Water Power Company cember 1, 1924, for the retirement of bends. This does all the electric light and power, gas and elec- amount shall be increased if later series provide trie railway business in Wilmington, North Care- larger funds. lina.andauburbs, and through its subsidiary, the -.. L , .. - ' . St. Petersburg Lighting Company, all the electric FRANCHISES The franchises, with one or two light and power business in St. Petersburg and unimportant exceptions, extend beyond the date Clearwater, Flerida. f maturity of the Series A bends and de net con- . . . . v tain any unduly burdensome conditions. Wilmington, a city which with its suburbs has a , . population of ever 40,000, is one of the imper- PROPERTY The value of the properties is tant seaports of the Southern Atlantic Coast. It substantially in excess of the entire funded debt is a distributing and manufacturing center of te be outstanding with the public at the close of local importance. St. Petersburg and Clearwater, the present financing. EK' u?Vu ia JX)ien .5n summlr of me EARNINGS-Consolidated earnings for the year 20,000, which is trebled in winter. St. Petersburg ended w 30 1922, are reported as fellows : occupies the peninsula between Tampa Bay and the Gulf, while Clearwater is just te the north Gress Earnings $1,556,203 en the Gulf. Beth are rapidly growing resort and Operating Expenses, Maintenance residence places in one of the best citrus growing and Taxes (including $10,500 divi sections of the State. dends en preferred stock of sub sidiary held by public) 943,773 SECURITY The First Lien and Refunding Mortgage Geld Bends will be secured, in the Net Available for Bend Interest opinion of counsel, by a direct first mortgage en and ether charges $612,435 the Wilmington property, subject as te part Annual Interest en Mortgage Bends of it te a closed mortgage having $386,000 bends te be outstanding (including $10,700 held by the public. They will be further secured interest en bends in sinking fund) . 210,000 by the direct pledge of all the First (and only) Mortgage Bends of the St. Petersburg Lighting Balance available for ether In- Company, as well as of its voting control. terest, Federal Income Taxes and Depreciation $402,435 SINKING FUND An annual Sinking Fund of Net available for bend interest ever 2.9 times of all bends previously certified begins De- annual mortgage bend interest. All legal details In connection with tUs issue are being passed upon by Messrs. Townsend, Elliett & Munson of Phila delphia and Messrs. Ropes, Gray, Boyd en & Perkins of Bosten for the Bankers and Metsrs. Chadbeume, Hunt 6 Jaeckel of New Yerk for the Company. The properties of the Companies have been reported en by Messrs. Sanderson 5s Perter, Engineers. The books of the Companies have been au'lited by Messrs. H&skins & Sells, Certified Public Accountants. These bends are offered for delivery when, as and If issued and received by us, subject te approval of counsel. Tempor ary bends exchangeable for definitive bends, when issued, should be ready for delivery about November 22, 1923. Price 96 and Interest te Yield ever 6.35 Hemphill, Noyes C& Ce. Coffin & Burr INCOKfOHATKD Stroud C& Ce., Inc. Otis a Ce. The above information U net guaranteed, but has been obtained from sources we believe te be accurate. Free of Pennsylvania State Tax Free of Nermal Federal Income Tax Deductible at Source $25,000 Erie Lighting Company First Mortgage 5 Sinking Fund Geld Bends, due 1967 Price 91 and Interest, Te Yield About Sl2 Descriptive circular gladly furnished Mmend &Ca. 1427 Walnut Street, Philadelphia New Yerk Baltimore Pittsburgh Washington Jlfmbcrs New Yerli, I'hlladelphta and I'lltsburgh Stock KxchanSM tiFN. r rx ; New Orleans Public Service lit & Rfg. Mtge. Si Due 1952 Protected by 1. Net revenues, after operating ex penses and taxes, available for in terest, renewals and replacements ever 4 times interest requirements en these bends and underlying liens. 