The Washington times., 1924-12-04
BANKERS OFFER
ARGENTINE
BONDS
Blair & Co. Head Syndicate in
Sale Of $40, 900 900 s Per !,
Cent Issue at IS

NEW YORK, Dec A. Blair &
Co. head a syndicate which will
offer $4,000, O0O Argentine external
sinking fund per cent gold bonds
series B due in 1864. In the group
will be Chase Securities Company
White Weld &. Co., Henry Staurt
& CO., Brown Brothers, Equitable
Trust Company, Graham Persons q
Co., Union Trust Company Of Cleve.
land, Blyth; wttter & Co., Illinois
Merchants Trust Company Of Chi.
cago, First Trust & Savings Com.
pany of Chicago, and the Cont
mental and Commercial Trust and
Savings Bank of Chicago
Accompanying the issue is the
summary Of . report made to the
syndicate by Felipe Espill, charge
d'Affairs Of the, government Of
argentine in Washington. Accord
ing to this, report those bonds win
constitute the direct obligation of
he Argentine government. The
government covenants that II,
while any of these bonds remain
outstanding, it shall create or is
sue or guarantee any loan or bonds
secured by lien on any Of its reve-
nues or assets, the bonds OF the
issue shall be secured equally and
sue or guarantee any loan or bonds
or such guaranty. The proceeds
will be applied toward the pay
ment Of floating debt included In
the amount Of total debt stated
below. ~.
The national debt of October 81,
1924. at gold parties Of exchange
amounts to pesos 929,710. 900 gold,
equivalent to about $1OS United
States per capita as against over
5000 per capita for the United States.
Argentine credit in Europe ranks
very high. b large number of
pre-war Argentine loans are listed
in London and on the continental
stock exchanges of Europe, none of
which carries a higher interest rate
than aper cent. Al total gold re-
serve of approximately $42S, $50 900
United States is held against notes
in circulation, representing ratio
Of over Is per cent, one Of the high
est in the world.
Beginning June 1, 1925, and semi
annually on June / and December
1, in each year, the Government will
pay to the fiscal age ats as q sinking
fund an amount equal to one-half of
! per cent of the maximum principal
amount of series. B bonds ct any
time heretofore issued plus an
amount equal to the accrued and
unpaid interest on all bonds pre-
viously acquired. through the opera
kion of the sinking Hund. ALI sinking
fund payments are to be used to
purchase bonds below par or to re-
tire bonds at par.
French Utility Sold Here
Aldred and Company and asso-
ciates are offering $4,OO0,000 Inter
national Power Securities Corpora.
ton 61ss per cent collateral trust
gold bonds. series B. due December
1, 1854. These bonds are secured
by $4,500,0 61s per cent external
gold bonds of Union d'Electricite,
Paris, France. This Offering is
probably the first American partici-
patton in French public utility en-
terprises.
Hambleton and Company and
Hornblower and Weeks have an
nounced the closing Of the sub
scription books of 100000 shares of
Symington Company class A stock
and 66,866 shares Of Eyminat0n
Company common stock offered by
them yesterday The quick sale of
this stock Of the Symington Com.
pany, which lie q railway equipment
company, emphasizes the generally
prosperous condition Of the rail-
roads and indicates public conf
dence in future satisfactory rail.
road earnings and their consequent
buying power.
Estabrook and Company announce
that the new issue of $4,000, 900
Columbus Electric and Power Conn
pany first and reminding mortgage
per cent gold bonds, series B, Of.
fered yesterday at 81 and interest
yielding 5.55 per cent, have been
oversubscribed.
Dillon, Read and Company, in be-
half Of the syndicate consisting Of
themselves and the Equitable Trust
Company Of New York, Offering
$4,000, 600 1855 Broadway e. Bener-
son Investing Company. 1nc.) 7 per
cent sinking fund mortgage bonds,