New-York tribune., 1921-11-10
Days Ne,U Issues

Merrill, Lynch & Co., George Fl.
Burr & Co. and Halsey, Stuart L Co.
Inc. are offering new issue of S1,-
100000 first mortgage twenty-year s
per cent sinking fund gold bonds,
Series A, of the Morgan Enginee ring
Company, Alliance, Ohio, at par and
interest. The bonds are non-callable
during the first ten years. The bonds
will be secured by direct first mortgage
on the plants, real estate and equip
ment of the company, carried on its
balance sheet at $4,056,554, and valued
by recent independent appraisal in
excess OF $S,60O,OOo after depreciation.
The entire proceeds Of the issue will
be used to refund current indebted
ness and to provide additional work
ing capital. An annual sinking fund
is provided, beginning September l.,
1924, sufficient to retire IS per cent of
the issue by maturity. The bonds will
have attached thereto a detachable
stock purchase warrant emitting the
bearer of the same to purchase at any
time within seven years from the date
of the bonds five shares Of the COM
mon stock Of the. company for each
warrant attached to $1,000 bond, and
two and half shares of common
stock in the case sS a warrant attached
share. Annual net profits applicable
to interest charges for the last eight
cen years are reported to average
more than $S25.000, or two and three
fourths times the interest charges on
bonds. Annual net profits for the six
and half years ended July l, 1921,
have averaged $b66,1o1 before taxes,
or in excess of four and seven-tenths
times the interest charges OH the
bonds, and $461,061 after taxes, or
three and eight-tenths times such in
terest.
Glidden, Morris & Co. are Offering
100000 Michigan State Telephone
Company first mortgage per cent
bonds. These bonds are listed on the
New York Stock Exchange and are
part OF an issue which is first mort
gage on the Michigan State Telephone
Company, subsidiary of The American
Telephone and Telegraph system. Net
earnings are over six times the in
terest on these bonds, which are be-
ing offered at 96ss, to yield more than
ga per cent.
The Hanchett Bond Company has
been awarded ss5o.ooo Of road. drain
age and general Improvement bonds
of the following municipalities: Mil
lard County, Utah; Woodbury. County,
Iowa; Palm Beach, Fla; City of Wash
ington, N. c., and cities of Ogden and
Salt Lake, Utah
C. W. McNear g. Co., of New York
and Chicago, are Offering $250,OO0 Fay
etteville IN. CO. 6 per cent school fund
bonds, due July l, 1861, on $50 pei
cent basis; also sl25,000 Nez Perces
County (Idaho) road and bridge per
cent bonds, due 1929 to 1888, inclusive
on $50 to $50 per cent basis.
Harris, Forbes & Co. announced yes
terday an Offering of $725,000 City OF
Waterbury Conn., 5 per cent serial
bonds, due 1926 to 1874. The offering
is being made at prices to yield from q
to 4.60 per cent basis, according te
maturity.
An issue of $2,0oO,O00 Utah Power
and Light Company first lien and gen.
eral mortgage per cent bonds, due ir
1914, has been sold to investors By
Harris, Forbes & Co. at price of 94
and interest. The company operates
in the states of Colorado and Utah
The bonds are callable at the optior
of the company in blocks of not less
ttAfH ?GcVsVoV al 1Vc ohd AlieOACo "
and including February 1, 1927; at 104
and interest thereafter to February
1882; at 103 and interest to and in
.cluding February 1, 1887, and there
after at premium decreasing eacf
year to 100h and interest during The
last year prior to maturity.
P. w. Chapman & Co, Inc, Harve,
Fisk g. Sons, Inc, and the Union Trus
Company of Detroit are offerin!
81 900 600 Charcoal Iron Company o
America 8 per cent ten-year (closed
first mortgage gold bonds, dated No
vember |, 1921, and due November /
1881. The purpose of this issue is t.
retire outstanding Indebtedness and t.
provide additional working capital. O
these bonds 100000 must be called fc
sinking fund purposes upon each in
terest payment date (May / and No
vember -, on per cent basis, whicl
will make the first 100000 callable' a
| ia, graduating down to 101 on May
1881. The price is 9S1s and interest, t
1 yield 8.25 per cent.
| The $2,5oo,0o0 issue of First Join
! Stock Land Bank Of Chicago 5h pc
cent farm loan bonds offered by Kissel
Kinnicutt 4 Co. has all been sold.
| Dillon, Read & Co. announced yes
terday that the books have been close