New-York tribune., 1921-02-08
SS5. 100000 Bonds
OF Gulf Oil Corp.
Sold TO Bankers
l2-Year z Per Cent Securi-
Ties Offered at 98, 10
Yield About z14 Per Gent:
Other New Issues Ready


A banking syndicate, consisting OF
the Union Trust Company and the Mel
ION National Bank of Pittsburgh and
the Guaranty Company, the Bankers
trust Company and the National City
Company of New York, sold Yesterday
an issue of $35,0o0,000 Gulf Oil Corpo-
ration tweive-year z per cent sinking
fund debenture gold bonds.
The bonds were offered at 98 and in
terest to yield about Z Ia per cent, and
the issue was heavily oversubscribed
total subscriptions being estimated at
upward of $76,0o0,o00, Dealers were
given firm allotment of so per cent
OF their applications. Provision is
made Tor q sinking fund of $2,000O00
q year beginning December l, 1923, to
be used to purchase bonds upon tenders
during each December at not exceeding
l03 II to December 81, 1926, and there
after at not exceeding 1929 to De-
cember 81, 1928. To the extent that
this fund is not exhausted by tenders
the bonds shall be called by lot for
payment on the succeeding February
at the current redemption price. The
operation of the sinking fund should
retire approximately half the issue by
maturity. The company agrees to pay
or refund the Pennsylvania mill tax.
A letter sent to the bankers by W. L.,
Mellon, president of the Gulf Corpora
tion, says the proceeds will be used in
part to provide funds for the retire
ment of $12,000o00 of the company's
S1S,o00,000 serial per cent notes, Of
which S6,000,000 mature respectively
July /, 1921, and July /, 1922, and to
retire current Indebtedness heretofore
incurred for it's capital expenditures.
The balance sheet Of the company as of
November 80, 1920, issued in connection
with the bond offering, shows cash of
$2,384,063, United States obligations of
$3, ,918,992 and accounts receivable $12,-
584,840 Inventories include $37,373, ,407
in oil and S15,774 COZ, total of $685.
148,079. The company carries in its
balance sheet depreciation reserve of
$92, 2,767,282. It's surplus is $109,6 ,93o.
The National City Company, asso-
ciated with the Guaranty Company of
New York, the Bankers Trust Com
pany, Halsey, Stuart & Co., Esta-
brook & Co. and E. H. Rollins & Co.,
announced yesterday the Offering of
$4,538,00O of State of Minnesota Per
cent serial bonds, maturing from Feb
ruary l, 1924, to February l, 1929. The
bonds are being offered at prices rang
ing from 1928 on the short maturltics s
to 97.11 on the longest maturity to Weld
565 to 5.45 per cent, respectively. The
issue is exempt from all Federal income
taxes and state taxes in Minnesota and
is legal investment for savings banks
in New York, Massachusetts, Connect
cut, New Jersey, Pennsylvania, Maine,
New Hampshire, Vermont, Rhode ISL
and and other states.
Halsey, Stuart & Co, Inc, of New
York, and Arthur Perry G. Co., of Bos-
ton, are Offering Empire District Elec-
trio Company (Joplin, MOI 8 per cent
bonds, due November /, 1949, at 100
and interest. Up to November /, 1925,
the bonds are callable at 110, there
after up to November /, 1895, at 1919
on or before November l, 1945, at 105,
and thereafter at premium Sof / per
cent for each complete year interven-
ing between the last date of call and
A11r