2. First mortgage en a large part of the company's properties, valued ac cording te a rate settlement with New Orleans at ever twice the amount of these bends and prier liens outstanding. Price te yield 5.70 Circular en request Bonbright & Company 437 Chestnut Street, Philadelphia New Yerk Bosten Chicago Detroit y? THE HYDRO-ELECTRIC POWER COMMISSION OF ONTARIO 4 DEBENTURE BONDS Dated August 1, 1917 Due August 1, 19S7 Interest February and Augutt let GUARANTEED AS TO PRINCIPAL AND INTEREST BY ENDORSEMENT BY THE PROVINCE OF ONTARIO Power is supplied te municipalities and te rural districts en a co-operative basis and te ether large consumers. The revenue derived from this service is sufficient te maintain it at the highest point of operating efficiency and at the same time te liquidate the funded debt and re-build the plant within a period of from twenty-five te thirty years. Meedy' 8 Investors' Service Rating Aaa Price 821-2 and Interest te Yield About 5.07 Harrison, Smith & Ce. INVESTMENT SECURITIES 121 SOUTH 5TH STREET PHILADELPHIA LOMBARD 6100 New Issue -- i 12,000 Shares East Penn Electric Company First Preferred Stock CUMULATIVE DIVIDENDS, $7 PER SHARE PER ANNUM Chare an without nominal or par value. Dividend payable quarterly, January 1, Apr! 1. July 1 and October 1. Redeemable in whole or In part en any dividend date at $ 115 per than and accrued dividend. Preferred a teaaeeta te extent of $100 per share and alto as te dividend. Exempt from present normal Federal Income Tax. Tax-exempt am Pennsylvania. Maitland, Coppell Ce., Transfer Agents. Mr. C. A. Hall, President of the Company, summarizes as fellows his letter te ua: Business The East Penn Electric Company owns or controls a group of public utility properties, supplying most of Schuylkill County, Pennsylvania, an important section of the anthracite coal region of that state, with electric light, power and railway service. The remarkable growth of the company's business is shown by the following record of gross earnings: 1912 . $71551 1917 . $995,182 1913 . 812,001 1918 . 1,192,994 1914 . 823,595 1919 . 1,644,563 f 1915 . 845,227 1920 . 1,940,020 1916 . 923,831 1921 . 2,296,001 The Company's analysis of the demand for power in this market indicates that the growth of the busi ness should continue at about the same rate as that shown in the foregoing statement. Territory The Schuylkill District in which the Company operates contains about 80 of the remaining an thracite coal deposits in the United States and forms a part of one of the country's largest power markets. The development of these mining re sources and the growth of ether industries in the territory have provided a constantly increasing de mand for the company's output. Capitalization Divisional Bends East Penn Elec tric Bends $7.00 First Pre ferred Stock $8.00 Second Pre ferred Stock . Common Stock . Autherised Outstanding (See nete0) $4,889,500 (See netef) 50,000 shs. 12,000 sha. 10,000 " 150,000 " 9,382 " 100,000 " All divisional mortgages closed except for $826,000 bends of one issue held in the treasury of a subsidiary company. 1 $2,500,000 bends underwritten but net outstanding. The amount of outstanding Second Preferred and Common Stocks shown above provides for the ex change of all Preferred and Common stocks of sub sidiary companies remaining in the hands of the public, of which 96 have already been exchanged. Purpose of Issue aataaaaaaBawwsaaaiaaaaaaaaaaaaBBBBBaaaaaaaaaaaaaaaaM The proceeds of this issue, of $2,500,000 bends underwritten, but net yet outstanding, and the re investment of surplus earnings, will provide for plant extensions, including a new power plant new being built, having an initial capacity of 33,000 horse power and designed te permit of enlargement te ultimate capacity of 330,000 horse power. The urgent need of such extensions is evidenced by the fact that the demand for power in 1921 exceeded the company's generating capacity by ever 12,000, 000 kilowatt hours. Earnings Year ended August SI, 1922 Gress Earnings ...'.'... $2,227,975 Operating Expenses and Taxes . 1,383,284 Net Earnings $844,691 Underlying charges, amortization and all ether deductiftna . . . 316,434 Balance available for Depreciation and Dividends $528,257 First Prof erred Stock Dividend Re quirements 84,000 Available earnings shown above were mere than 6 times First Preferred Stock dividend requirements, in spite of the fact that the recent coal strike oc curred during thi3 period. These earnings are from present properties only, and de net include any estimate of additional rev enues te be expected from the new power plan!, which will increase the company's generating capa city by approximately 250. Property Valuation The present physical value of the combined prop erties, based en appraisals as of September 30, 1922, and gi ing effect te the sale of this issue, is $9,038, 000. After deducting existing bended debt the equity for the First Preferred Stock will be $4,203,000, or $350 per share. The company has no floating debt except current accounts which are mere than offset by current assets. The books and accounts of the Company up te December 31, 1921, have been examined by Messrs. Haskins at Sells of New