The Washington times., 1925-01-19
BANKERSOFFER
SINCLAIR
NOTES
$50, 900, 900 Issue Runs for
Three Years, to Yield CPS
Per Cent

NEW YORK. Jan. 1S.-National
City Company, Chase Securities
| Company, Blair & Co., Inc, and the
/ First Trust and Savings Bank of
Chicago are offering today $50, O00..
600 Sinclair Crude Oil Purchasing
Company three-year per cent notes
at 99A to yield over 6.25 per cent.
The issue does not represent any
| raising OF new capital, but it simply
a refunding operationsto provide for
retirement Of a, similar amount OF
notes now outstanding, $50 200, 900
Of which are due this year ana
$40 900, 900 in 1925.
The entire outstanding $50, O0O, 900
notes are to be retired as the result
of the new issue, a premium of IL
of l per cent being paid on this
years maturity and of / per cent
of the 1925 maturity.
The $30,000,000 series "A" notes
due this year were issued in 1929
and the remaining 10000 900,
series B." in 1923. The company
agreed to maintain quick assets at
cent of all liabilities, including the
outstanding notes.
The bankers point out that at all
times, even during the severe re-
| adjustment in the oil industry of
1922-1923, this agreement has been
more than lived up to as quick
assets have at all times amounted
to more than the 125 per cent
agreed upon. The same agreement
is in force in connection with the
new refunding issue.
Sinclair Crude Oil Purchasing
was organized in 1921 and has
made such rapid strides that it
ranks with the leaders. When Sin.
clair and Prairie set a price for
crude others follow, the best indi.
cation of where the company
stands in industry today.
Dillon Read & Co. are offering
first preferred stock, series "a" of
the Ohio Public Service Company,
at par, 800 a share.
Ohio Public Service is located in
one of the most important prosper
Gus and steadily growing industrial
regions of the United States and
does all the domestic lighting and
substantially all of the commercial
light and power business In nurner.
Gus communities in Ohio.
No additional first preferred stock
can be issued IL such issuance shall
reduce the net assets below an
amount equivalent to $125 per share,
nor unless net income for twelve
consecutive months out of the pre-.
ceding sixteen months were at least
twice dividend requirements.
Net earnings for the twelve
months ended June 80 were four
times annual dividend requirements
on all first preferred stocks out
standing.
Spencer Trask & Co., New York,
Albany, Boston and Chicago: viii.
liam L. Ross & CO., Inc, Chicago;
Whitaker & Co, and the Liberty
Central Trust Company, st. Louis,
and Bauer, Pond & Vivian, Inc,
New York, are offering $2,250, 900
Community Power and Light Com.
pany first mortgage collateral
sinking fund gold bonds, series D,
6 per cent, due 1850, at 81 and
accrued interest, to yield about 6A
per cent.
The proceeds from the sale of
| these bonds will be used to fin
ance partially the acquisition from
the North American Company of
group of valuable properties ir
southeast Missouri, serving Cape
Girardeau, Poplar Bluff, Sikeston
and surrounding territory, and also
to finance the construction of sub.
stant1al transmission line exten.
| sions in Kansas, Missouri and
Arkansas.
Harris, Forbes & Co, and Kid
Ger, Peabody & Co. are offering
100000 Munson Steamship Line
| three-year per cent secured gold
notes, due January l, 1928, at 80,
and interest yielding 637 per cent.
Munson Steamship Line, in addi-
ton to being among the oldest, Is
one of the largest and most sue
cessful American steamship COM
panies. Upon completion of the
contemplated acquisition of other
ships out of the proceeds Of this
| financing it will own, directly or
through subsidiaries, more ships
| flying the American flag than any
other company. and it's fleet will
include vessels so owned with an
aggregate dead weight carrying ca
pacity Of $4,000 tons. These notes
will constitute the company's only
funded debt except for one issue of
| $500, 900 bonds.