The Washington times., 1925-01-29
SHIP BONDS ARE
PLACED ON
SALE
Banking Syndicate Offers
81. ooo, 900 Pacific Steam
ship Company 6Ias


NEW YORK, Jan. ga syndi-
cate consisting of Peirce. Fair &
Co., Geo. Fl. Burr. Conrad & Broom,
Inc. Carstens & Earles,. Inc,
Anglo-C California Trust Company,
A. 3. Leach & Co., Inc, Anglo
LOndonsParis Company, Bank Of
Italy, Stevens Page & Sterling,
First Securities Company, Hunter,
DuliR & = CO. and First National
Bank OF Seattle Is offering new
issue of -$5.000,O00 Pacific Steam
ship Company, the Admiral Line,
first preferred marine equipment
mortgage s y per cent serial gold
bonds, due sefially January 1, 1926,
20 1945, inclusive, at prices to yield
from 5 to Ga per cent.
The Pacific Steamship Company
was Incorporated in 1916 for the
purpose sof consolidating several old
established steamship lines and is
today the largest coastwise steam
ship company on the Pacific coast,
having nfnety-nine ports OF call
and doing approximately 50 per
cent Of the passenger business and
carrying approximately SO per cent
Of the total commercial cargo.
The Pacific Steamship Company Is
absorbing the properties Of the
companies with which it is affili
ated and will continue to operate
itR own fleet OF twenty-one vessels
Of 50 200 gross tons, in addition to
one vessel, which Is chartered but
not owned, and four freightefs or
q subsidiary. These five ships ag-
gregate approximately 10000 gross
tons additional
The proceeds or this issue will be
used 20 retire all present funded ina
debfednees Of the company and pro-
vide additional working capital. The
net earnings available for interest
for the nine months period ended
September 20. 1924, are on the basis
Of 2.9 times the maximum interest
requirements. These bonds will he
q direct Obligation of the company
and viii Be SECURED by direct first
mortgage on all the twenty-3no
vessels now owned by it and the
affiliated COMPANIES which are now
being merged with the Pacific Steam
ship Company
Blyth. Witte & Co. are offering a
new issue of $4,000, 900 serial 5Ih.
per cent geld notes OF the Dierks
Lumber and Coal Company, due
$3.50. 900 on February 1. 1e2g and
1923. and $850.UO0 on February /,
1929 and 1880. at prices to yield from
$50 to s per cent. according To ma
turity. The proceeds Of the note
issue VIII be used to reimburse the
company for cost 81 certain timber
and land acquired BY the company
and its subsidiaries; to reimburse
the company for cost OF extensions
and betternents TO the mill, and
for general corporate purposes.
The BierkS Lumbar and Coal
Company was Incorporated under the
laws Of Nebraska IN 1895 as sue
cessor to a business founded in 1880
with an original capital of $40, 900
by Hans Dierks, now president of
the company Operations have
grown steadily until now the COM
pany with its principal subsidiary,
the ChoctaW Lumber Company, is
one Of the foremost lumber manu-
featuring, and selling organizations
IN the Southwest.
Prendergast & Co. and Hoffman,
O'Brien & Co., are offering 1851 900
Union county, ~, j., ~ per cent
road and bridge bonds, due Febru-
prices to yield 4 per cent for 1927
maturity, 4.05 per cent for maturi-
ties 1923 and 1929, 40, per cent for
maturities 1880 to 1895 and AIS per
cent for maturities 1886 to 1947.
Dillon, Read & Co.. in behalf of
the syndicate consisting of them
selves, Blair & Co., Inc, and the
Union Trust Company, Cleveland,
offering $10,000,00O Union Oil Com
pany of California ten-year per
cent sinking fund gold bonds. an
nounce that the issue has been sold
and the subscription books closed.
F. j. Lisrflan & Co. announce that
Ithe issue of $4,000 Rima Steel
Corporation z per cent thirty-year
gold bonds offered at SO, to yield
approximately 8 per cent, has been
oversubscribed and books closed.