The Washington times., 1924-12-19
RAIL- BONDS ARE
PLACED ON
SALE
New $1,000, 900 Issue IT
c. N. s. e M. r. r. 6's
Offered at 90

NEW YORK, Dec. 19.--A new
issue Of 100000 first and refund
Ing mortgage bonds Of the Chicago,
North Shore & Milwaukee Railroad
Co. Series A. s per cent. due
January /, 1866, Is being offered
today at 80 to yield 6.15 per cent,
by Halsey, Stuart a Co., Inc, and
the National City Company.
The Chicago, North Shore & Mil
waukee Railroad Co., owns and
operates the. electric railroad run
ming from Evanston, H., a high
class residential suburb on the
north lake shore Of Chicago, along
the shore Of Lake Michigan to Mil
waulee. Wis, with a branch to
Area, Ill.
A five-mile extension constructed
by the company and now nearing
completion, will connect the elevated
lines Of the Chicago Rapid Transit
Company with Niles Center. ILL.,,
over which the latter company will
operate under lease and traffic
agreements. This extension, when
completed through EkolIie Valley
and connected with the main lire
Of the Chicago. North Shore &
Milwaukee Railroad Co., at Lake
Bluff, Ill, total distance of TWEEN
ty-three and One-quarter miles, will
reduce the running time of express
trains between Chicago and Mil
waulkee about fifteen minutes.
The $60,O00,000 offering Of Bel
gian government per cent bonds
marketed by ]. p. Morgan & Co.
ands the Guaranty Company were
Ioversubscribed yesterday and the
books closed shortly after they were
opened at To- a. m.
Total subscriptions amounted to
close to $500, 900. 900. The tremen-
dous success Of the German loan
was a surprise that of the French
rather astonishing; the demand for
| the Greek issue was understandable
from its nature, but the rush to
get aboard the Belgian financing
proves that the capacity of the
American investor is not fully ap.
preciated.
AS q result Of the Belgian issue,
the American investor has grabbed
| up over one thousand million in
foreign obligations during the year.
Another Belgian issue Is looked for,
while the industrial and railroad
issues from Europe have not really
started yet.
After announcement that the
Belgian issue was oversubscrtbed
more than five times, one bond
dealer was moved 10 exclaim: ''The
banker who declares that this is
not the right time to float a Krupp
issue has made a mistake in judg-
ment."
Premier Georges Thunis, Belgian
finance minister, writes to the
bankers heading the financing
syndicate declaring: ''It viii be
recognized that the reconstruction
OF Belgium has been virtually com
pleted; that the agricultural and
Industrial production have been re
stored to pre-war position; and
that government finances are being
placed on q sound foundation with
budget equilibrium on the verge
of being established"
Hill, Joiner & Co. are offering
100000 Missouri Gas q Electric
Service Co. first mortgage and re
funding 6 per cent gold bonds.
series A, dated September 1, 1924
and due September /, 1914. Bonds
are being offered at 96h and inter
est, yielding over $50 per cent.
A. b. Leach & Co, Inc. are offer
ing today e. new issue Of $1.00O,0OO
Dakota Elevator Properties first
mortgage 2O-year az per cent sink
ing fund gold loan, due December
1. 1914. The loan is declared to be
legal for the Investment of trust
funds. under the laws Of the State
OF New York. The Dakota Elevator
Properties are located in the city
Of Buffalo and cover four acres OF
land fronting on the City Ship
Canal and on the point Of the inner
Buffalo harbor. The loan is being
offered at par and interest to yield
$50 per cant.