The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1925-01-27
CANADA Phone
PLACED ON
SALE
Bankers Offer SIS, 900; 900
Issue of Bell Telephone Co.
of Canada SIS at 90

NEW YORK, Jan. 27.-Lee, Hig-
ginson & Co., Royal Securities Cor
poration, Ltd, and Harris, Forbes
& Co. are offering a new issue Of
$25 100000 Bell Telephone Company
of Canada first mortgage 5 per
cent gold bonds, Series A, dated
March /, 1925, and maturing March
/, 1866, at SO, yielding over 5.15
per cent OF the total issue $10,-
Or" Ho0 is being offered in Canada.
- II April /, 1926, when $16,750,-
0t existing bonds mature, this new
issue will be secured by a first mort
gage on all real estate, buildings and
telephone plants now owned or here
after acquired by the company.
The company owns and operates
the principal telephone system in
the provinces of Quebec and Ontario
and serves territory OF 831 1877
square miles, with $500, 900 popula-
ton, including such cities as
Montreal and Toronto.
The Bankers Trust Company and
composed of the National City Com
pany, Guaranty Trust Company Of
New York. Forbes & Co., Estabrook
Ames, limerick & Co., Remicl,
Hodges & Co.. the Detroit Company,
Eldredge & Co., Keane, Higbie q
Co, First National Co, OF Detroit;
Keane, Taylor & Co, Hannis, BALM
& Lee, Marshall Field, Glore Ward
& Co., and w. A. Hartman & Co.,
are offering new issue Of $685.
600 City Of Detroit, Mich, Az and
Az bonds, dated February 1, 1925,
and due February /, 1925 to 1866,
inclusive.
These bonds are issued for school,
sewer, lighting, art museum, market
and general municipal purposes and
are direct obligations of the City of
Detroit, payable from ad valorem
taxes on all taxable property.
The issue is being offered at
prices to yield $50 to 4.20 per cent.
according to maturities.
Spencer, Trask & CO., Redmond &
Co., and Maitland, Coppell & Co..
are offering $3,50O,0O0 CLOSED issnel
American Beet Sugar Company ten.
year per cent convertible sinking
fund debentures, due February ],
1885, at SO and accrued interest, to
yield about 6.55 per cent. These
debentures are convertible at any
time at the option Of the holder in
to common stock Of the company at
$50 per share, If converted on or
before February /, 1880, and there
after at $40 per share
The proceeds from the sale Of
these debentures will be used to
finance part OF the cost purchase
price $4,437,8 41) of the entire issues
Of capital stock OF the Minnesota
Sugar Company and the Northern
Sugar Corporation. with properties
which the Honolulu Iron Works
Company, consulting engineers and
recognized authorities en- sugar prop
critics, give a fair physical value as
of 1924 of $4,643, 900, after allowing
for depreciation and obsolescence,
and a reproduction cost new as of
1924, Of $5,778.0O0, and with earn
ings in the fiscal year ended March
81, 1924, Of 1896. 348.92.
Prudden & Co. are offering a new
issue Of 100000 City Of Lakeland,
Fla, " per cent bonds, due serial
~ July /, 1914 to 1853, inclusive at
prices to yield 400 per cent.
Curtis & Sanger are offering
$4,000 Town of Wilson, N. c.,
900 March 1, 1859, yielding 4.65
per cent, and 5000 maturing
March 1, 1945-4S, yielding 4.70 per
cent.
Chas. H. Jones & CO., have an.
nounced that the issue Of Class A
stock of the Standard Publishing
Company, has been more than
twice oversubscribed.
E. w, Clucas & Co. announce
that the books have been closed on
their offering Of 1000 shares Of the
Ludlow Valve Manufacturing Com
pany, the offering having been over.
subscribed.
Dillon, Read & Co., bankers, an
nounce today the public offering of
SO 900, 900 per cent secured sink
ing fund gold bonds in behalf Of
the Siemens group, dominating
factors in the electrical industry
of Germany. Associated. with Dill
lon, Read & Co.. in this offering
will be Marshall Field, Glore, Ward
& Co., the Union Trust Company
Of Cleveland, and the Central Trust
Company Of Chicago.
The offering is OF particular in
terest because Of the fact that the
bonds are secured by saleable mer-
chandise with a world market. in.
GLIDING semi-finished and finished
electrical goods, brass, copper,
aluminium, zinc, steel, ETC., to the
amount Of 166 % per cent Of the
total loan. This merchandise has
been transferred to the German
Securities Trustee Company, which
had supervision over the $4,000, 900
revolving credit advanced to Ger
man industry by the Dutch govern
ment in 1920, and which, according
to the statement made by the chair
man of the Siemens group, 'has
carried through all credits entrusted
to it without loss of any kind to
the lender"