The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-01-04
ct. OFFERING
TO Be S65,OOO,OOO
vould Provide Large Part Of
Needs Of Company and Sub
Concerns in 1919.
BANKERS BUY ISSUES
anaconda S25,OOO,000 Bonds,
DESPITE Weather Handicap,
Much Oversubscribed.

p. American Telephone and Tele-
-.,S Company has sold to a group of
Tvs and bankers headed by J. P. Nor
- Co. s4o,o0o.000 Eve year 8 per
~. notes OF the parent company and
~, oo0 600 thirty year per cent. deben-
..,,s OF the New York Telephone Com
,,ry. according to an official announce
rs1t Yesterday by Theodore n. Vail,
,rssident OF the company.
Tbe banks and bankers associated
IA J. p. Morgan & Co. are the follow
,,. First National Bank, Kuhn, Loeb &
TO-, National City Company. Harris.
yorbes & Co., Lee Hlgginson & Co. and
ldder. Peabody & Co. ..r ....-
A selling syndicate is being organized
,,d public offering is to be made early
,,yt week. The funds to be provided by
ais SIS, 900 900 financing will care for a
,rre part Of the total cash requirements
1919 Of the American Telephone and
-slegraph Company and its subsidiaries.
,ocording to Mr.. Naifs announcement.
The new notes are being issued to re-
,lnd the following Indebtedness, which
natures on February 1: Southwestern
EEL Telephone Company. s15.000.000
Northwestern Telephone Exchange Com
t,ny, 100000: Cumberland Tele-
hone and Telegraph Company. $4,000
',o: Nebraska Telephone Company.
100000. and Iowa Telephone Com
p,ny, 100000.
Theodore n. Nail's official announce
rent was as follows: The American
Telephone and Telegraph Company has
lst completed arrangements for the sale
- group of banks and bankers OF
100000 American Telephone and
-sesrap phi Company five year s per cent.
notes. issued to refund the Indebtedness
Maturing on February 1 next: also of
$4,000. 900 thirty year s per cent de-
b.rtures Of the New York Telephone
Company.
These latter debentures are being
,,ld to provide funds to liquidate the
ndebtedness incurred for construction
or the property OF the New York Tele-
Jaone Company. BY means of this
financing large part of the total cash
requirements OF the American Telephone
and Telegraph Company and ito sub
salaries for the year 1919 will have been
provided for"
To this announcement there was added
tho following statement from J. T. Nor
ran Co.: "As indicated by President
Vail, we and our associates have pur-
chased the two issues of telephone
securities mentioned.
"A public offering will be made within
Il. next few days by the group which
c-ered the telephoneSbonds last year
VIZ: J. P. Morgan & Co.. Kidder, Pea.
tody 4 Co. Kuhn. Loeb & Co., First Ma
tonal Bank. National City Company
Harris. Forbes & Co. and Lee Higginsor
& Co"
II was said yesterday that the offering
price had not been decided upon. Thi:
Is the first important telephone financing
snce last July. when $44,60o.o00 s pei
cant. seven year convertible bonds were
rTrred to stockholders at %. The s40,'
100000 8 per cent. notes OF five sub
s diary companies. which were sold 6
YEAR ago, were offered first at 1906 anC
interest
Bankers were interested yesterday II
lie test of the market furnished by tn
lol'c Offering of SIS. 900, 900 Anacond;
upper s per cent ten year secured golf
Honds at 9sit and interest, netting clos
70 sL Per cent. Despite poor wire ser
- TO the middle West. on account o
evere cold and storm. the copper bond
ere several times oyersubscribed.
A small bit of financing came TO ligh
sterday. when the First National Ban
md Hemphill Moves & Co. offere
g.. 5oo,o 900 Cohoes Power and Light frs
mortgage 6 per cent. bonds at 1o2 "a an
interest to net slightly moro than Sc
per cent.