The Washington times., 1925-01-13
BANKERS OFFER
LAND BANK
BONDS
New Issue of 81, 200, 900 of
Montgomery, Ala, Land
Bank Placed on Sale

NEW YORK, Jan. IA syndi-
cate composed Of Barr Bros. and
Company, Of New York; Central
Trust Company of Illinois, The
National Shawmut Bank of Boston
and the First National Bank of
Montgomery, is offering a new issue
Of 81 900 900 The First Joint Stock
Land Bank of Montgomery, Ala.
Operating in Georgia and Alabama),
5 per cent farm loan bonds, due
December 1, 1854, redeemable at
par and interest on December 1,
1884. or any interest date there
after.
The bonds are obligations Of the
First Joint Stock Land Bank OF
Montgomery, Ala, and are collat-
orally secured by either first mort
gage on farms or United States
Government bonds or certificates Of
indebtedness. The liability Of the
banks shareholders Is double the
amount Of their stock. The bonds
are offered at 1O2 and. interest to
yield about AIS per cent to OPP
tional date and per cent there
after.
Mclaughlin, MacAfee and Com.
pany, Pittsburgh, and the First Ma
tional Bank at Pittsburgh are offer
ing an issue Of 81 ,000, 200 Hayes-Iona
Company first mortgage 6k per
cent serial gold bonds, maturing
January /, 1925, to 1885, inclusive,
at prices to yield $50 per cent to
$40 per cent, according to maturi-
ties.
The Hayes-Ionia Company is one
of the pioneer automobile body
builders in this country. H. Jay
Hayes, president Of the company.
manufactured the first sheet metal
parts used In automobile cOnStruc-
ton and has been engaged in this
line OF manufacture for twenty-five
years.
C. w. McNear & Co. are offering
$S0O,00O Harris county, Texas,
Houston ship and channel naviga-
ton district AZ per cent and per
cent bonds. The AZ per cent bonds
mature 1930-1953 and are offered to-
yield $50 per cent and the ) per
cent bonds mature 193S-1961 and
are offered to yield 4.70 per cent.
A new issue OF $4,000. 900 Public
Service Electric and Gas Company
stock, 1925 series, is being offered
by Drexel & Co. and Bonbright &
Co. Inc. This is the first Offering
Of stock Of this company, which
was organized last year as result
of the consolidation Of Public Serv-
ice Electric Company, Public Serv.
ice Gas Company, United Electric
Company Of New Jersey, and a
number of other companies.
Public Service Electric and Gas
Company is now one of the largest
companies of its kind in the world
and owns or controls electric and
gas systems in New Jersey, serving
over so per cent Of the population
OF that State. All Of the company's
common stock, which represents a
cash investment OF SIS, $50, 900, is
owned by the Public Service Cor.
poration of New Jersey.
The new issue OF SIS, zoo, 900 Is
offered subject to authorization by
the board OF public utility commits.
sioners Of the State Of New Jersey
at a price Of 95 and accrued divi-
dend, to yield 6.S2 per cent. Appli-
cation viii be made to list this issue
on the New York Stock Exchange.
Halsey, Stuart & Co., Inc, are Of
fering $3.50, 900 the Brooklyn City
Railroad Company equipment trust
per cent gold certificates, series
A, issued under the Philadelphia
plan, dated January Is, 1925, and
due $4,000 annually February Is,
1925 to 1886, Inclusive, at prices
yielding from $50 to $50 per cent,
according to maturity.
The certificates, which are guar
anteed Internationally as to prin-
cipal and dividends by Endorsement
by the Brooklyn City Railroad Com
pany, are issued under an equip.
menf trust agreement and lease to
the Brooklyn Trust Company, trus-
tee, whereby the trustee will hold
the free and unencumbered title to
new electric car equipment consist
ing OF 335 modern steel frame cars
with complete safety type control
and costing in excess Of S., 900 900,
or more than 1913 per cent Of the
principal amount Of the issue. The
equipment will be leased to the
Brooklyn City Railroad Company.
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