The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-02-18
|EASY MONEY BRINGS
OUT Big FINANCING
Hill Road Offers $19,OOO,O0O
Stock-$1O,OOO,OOO Inter
borough Bonds Sold.
CENTRAL PLANS NEW ISSUE
Asks Upstate Commission for
Permission to Put Out
S7O,OO0,OOO.

Announcements Of large financing con-
stituted a feature of tho financial develop
ments Of yesterday. The Great Northern
subscription $4,000, 900 OF new stock at
par.
]. p. Morgan Il Co. sold to a large syn
dicate Of Investment houses 100000
OF the now marlborough Rapid Transit
Company per cent. bonds, with the pos
s,bility that $4,000. 900 additional may be
offered shortly.
Tho New York Central made applica-
ton to the upstate Public Service Com
mission for permission TO issue $70.o00,-
900 "a per cont refunding and improve
ment bonds with which It Is to pay on
its maturing short term notes Of the year.
Tho announcements together with that
OF the forthcoming sale OF 100000. 900
Western Union stock the day before, are
evidence that the great railroad and In
dustrial corporations are taking active ad-
vantage OF the prevailing ease In money
and good Investment demand to get their
big financing out OF the way for the year.
Large issues of securities are expected to
continue.
The $4,000, 900 marlborough bonds
were taken by a syndicate composed or
Lee. Higginson & Co., Harris. Forbes u
Co. Kissel. Kinnicut 4 Co. White Weld
Co. and William A. Read & Co A
part of the issue already has boon sold
and tho remainder will be offered pub
iicly ut 80. as compared with 9Sis for
the block OF $3O.oo0.0oo bonds offered by
the same syndicate last october. Up TO
the present sale t5s.000.000 Of tho total
81 200. 900 bonds OF the marlborough
have been offered and sold by the bank
ers
ri. f-.o,, Ncr,b.rp s,o,,t oeSeripc nj
81. 900, 900 preferred at par TO stoct.
holders to the amount of per cert. 81
their holdings caused the rights
Ito be traded on on the curb at
,2% TO :h. Tho price Of the
stock declined "a points 20 1891 on
announcement of the issue. The Offering
Is subject to ratification by 10 per cent.
OF the stockholders before II becorcs
operative. Stockholders Of record March
| 81 are entitled TO subscribe until May Il.
The proceeds are to be used for equip
ment, additions, extensions, improvements.
tho securities Of the Montana Eastern
Railway Company and other railways
Payments are to be made in instalmen;s
OF 40. 30 and 30 per cent, on May IL.
August IL and October Is OF this year.
The previous Issue of Great Northern
| stock was that of &2l. 000.000 In December.
1919. The stock is widely held abroad.
| The new issue brings the total issue Ct
preferred to s250.00o.0o0.
The New York Central has made APP
plication to the Public Service Commits
sion OF the Second District for permission
| to issue s70.o00.o0O bonds. the proceeds
| of the sale TO be used for the purpose of
| refunding and improvement.
The New York Central has several large
| maturties coming due this year. among
| them $50, 900 A., per cent. notes on
| March ]. and $50. oO0. 900 one year per
cent. notes due April 81. The former
maturity has already been taken care
| of In London by the sale OF $4,000. O0u
| notes through J. i. Morgan & Co. In ad
dition to tho $50, 100000 notes maturing
in March the company also has In the
neighborhood OF sl3.00o.0oo notes which
are parts of issues maturing serially. that
amount being due this year.
| The company In Its petition TO the com
mission asks permission to sell the bonds
at a basis which Will net the road not
less than ?el2 per cent. OF par
Brown Bros. 4 co. and Edward u
Smith Il co. are Offering 1881 900 Con
Meeting Railway Company first mortgage
4 per cent. gold bonds. The Pennsylvania
Railroad Internationally guarantees pay
ment of principal and interest. The offer
ing price is 81 and interest.