New-York tribune., 1921-05-06
Days Ne,p Issues

Trust and Savings Bank, the CONT
mental and Commercial Trust and Saw
lngs Bank, Harris, Forbes & Co.
and Dillon. Read Il Co. has pur-
chased an issue Of $4,000 600 ten
year per cent bonds of Libby, Nc
Neill & Libby, the Chicago packing
firm. Public offering of the bonds is
being made to-day at a price of 95&
to yield approximately TX per cent. The
bond issue is first closed mortgage
against property estimated to be worth
approximately $4,000 900.
Provision is made for a sinking fund
arrangement under the terms of which
is per cent of the net earnings each
year are to be set aside for TIE pur-
chase of bonds up to 105 until Nav,
1926 After that the bonds will be pur-
chased for retirement at a reduction Of
l per cent year from the 105 figure
The balance sheet of the company
shows net tangible assets Of approxi-
mately $70,000,000 and net current
assets of $1S,ooo,oOo
Lee, Higginson & Co. announced yes
terday on behalf of the syndicate that
all of the $5,500,o00 Connecticut Light
and Power Company first and refund
ing mortgage z per cent sinking fund
gold bonds, due 1851, offered for public
subscription, have been sold.
The issue of $1,5o0,0Oo of Greater
Winnipeg Water District 6 per cent
bonds, on which bids were opened on
Wednesday, was awarded to the Domin-
ion Securities Corporation for distribu-
tion in Canada, it was announced yes-
A1A H. j \
on 6.35 per cent basis.
The Canadian syndicate, consisting
Of Emilius Jarvis & CO., Wood Gundy
& CO! and the Dominion Securities Cor
poration, which purchased the issue of
$5000,000 of fifteen-year per cent
Treasury bills of the Province of On
tario. has obtained an additional block
on the same basis, and it is expected
that approximately $9,000,000 in all
will be sold. The new issue is receiv-
ing favorable reception from Canad-
ian investors.
Advices received here yesterday
confirmed the Canadian reports to the
effect that London banking syndicate
has purchased block of 4 per cent
debenture stock of the Canadian Pacific
Railway. The amount was not stated.
The stock was taken on 6 per cent
basis and the proceeds will be used in
paying for steamships and other COM
mitments made In England by the
Canadian Pacific. Bankers here said
the sale of the stock in London would
in no way change the program of the
Canadian Pacific with regard to financ-
ing in the American market, and an
early offering of bonds is looked for,
the date of the issuance depending
upon market conditions here. 1t has
not yet been determined what form the
financing will take. 1t was said yes
terday that it might involve the sale
of bonds secured by debenture stock
as collateral, or it might consist of
equipment trusts. The amount of the
fnancino is estimated at
$4,000, 600 to s50,000,000.
The securities department OF the
American Express Company is Offering
a varied assortment Of foreign govern i
ment external and internal bonds. It's
latest list includes Republic of Uruguay
external gold SIS Of 1919, of which
9eo5,0 are outstanding; Belgian ma
tionat restoration loan of 1919; King
dom of Belgium premium per cent
loan OF lJZO, LHS N1TGek EuVGTstIisnb W
per cent loan of 1914; State of Rio de
Janeiro 5 per cent loan of 1912; City
of Copenhagen A per cent loan of 1901;
Province of Buenos Ayres per cent
consolidation gold loan, and City of
Quebec sterling Az per cent deben-
lures, due 1868.
Baker, Fentress & Co., Chicago, offer
mortgage serial bonds of the Tennessee
Stave and Lumber Company, which are
secured by 30,541 acres hardwood tim
her lands in Tennessee, carrying over
122 100000 feet of merchantable tim
ber, manufacturing facilities and other
assets valued at approximately So,
000, 900.
Drexel & Co., the National City
Company and Brown Bros. & Co. are
offering at $25 {par value) and accrued
dividend the unseld balance of an issue
OF So 10000 of per cent cumulative
preferred stock OF the Philadelphia
Electric Company. Including this issue
the company has $1,000, 900 of pre-
ferred stock outstanding, on which last
years earnings of $3,014,474 would
have been sufficient TO pay the dividend
more than three and quarter times. |
Application will be made TO list this
preferred stock on the Philadelphia
Stock Exchange.