Yerk. All lnjal details in connection with the Issuance of the First Preferred Stock will be passed upon by Messrs. Roberts, Montgomery f McKccuan, of Philadelphia. This issue of First Preferred Stock is offered if, as, and when issued and received by us, and subject te the approval of counsel. Price 592.50 per share and accrued dividend, te yield 7.57 J. G. White & Company LNCORPORA TED Janney & Ce. Battles & Ce. We de net guarantee the statements and figures contained herein, but they are taken from sources which we believe te be accurate IHMMIMMIiMlllia IMVtMtIMItl'fMMttMHIflH Orders J?voufer &mi ba.?.r 15 ""rvative mar n i tin , r5iiw v' .."Vat" Jl,t,d McGLTNNT Xr en ' Timber Win i. n.-.. ..-.. -..., .urn check nxenange LSjfcle Bldg., Philsdelphla HIGH GRADE SECURITIES Yield Ing from sy2 te 6 ROBT. 6LENDINHIHQ & CO. I .aaaa.-.l KBIBIIIIPnfla 400 Ch-tnut St Assets Over $69,000,000 Net Earnings 5,896,348 Interest Charges 687,989 are the figures reported in the annual statement of the UNITED FUEL GAS COMPANY Net Earnings are ever 8 times bend interest Assets are ever 4Va times the amount of bends Meedy gives these bends an "A" rating, factor of eafety "85," security "high," and saleability "geed." We are offering the first mortgage 6 bends of this Company, at 100 and interest, yielding 6. They are listed en the New Yerk Stock Exchange and the Company refunds the four mill personal prop erty tax te holders in Pennsylvania. Uticrtptive circular upon request without obligation, of ceurie A. B. LEACH & CO., Inc. 115 Seuth Fourth Street, Philadelphia Bell 1'liene, Lembard 0257 (F Lawrence E. Brown & Ce. CERTIFIED PUBLIC ACCOUNTANTS Imwtljf.tv mil ,10 JtEAL ESTATE TRUST BLDO. lUIEIIIIlIU Mill! Milium uartn.rsbip accounts " tii a.turaa. t toriiuraUea ml vnatn 6 Well Secured The sound first mortgage bends safeguarded under the Straus Plan afford the conservative investor the attractive interest rate of 6, backed by ample earn ingsand values. The bends are in $1000, $500 and $100 denominations, ma turing serially in two te about fifteen years. Write for literature, and specify HOOK LET 910-L I S. W. STRAUS &, CO. 1NI.01U KA1B1I . RJtAIILIsllUII ISS1 1617 Walnut St., Philadelphia Phene Spruce 6387 40 years without lets ti any investor 19:? s w. s. s. Ce. k 'Wk 5r?k. Vl fBP KLaaaaaaaaaaaaCBaaViaaJft1 V TSaL EQUIPMENT TRUST CERTIFICATES & Hew Much Meney wns tliriv in or info last nlKht? Knetigh te inake nn Interesting party for une pi online paranita'' Don't t.iltc chances. We ar open till 10 1". M every weekday. i:en If ou hie ether banking connections open a bihb.11 account here for protection. A wsll-knewn bend heuse has opening for salesman who can Ei,!f.b,tal,V.aJ,ty.ut,Mty " ,."? A .liberal arrangement will be made with i tel mtUul REPUBLIC TRUST COMPANY 1429 CAestnut Street HOURS 9AM-1QPM Masen City at Ft. Dedge 4s, 1955 Michigan United Railway 5s, 1936 Wni. C. Or ten Ce. 54 Wall St., N. Y., Ttl. hWtr HH-7 We Offer Subject te Prier Sale aud Change in Pric. CemPany Rate Maturity 'American Refrigerator Transit Grr July 1, 1929-37 Chicago, Milwaukee & St. Paul Railway G'r Jan. 15,1929-34 Delaware i Hudsen Company ..Or Jan. IS,' 192G-27 Erie Railroad 51 Ju,y lg31 Illinois Central Railroad ... Q", Jn. 15, 1931 'Illinois Central Railroad 7 , Oct. 1 1927 Kanawha & Michigan Railway . . C"r Jan. 15, 1933-35 Louisville & Nashville Railroad. . . &itr'a March 1, 1934 New Yerk Central Railroad . . . 7"f April 15, 1926-28 New Yerk Central Lines .... 5-r june jt 1930.36 New Yerk, Chicago & St. Leuis R. R. 5'r Sept. 1, 1928-29 Pacific Fruit Express 77 Jvnt) 1( 1932.35 Pennsylvania Railroad . . . . 6r Jnn. 15, 1930-33 Reading Company 4 1 re July 1, 1923 St. Leuis-San Francisce Railway , . Se Sept. 1, 1923 St. Leuis-San Francisce Railway . , 5 Sept. 1, 1925 St. Paul Railway 5'i July 15, 1924 St. Paul Railway . . . . . 5'r July 15, 1920-35 Seaboard Air Line Railway . . . 51 ,, Ap, is.rjct. 15, 1925 Seaboard Air Line Railway . . . 5.r-c Aprij 15j 1920.31 Seaboard Air Line Railway . , . . 6 Feb. 1-Aug. 1, 1927 Southern Pacific Company . . . . , 7"e June 1 1926 Southern Railway 4hTe May 1-Ne'v. 1, 1924 Union Pacific Railroad . . . , 7 jun. ,( ,927 Issued under the Philadelphia Plan Janney & Ce. 133-135 SOUTH FOURTH STREET T , . , L PHILADELPHIA Telephone, Lembard 4320 , Yield S.GO'c 5.45 '-V 5.05rr 5.30", 5.20' e 5.00' c 5.00' c 5.00r0 5.05 5.10' 5.30r'e 5.00'n 4.75' 505', 5.00',, 5.20",. 5.50'r 5.70' e C.75'e 5.00' e 5.00' n 5.00' c rs hi 1 31 Vi s . ' v m A i. Leaser Offtae. ft trV
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