The Washington times., 1924-07-01
HUNGARY BONDS
TO BE PUT
on SAL
Bankers WIN Offer w Per
Cent Bonds Of Kingdom
Tomorrow

NEW YORK, July /. The formal
offering Of the $7.sOO,0OO of the
state loan Of the Kingdom of HIM
gary ~ Per cent 10 year sinking
fund gold bonds Wiil Be made To-
morrow By the American banking
syndicate, among tl,e members Of
which are speyer d Co, and the
Equitable Trust Company. At the
same time that Messrs. Barring
Bros. q Co, Ltd, N. NJ Rothschild
e Sons, and j. Henry Schroeder q
Co. are TO offer f7 ,e00. 900 In Llond0ns
Other leading bankers II Czechus
EIovaIsia, Holland, italy, Sweden,
Switzerland, etc. The bonds are 70
be offered in this country at 21ass
on which basis the yield VIII Be
about 8.S6 per cent. They are dated
August 1. 1924.
The bonds are not subject 70 Huns
garian taxes. present or future. a
cumulative annual sinking fund,
beginning February 8. 1925, ii allfs
ficient to redeem the entire issue
At or before maturity. The bends
are not subject To redemption befprs
February l, 1894, except for the sinlx.,
ing fund
The loan IL secured BY : first
charge on the gross revenue from
customs, sugar tax ana tobacco
monopoly and the net revenues from
the salt monopoly. Receipts from
these sums for the first four months
Of 1924 were at the rate Of about
100000 gold crowns (about Sl9.s
200, 000l per annllIn. or about IA
times the maximum annual require
ments for interest and sinking fund
payments on the entire loan.
interests Of the bondholders are
further protected by empowering
the commissioner general to demand
other sources pf fevenue IL tllose
provided should not be sufficient,
and It IS also the subject Of agree.
ment entered into by the Hungarian
government that no other lien On
the revenues or assets involved may
be created that takes priority over
the present loan.
The Equitable Trust Company, OF
New York, Blair g Co., Inc, and
Cassatt 3 Co. am unced today the
offering of SIS 900 900 Atlantic Re
filming Company. Z M per cent serial
gold notes has been oyersubscrfbed
and the books closed. The proceeds
of the sale OF the notes are to be
used exclusively to retire q Ike
principal amount Of the company'a
existing hank loans.
3. "A. Rollins 3 Sons, II. M. BylIes.
by q Co., Inc. Marshall Field, GIore.
Ward B Co., and Janney & Co, are
offering q new issue OF te,SOO, 900
North American Light and Power
Corporation thirty.year per cent
secured gold notes. due July i, 1854,
at 100 and interest, to- yield fun Z
per cent. This corporation Will con.
troll the Illinois Power and Light
Corporation and the Mississippi
Power and Light Company. serving
directly, or through subsidiaries, q
population Of about 1880 900 In over
800 municipalities In Illinois, Iowa.
Missouri. Kansas. Ohio and Okla
homa.
These notes constitute the only
funded debt Of the corporation, ana
viii be secured by deposit with the
trustee Of over 80 per cent Of the
common stock Of fhe Illinois Trac-
ton Company Of Maine (which owns
" " per cent OF the entire common
stock OF the Illinois Power ana Light
Corporation. and through its sub
salaries, controls the remaining 2lk
per cent?, thereby pledging voting
control. which control must, under
the terms Of the trust indenture.
at all times be pledged Wits the
trustee: and the entire common stock
OF Missouri Power and Light Com
pany, now outstanding, which may
only be released at price approved
by the bankers, IN no event less
than an amount sufficient to Re.
deem one-fifth Of the notes then
outstanding.