The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1925-01-22
Redmond & CD.
FLOAT NEW
ISSUE
Head Syndicate Offering ST.
100000 First Mortgage
Bonds on Office Bldg.

NEW YORK, Jan. 22.-Redmond
\ q Co., Graham Parsons & Co., and
J. G.. White & Co., Inc. are offering
a new issue Of $1,400,000, 100 West
Fifty-fifth street, Inc Southwest
corner of Sixth avenue and Fifty
fifth street, New York city, first
(close) mortgage fifteen year 61a
gold bonds
These bonds will be secured by a
closed first mortgage upon the land
owned in fee and consisting Of ap-
proximately 10000 square feet, 10.
Gated at the southwest corner of
Sixth avenue and Fifty-fifth street,
New York city, and upon a fifteen
story modern fire proof steel and
concrete apartment building to be
erected thereon.
The land and building as at COM
pletion are appraised independently
by J. Romaine Brown Co. at ST.
260, 900. On the basis of this APP
praisal, the total issue will be about
81 per cent of the value of the
property.
Immediately after the creation of
the mortgage, the mortgagor COM
pany will deposit 100000 in cash
with Metropolitan Trust Company
oof New York to be returned to it
only after completion Of the pro-
posed building and after necessary
certificate of completion and readi-
ness for occupancy are issued by
the requisite municipal authorities.
The mortgage provides for a sink
+ ing fund, through the operation OF
which the outstanding. bonds will
- -
than 81 per cent Of the present ap-
praisal.
Based upon an estimate by Hor
ace S. Ely and Company, the an
nual net income will he over 2.40
times the maximum annual require
ments Of these bonds.
The bonds will be offered at 100
and interest to yield Gh per cent,
with refund of the District Of Col
umbia intangible tax.
A syndicate consisting of First
National Bank, Hallgarton & Co.,
Blair & Co., Inc, kissel, Ninnicu1.
d Co., White, Weld & Co., HaydeIR
Stone & Co., Halsey, Stuart & Coz
Inc, Eldredge & Co., Redmond &
Co., the Detroit Company, Anglo
London Paris Company, Rutter &
Co., Stevenson, Perry, Stacy & Co..
Phelps. Fem & Co.. and R. W.
Pressprich & Co.. are offering $751;
100000 City of Los Angeles, Cali
fornia per cent. Az per cent and
iy 1925 to 1865 inclusive, at prices
10 yield $50 per cent to 4.5O per
cent according to maturity.
These bonds are exempt from all
Federal income taxes and they are
the direct obligations of the City
Of Los Angeles and are payable
from unlimited taxes against all
the taxable property in the city.
They are issued for water works,
electric plant, sewerage disposal
and other municipal purposes.
An issue of $4,000 900 A. M.'Byer3
Company First Mortgage per cent
bonds will be offered in the next few
day at SO by a banking group headed
by Dillon, Read and Company, and
including the First National Bank
and the Peoples Savings and Trust
Company of Pittsburgh. The bonds
will run for twenty years and will
be secured by a first mortgage on
the entire assets of the company
A sinking fund which will operate
semi-annually is provided to retire
more than S4,350,000 of the issue
by maturity. The A. NJ. Byers
Company Is the successor to an
enterprise which was started IN
1864
A new issue of $3,50O,00O Nor
rison Hotel, Chicago, first mort
gage leasehold ana refunding 6R
per cent gold bonds, Series A, is
offered at 100 and accrued interest,
to yield 61a per cent, by A. c.
Allyn & Co., and Caldwell, Mosser
& Willaman, Inc. The bonds are
due October l, 1899, and will be
on the forty-three-story addition TO
the hotel now being erected and on
the company's leasehold estates in
the land upon which it is TO stand.
Goldman, Sachs & Co, announce
that they have placed privately a
block of $4,000 shares of common
stock of the George w. Helme Com
pany at S76.75. This offering Of
stock is part of the issue already
outstanding and listed on the New
York Stock Exchange and does not
represent any financing by the com,
pany.
The George w. Helme Company
was organized in 1911, at the time
of the dissolution of the American
Tobacco Company and the American
Snuff Company, to take over certain
plants and brands Of the American
Snuff Company. This company
manufactures approximately one
third in poundage Of the total
p snuff produced in the United States
Brown Bros. & Co., have pur-
chased from Phelps Dodge Corpora
ton interests $1,500,00o Southern
Pacific Company twenty-year per
cent gold bonds, due May /, 1914.
and are offering them at 100K and
interest, to yield 4.97 per cent. This
is part of $29, 100000 issues which
Southern Pacific gave in exchange
for control of the Ell PasO and
Southwestern Railway system.