The Washington times., 1930-06-09
UTILITY TYN0TEs
CO Q0NsA.E
TO-DAY =
HaIsey, Stuart Group Offers
so Million Midwest Gold
Notes at 41z and $ Percent I1

. :
NEW YORK, June g. Halsey,
Stuart 81 Co., Inc, is heading Q
banking group offering ton1or'
row $5o,O0O,O0O Middle West Util-
ity Company serial convertible
gold notes, maturing $4,000, 600
each June /. 1881, to 1885, with
the first maturity carrying a 4As
per cent coupon and the others .
S per cent coupon. '
The notes are being offered at
prices to yield from $50 for the
first maturity to 5.625 per cent
for the last maturity. 14j
Associated with HaISey, Stuart
g. Co. in. thu offering are A.. B.
Leach & Co., Inc, z. II. ROLLINS
81 Sons, Continental Illinois
Company. Inc. First Union Trust
g. Savings Bank, A. @. Becker 6g
Co., Foreman-State Corporation,
Central Illinois Co. Utility Secu-
rites Co., Hill. Joiner & Co., Inc,
Tucker, Anthony & Co., Paine,
Webber & Co, insult. Son q Co.,
Ltd, Emery, Peck & lockwood
Co., and Russell Brewster & Co.
Each $1,000 note may be con-
verted at option of holder prior
to maturity or redemption into
the common stock of the COM
pany on the basis 20 shares on
or before December 81, 1892. and
171a shares thereafter on or be-
fore June /, 1885. The notes will
be direct obligation Of the COM
pany, which owns or controls,
through stock ownership, public
utility companies rendering essen
tial services to 4,405 communities
in 80 States. ~
Proceeds from sale of the notes
will be used in the development
Of subsidiary companies and for
general corporate purposes. ~
Consolidated earnings statement
of the 10 owned subsidiaries for
calendar year 1929 shows gross
earnings Of $162,337, ,274 and net
earnings Of $63,O41,376. Net earn.
ingS of subsidiaries accrlIings to
Middle Utilities Company for the
same period were ST, ,284s342.4 E
Adding net earnings Of suhsid.
iary construction companies ac-
cruing to Middle West Utilities
Company cnd other net income,
gives total Of $22,917, ,896. Max
imum annual interest on these
notes requires $2,450,000.
Time for depositing wilcox
Rich B stock, in accordance with
the terms of the Wilcox-Rich.
Eaton Axle merger, has been
agian extended to June 18.
According to j. O. Eaton, chair.
man of the board of Eaton Axle
and Spring. c Q m pany. the
amount of stock deposited has III.
creased to 291,105 shares, which
is approximately 80 per cent Of
the total amount of Wilcox B
stock outstanding. The time for
depositing the stock has been ex-
tended in order to give ample
|, time to those who have been i'm.
able to deposit their STOCK, to
make the necessary arrangements
for doing so.
With 80 per cent Of the stock
already deposited, it is believed
that most of the balance of the
shares will be deposited il the
time is extended. -
The Wilcox-Rich Company re.
ports an increase in activity in
the airplane parts department,
and in anticipation of new work.
ing arrangements under the It1eT.
ger, which is now assured, are
concentrating several Of their
operations to the Saginaw plant
which is being enlarged.
Guaranty Trust Company Is
prepared to deliver Chesapeake
and Ohio Railway Company re
funding and improvement mort
gage Az per cent gold bonds
series "B," due January /, 1895
in exchange for temporary bond:
now outstanding. I
- ne - rEs~ t.ts ~