New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1921-10-02

sets and its debts, the earning power
It has demonstrated over series OF
years. and finally the character of the
indenture IN regard TO the penalties
incurred by the company for the non
payment of interest or principal
An example will make all OF this
palmer The Toledo Edison Company
has recently issued $4,000 900 first
mortgage per cent bonds. making the
Bankers Trust Company of New York
trustee The exact name Of the bond
is the Toledo Edison Company first
mortgage gold bonds, per cent series,
due 194l.
The date Of issue is September /.
1921, and the bonds are due Septem-
Der !. 1871. Principal and interest are
payable in United States gold in New
York and interest Is payable on March
| and September I. There is no limit
put UPON the total amount oil bonds.
which may be issued under the linden
turc, so far as a stated limit in amount
IS concerned. and this particular St3,-
300 900 together vita S2,300.000 prior
preference and Si5Oo.oo0 preference
stocks is issued for the purpose of pro
viding money for the retirement OF
various issues Of bonds and for fund
ing floating indebtedness The care
full investor will require further in
formation in regard TO what Indebted
ness is TO be retired and what the
cash position Of the company Will be
after the sale of the new bonds and
the retirement of the old ones and
payment or floating debit.
Bonds in Coupon Form
The bonds come in coupon form IN
both $1,000 and $500 denominations.
and the principle can be registered
! ne bonds also come in registered
l,ooo denominations and authorized"
naltiples. which means that II 4 Insn
wanted TO buy $4,000 registered pond
he could do so. The holder of either
coupon or registered bonds Can eN
change his bonds for the other kind
through the company
The lndenture provides FOR a semi
annual sinking fund, beginning Sep
TENDER I. 1921, by which the company
IS REQUIRED to use n amount equal to
/ per cent Of the outstanding bonds.
either 20 buy a 1903 or less bonds Of
this issue, or else to spend that amount
CT money to acquire property which
might otherwise be made the basis for
the issuance Of bonds. Bonds nav be
ISSUED also 10 refund first mortgage or
divisional bonds OUTSTANDING. Tie com
pany can call the bonds at 10 and
interest on any interest," date on four
weeks notice TO and including Sepfem
bca' l. 1926. and thereafter at 1917 y ard
interest to and including September /,
1881 and thereafter at 1916 and inter
est to and including September /. 1887.
and thereafter at premium Of ! per
cent for each year. or fraction thereof.
OF unexplred life Of bond: that is. in
1888 the premium would be per cent.
IN 1889 per cent, etc.
The bonds are secured by FRS
mortgage on the entire electric lieht
and power properties. with an unim
potant exception. srd by supple
mental mortgage on the gas and heat
ing property subjec. only 70 Sl.s75, 100
divisional bonds.
The principal KIND Of bond; offered
to investors are bonds Of steam rail
roads, bonds Of public utility corpora
tons. which include power, lighting.
telephone and telegraph and street rail-
way companies. industrial companies
bonds, state and county bonds aud gov
ernment bonds.