The Washington times., 1925-01-12
PUBLIC SERVICE
CO. OFFERS
STOCK
Soon to Make Public Offering
OF SIS, 900, 600 s Per Cent
Preferred Stock

NEW YORK, Jan. 12.--Public
Service Electric and Gas Company
has arranged for some new finaIlc-
ing through the sale Of $16, 0O0,O
6 per cent cumulative preferred
stock, 1925 series.
This company, organized In 1874.
as result OF the consolidation Of
Public Service Electric Company.
Public Service Gas Company, United
and several smaller Companies, will,
upon the completion OF this financ-
ing, have outstanding 6,926.00O
shares OF common OF no par value,
representing cash investment OF
$50 .26O, 900, and all owned by Public
Service Of New Jersey: $4,000, 900 Z
per cent cumulative preferred, OF
which SIS, 736, 800 IL pledged under
perpetual interest-bearing certIfi.
Gates OF Public Service Of New Jer-
sey, and the SIS, 900, 900 s per cent
cumulative preferred stock, which
ranks equally with the per cent
preferred stock.
Proceeds from the sale win be
used to reimburse the company for
expenditures and additions TO the
property.
Earnings for 1924. after giving
effect to the recent readjustment
OF securities, showed q balance
| available for dividends on all the.
preferred stock. including this issue
Of AS times the amount required.
The present financing will repre-
sent the first opportunity the pub
lie has had to invest in the stock
OF Public Service Electric ana Gas
Company.
Barr Brothers & Co. are offering
| four issues OF 100000 New York.
state 4 per cent bonds, due 1860
1862, at prices to yield 5 per cent;
500, 900 New Jersey State ~ per
cent bonds, due January 1, 1866,
opt. 1910, at prices to yield 400
per cent; 100000 New York City
Az per cent bonds, due June 1,
1874. to yield Ale per cent, and
/ 500. 900 state OF Alabama AZ per
cent bonds, due June 1, 1916, at
prices to yield 4.60 per cent.
A syndicate composed Of Harris,
Forbes & Co., the National City Co.:
Trust and Savings Bank, Chicago;
| Illinois Merchants Trust Company,
Chicago, and the Continental and
Commercial Trust and Savings
Bank, Chicago, which offered the
$3.50, 900 City OF Chicago 4 per
i cent Improvement bonds, reports
the sale OF the entire issue.
A syndicate composed Of w.
C. Langley q Co.. and the
Old Colony Trust has. disposed OF
5000 shares Knoxville, Power and
Light per cent cumulative pre-
ferred stock. par value 800. The
company. does the electric power
and light and street railway busi.
ness in Knoxville, Tenn. and sur.
rounding territory serving a popu-
lation Of $4,000.
| The stock was offered at $99 and
accrued dividend to yield per cent
| w. A. Harrison g. Co., 1nc., and
Blair & Co., Inc, have purchased
and will shortly offer a new issue
| of ten.year secured per cent con
vertible sinking fund gold bonds OF
| the Cuba Company, the proceeds %
which are to be used to discharge
obligations incurred In connection
with acquisition Of preferred stock
| of the Consolidated Railroads o.
Cuba and for other corporate pur-
poses.
The Cuba Company, was organ
lied in 1900 under the leadership
of Sir william Van Horne, then
chairman Of the Canadian Pacific
Railways. It's initial capital stock
of $S,0Oo.000 par value was SUB
scrfbed by a very small group. in
Guiding Sir William Van Horne. E.
In. Hartman, James ], Hill,
Thomas F. Ryan and Joseph
| widener. Until recently the shares
were of $4,000 par value each.
Through recapitalization in 1923 the
old shares Of $4,000 par value
were exchanged for shares without
mar value in the ratio OF 5000
shares of the new stock for each
share of the old stock.
The Cuba Company controls
through stock ownership the Con-
solidated Railroads Of Cuba.
/