The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1924-07-22
To Sell UNION
OIL 'SSHARES
TOMORROW
Dillon, Read 4 Co. viii OF.
fer 235. 900 Shares
Of Stock

- - ~ ~
NEW YORK, July ~. The 2S5,.
900 shares Of Union on Company
pf California, purchased some weeks
ago from Shell Union Oh by Dillon.
Read q Co., win, It Is understood.
be offered tomorrow through &
nationwide distributing syndicate.
This stock viii be offered Ii 800
par value certificates, with the
statement that within q few weeks
each holder viii receive In exchange
four certificates Of $2B par value
for each present 500 share.
Union OIL Company recently
amended It's articles Of incorpora.
ton to make effective this change
In par value. Application VIII be
made 70 list the shares on the New
York Stock Exchange. The stock
has recently been quoted ia Califor-
MIA at $40 q share. The company
Is currently paying dividends at
the rate o. $3.50 per share on its
present 500 par capitalization.
The Forthcoming marketing opera.
ton completes the last phase Of the
dramatic struggle waged by the
Royal Dutch interests 20 acquire
control Of one Of the major Arneri.
can oil companies In the California
field. Royal Dutch, has acquired
approximately rs per cent OF the
total common stock of Union OIL.
where their plan for complete dorni.
nation was blocked by California
interests which formed the Union
OIL Associates, In which 81 per cent
Of the total shares of Union on
was placed under q perpetuating
trustee agreement Decision TO dis
pose Of its holdings followed this
checkmating OF the ambitions pro.
ject OF Sir Henry Deterding.
The proposed offering also marks
the introduction into the New York
market of the capital securities Of
one Of the Oldest and largest cali.
fornia oil producing and marketing
units and involves nearly rs per
cent Of the Union OH Company,s
total outstanding stock Issue. The
amount represented Ia the operation.
$23, 1856, 400 on the basis of par
value, stamps the deal a. the most
important oil common stock fIota.
ton since the war.
Bonbright & Co. are Offering an
issue Of $1,00O,0O0 Tennessee Elec-
trio Power Company Z per cent
cumulative first preferred stock.
full paid and worcestershire. at S9I
q share and accrued dividends, to
yield over 7.40 per cent. The Ten.
nessee Electric Power Company
operates one Of the most extereive
and important systems Of properties
In this country engaged IN the zen.
GRAFTON, transmission and distribu.
ton Of electric energy.
An offering Of $4,000 O1k per
cent first mortgage bonds has been.
announced by the american Bond
and Mortgage Company, on The
Spruce, q bachelor apartment house
to be erected at the northeast cor
ner of Spruce and Thirteenth streets.
Philadelphia. The bonds are dated
June 10, 1924, and interest Is pay.
able June is and December I6.
They are callable at 102M ana ac.
crued interest. The offering win
be amortized in from two to twelve
year periods, semi.annualIy. The
bonds are secured by the site and
building Of the new history apart
ment.
Lee, Higginson & Co. are offering
new issues OF $1,494,0O0 Union re.
frigerator Transit Company, series
G and D, equipment trust s per
cent serial gold certificates, $500. 900
series G, dated June 1, 1924. and
y994,O0O series D, dated August ].
1924. Prices according to maturi.
ties, range from $3.50 to SOC. 20.
Yielding from $40 to 4.75 per cent.
The company for thirty.two wears
has been successfully engaged IN
furnishing refrigerator cars to shin.
pers Of perishable Commodities. H
operates. including 800 new cars, q
total Of 1880 cars. OF the 900 new
cars, costing $2,120.000. more than
one-quarter OF the cost win be paid
directly by the company. 800 are to
be pledged under the Series G and
300 under the Series D equipment
trust. Until all certificates have
been paid, title viii remain with
the National Bank Of the Republic,
of Chicago. and the equipment win
be leased to Union Refrigerator
Transit Company at rental suffi.
cient to pay interest, serial ma,
turtles and other charges.
The 100000 Series G. mature
serially every six months, beginning
June j. 1926, UP to ana Including
June 1. 1884. The Series d mature
serially every six months beginning
February i, 1895. to August 1. 1874.
Sherwood and Merrifield, Inc. are
offering q new issue OF $500 600
Towns Of Cortlandt and Yorktown.
q. z, Union Free School district
NO. 2 coupon or registered 4.6O per
cent school bonds. due serially july
!, 1927 to 1856, inclusive, at prices
to yield Alb per cent.
3. w. Straus and Company have
purchased and are offering an issue
Of $250.O00 serial coupon bonds a.
cured by the new Havenhurat
Los Angeles. Thew
constitute closed first mortgage
on the land and five-story apart.
ment building. These bonds are
dated July !, 1924. mature In from
two to fifteen years. Interest nav.
able July 1 and January 1