,
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
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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.-.. ..-..
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LSjfcle Bldg., Philsdelphla
HIGH GRADE
SECURITIES
Yield Ing from
sy2 te 6
ROBT. 6LENDINHIHQ & CO.
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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.
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EQUIPMENT TRUST CERTIFICATES
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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
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