The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1924-08-12
JAPANESE BOND
ISSUE ON
SALE
National City Company Of
fers 2,ooo.o 900 Japa-
nese Bank Notes

NEW YORK, Aug. 1.-THE
largest issue for today is the $32,-
100000 external three-year 9 per
cent debenture notes Of the Indus
trial Bank Of Japan, Limited, which
Is being offered by the National
City Company at 99X and interest
to yield over 6.27 per cent.
The issue bears the unconditional
guarantee Of the Imperial Japanese
Government as to principal and
interest by endorsement on each
note. The Industrial Bank of
Japan covenants that the notes will
be payable in time CT war as well
as peace, irrespective Of the ma
tionality Of the owners. and prin-
cipal and interest will not be sub
ject to present or future Japanese
taxes.
The Industrial Bank Of Jspan,
Limited, was created in 1902 by
special act of the Japanese Diet,
upon the initiative of the govern.
ment.
The new notes will constitute the
only short.term external obligation
Of the bank bearing the uncondi-
tionaI guarantee of the Japanese
government. The proceeds Of the
issue will be used for the banks
general corporate purposes. The
notes are dated August Is, 1924,
maturing August is. 1897. They
are redeemable in whole or In part
on any interest date beginning
August Is, 1926, at 100 upon thirty
days prior notice.
Bonbright and Company, Inc, are
offering a new issue of $4,000, 900
American Power and Light Com
pany gold debenture bonds, Ameri-
can per cent series, due March
/. 2016, at 941s and accrued interest
to yield 635 per cent.
American Power and Light Com
pany. incorporated in 1909, owns
Of companies supplying directly or
indirectly 396 communities.
A banking syndicate headed by p.
W. Chapman & Co. will later in the
week offer for public subscription a
new issue Of $2,40000O Belmont
Building (New York city, first
closed mortgage 20-year Ga per
cent sinking fund gold loan.
A new issue Of $2,050.000 City Of
Charlotte, N. c., Az per cent gold
bonds is being offered by a syndi-
cate headed by the First National
Bank and including Raymond & Co.,
]. G. White & Co. Inc. and F. e.
Calkins & Co. The bonds to yield
to 4.35 per cent.
Halsey, Stuart 4 co. are offering
a new issue of Eau Claire, Wis,
water works improvement AZ per
cent bonds, due serially 1888 to 1914
on 4.25 per cent basis. The bonds
are a direct obligation Of the entire
city Of Eau Claire.
The largest piece Of financing
since the flotation of the Japanese
loan, early In the year. Is expected
this week. when announcement Of
the offering of approximately $751;
100000 first mortgage per cent
bonds Of the Baltimore & Ohio Rail-
road Company will be made. The
offering Of these bonds Is looked
for by Thursday.
The proceeds of this financing will
be used for the refunding Of about
three issues of the railroad com.
pany bonds, which fall due in 1925.
In the spring, the Baltimore & Ohio
floated the first issue to pay off the
bonds which mature next year, and.
1t was sold quickly. The offering
which will come this week means
that the railroad is anxious to take
advantage Of the unprecedented low
money rates and get its borrowing
done while there is such an abur.
dance of idle funds.