The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1924-08-13
D. & D. issue Of
S75,000,0O0
ON SALE
Syndicate of Bankers Offer
First Mortgage SIS at
9sZa

NEW YORK, Aug. 1S.-Kuhn,
Ioeb & Co., Speyer & Co, and the
National City Company are offer
ing, subject to the approval Of the
Interstate Commerce Commission,
SIS 100000 Of first mortgage per
cent gold bonds of the Baltimore
and Ohio Railroad Company. due
July l, 1s4S. at 9sh and accrued
interest, to yield more than $40
per cent The proceeds Of this
issue will be used to retire $75,O0O,-
900 Of prior lien S1s per cent bonds
due July 1, 1925.
The terms of the mortgage pro.
vide for only per cent interest,
but supplemental indenture will
be executed to provide the additional
/ per cent for the present offering.
The company will agree, by this in
strument, in the event Of any future
mortgage on the property securing
these bonds that the extra / per
cent will be secured by a lien
prior to any bonds issued under
such mortgage.
On the retirement Of the prior
Hen bonds heretofore mentioned and
the paying off of 100000 Of
Schuylkill River East Side Rail-
road Company first mortgage 4 per
cent bonds, due June /, 1925, which
already has been provided for the
first mortgage bonds will be secured
by a first lien on 1885 miles of
first main track, 978 miles Of second
main track, and ,693 miles of other
track and also on stations, yards,
elevators, piers, shops and other
terminal properties in Philadelphia,
Wilmington, Del; Baltimore, Bruins.
wick and Cumberland, Md; Grafton,
Parkersburg, Fairmont and Wheel.
ing, w. Va; Connellsville and Pitts
burgh, Pa; Willard, Ohio; Garrett,
Ind, and South Chicago, Ill.
The lien also will cover the freight
facilities at Washington, D. c., and
the company's half interest in the
coach and engine yard in that city
IN addition to the equipment Of the
company or its interest therein, the
present net value Of which, after
depreciation, is estimated at more
than $s7,000,000.
Present indications are that
q dull month by bankers as regards
new offerings, Is, on the contrary,
proving quite active. Many cor.
porations are DESTROYS Of taking ad.
vantage OF the cheap money and
also are preferring to do their Dor
rowing before the floatation Of the
German loan, which will probably
come in. few weeks. Practically
all banking houses have several
issues under negotiation and so in.
stead Of August being a quiet
month, 1t will be rather active.
The municipal market, which has
been quite active recently, saw Of
ferings break the 4 per cent level
yesterday when it was announced
that the 100000 State of Maryland
bonds. would be offered on a S.95
per cent basis.
Eldredge & Co., A. G. Becker &
Co., Ames, Emerich & Co., and
Keane, Higbie & Co., Inc, are Of
fering a new issue Of 1880, 900
City Of Cincinnati, Ohio, Az per
cent bonds. due 1852, 1000 September
]. 1925, and $176,00O annually, 1928
to 194S inclusive, at prices to yield
3.25 per cent for 1925 maturity, $50
per cent for 1925 maturity, $50
per cent for 1927 maturity, 4 per
cent for maturities 1928 to 1929,
4.O6 per cent for maturities 1880 to
1888, and 4.10 per cent for maturi.
ties 1884 to 1913.
Bankers Trust Company and
Guaranty Company, of New York.
are offering a new issue of SLIGO.
600 City Of Cleveland, Ohio, Az
per cent Improvement bonds, dated
April l, and June /, 1924, at a price
70 yield 40 per cent.