The Washington times., 1924-12-16
BANKERS OFFER
POWER CO.
BONDS
So, 900, 900 Issue of Western
Power Corporation 6's
Placed on Sale

NEW YORK, Dec. 16,--E. II.
Rollins & Sons ana Bonbr1ght &
Co., Inc, are offering at 9sh and
interest, to yield over $50 per cent,
a new issue Of 100000 Western
Power Corporation thirty-year 81
per cent sinking fund secured gold
debentures, series IA" due Decem.
Der l, 1854. This corporation, or.
ganized under the laws Of New
York, owns all of the $27, SOC, 900
common stock Of the Great Western
Power Company Of California, and
subject to the action Of its stock.
holders to increase It's capital, ii
acquiring control OF the San Joaquin
Light and Power Corporation and
its affiliated companies.
For the twelve months ended
June 80, 1924, then consolidated
statement of Western Power Cor.
poration and its subsidiaries, after
giving effect to acquisition as
planned, shows gross earnings OF
$16,429, 142, and net earnings before
depreciation of $9,2s3,474. The
earnings remaining after interest
charges of subsidiaries, preferred
stock dividends and depreciation
charges of subsidiaries. but before
Federal taxes, were about 4.30
times annual interest and over $3.50
times annual interest and sinking
fund requirements OF the present
issue of $4,000, 200 6M per cent gold
debentures, series "a"
Dillon, Read & Co. are offering
$2,700, 900 Philadelphia Rapid Transit
5h per cent equipment trust certifi
Gates, series III, issued under the Phile,
delphia plan. These certificates ma
ture in equal annual installmente
from December Is, 1925, to December
Is. 1894. inclusive. Bonds will be
sold to yield from Ats per cent to
$50. per cent, according to maturity
Proceeds of the loan will be used IL
pay for 100 standard double truck
vestibule street railway passenger
cars, I25 double-deck motor coaches
II single-deck motor coaches and II
motorized service units. Total cost
of the new equipment will be Sara
900. Full title to the equipment
covered will be vested in the Pennsyl
vanIa company for assurances OF
lives and granting annuities of Phila
the certificate holders.
Speyer & Co. will offer tomorrow
s11 ,00O, 900 Greek government 40
year 7 per cent secured sinking
fund gold bonds at SO and accrued
interest to yield about per cent
This is part Of the loan known az
the Refugee Loan of 1924, au
thorized by the council OF the
League of Nations and constitutes
one of the most interesting bits OF
financing done in the postwar era
London took f3,500 900 of the loan
and on the first offering their sub
scriptions were received for twenty
times the amount available. The
loan liz now selling in the London
market at a premium Of 7l5' points
With this in the background 1t is
obvious that our offering at SS was
oversubscribed several times before
the formal offering was known.
These bonds are part Of an inter
national loan, total authorized
amount, R12,S00, 900, equal at par
of exchange to about $50 1858 900
the balance of which, namely
1900 900 sterling bonds, have been
sold through public subscription in
London by Hambros Bank Ltd.
and E2,500.00 sterling bonds are
being offered in Athens by the
National Bank of Greece. This
loan is issued pursuant to the
Geneva protocols, dated September
20, 1923, and September 10, 1924
ratified by acts of the Greek parlia
ment, dated June Z and October "a
1924, and the resolutions of the
council of the League Of Nations
dated September 20, 1928, and Sep
TENDER 10. 1924.