The Washington times., 1924-06-10
EXPECT NJ 4 n Y.
NEW BOND
ISSUES
$40, 900. 900 Power and Light
Company Offered
Today

NEW YORK. June 1O.-With the
Government June financing an.
nounced, bankers and bond dealers
turned their attention to the new
offerings which they have been
negotiating for, and, consequently,
a number of new issues are ex-
pected. The largest offering today
is, that Of $20,O00,000 Puget Sound
Power and Light Company first and
refunding mortgage 5h per cent
gold bonds, series A, dated June Q,
1924. and due June /, 1949. This
offering is being made at SEX and
interest yielding about 81 per cent,
and by syndicate composed Of
Lee, Higginson & Co., Harriss,
Forbes & Co. and Easterbrook
& Co.
This issue will be secured by a
mortgage on substantially all the
electric power and light properties
Except the electric railways and
properties or securities hereafter
acquired but not made the basis OF
the issue of first and refunding
mortgage bonds), subject only to
divisional bonds underlying on
part of the property. They will be
a first mortgage on properties hav.
ing a present value OF approximate
ly $500, 900 and further secured by
a direct first lien on $12 sol 600 city
Of Seattle Municipal Railway 5s.
A syndicate composed Of First Ma.
Gonal Bank, Is issel, Kinnicut 4 Co.,
White, Weld & Co., Halsey, Stuart
& Co, Inc. Anglo London. Paris
Co. and Bank of Italy are offering
$4.415, 900 city and county OF San
Francisco, Cal. AZ and 5 per cent
gold. bonds; $2,461, 900 A " per cent
water bonds. dated July J. 1919,
due July /, 1898, to 1862; 1884 900
per cent school bonds, dated
March /, 1923, due March l, 1888,
to 1852. The A. y per cent bonds
are being offered to yield 4.45 per
cent. and the per cent bonds to
yield $50 per cent.
A large number of the issues
which bankers are now considering
are of public utility companies. One
banker declared that every house
had at least three utility issues
under consideration. A large num-
Der of them are of substantial size.
Another puolic utility issue placed
on sale today is the $S,0OO,0
Georgia Railway & Power. Co. 30
year per cont general mortgage
gold bonds which are being offered
by Estabrook & Co. at SO to yield
about SIS per cent. These bonds
share in a direct first mortgage
on all the property now owned or
hereafter acquired by the company
(subject on a minor part to 81 400.
600 underlying bonds), through Dc.
posit with the trustee of any equal
principal amount of the company
first and refunding mortgage per
cent sinking fund gold bonds.
F. H., Rollins & Sons. Harriss.
Forbes & Co.. and Mercantile Secur-
ties Company, of California, are Of
fering this morning a new issue OF
81 SOC, 200. 900 per cent twenty
year sinking fund convertible gold
debentures. due 1914 OF the Cali
fornia Oregon Power Co. at 100 and
interest to yield per cent.
These $1,500,000 debentures will
be part of an authorized issue of
81, 900 900, and in the opinion Of
counsel, will be a direct obligation
of the company, which will agree
that 1t will place no additional mort
gage on its properties unless these
debentures are ratably secured
thereby. The additional $500, 900
debentuEes authorized may only be
issued under conservative restric.
tions. A semi annual sinking fund
will be provided to retire these el,-
SOC, 900 debentures before maturity.