Evening star., 1932-11-15
UTILITIES TO NEED
LITTLE FINANCING
Most of Large Industrial Or
Plantations Also Well
Fortified.
BY FRANK II. MCCONNELL,
Asanciatad Press Financial Writer.

NEW YORK, November 15.-With
the bulk of this years new financing
ended for the public utility companies,
investment bankers are now turning
their attention to 1888 requirements.
financing will be considerably lighter
next year than this. A total of $304,-
asa, 900 of public utility bond maturities
will come due in 1933 against $685.
201 900 this year. OF this amount $780,
900, or nearly one-quarter of the
1888 total, will come due in January.
With the election uncertainties over,
investment authorities are plumbing the
market to ascertain its strength. They
also are scanning the future IN an eff
fort to determine its probabie condi-
ton in months to come.
Comparatively little industrial f1nanc-
ing, it is believed, will be undertaken.
Most of the larger industrial organi-
cations are well fortified. Railroad
financing, on the basis of current con-
ditiors, Is considered almost out of the
question, and most roads which are in
need of funds are receiving them from
either the Reconstruction Finance Cor
poration or the Railroad Credit Cor
puration. Foreign financing In any i'm
portant volume is, Of course, not con-
templated.
Better Grades in Demand.
But better grade utility bonds con-
tinue to enjoy g relatively good mar
ket, owing to manner in which oper-
ating companies have managed to re-
tain their earning power Based on
current conditions, investment bankers
are looking to the utility field as the
most fertile for new bond business.
This appeal Of the utilities is graph
ically measured in terms of average
yields for various types or classifications
Of loans. Moody's daily bond averages
indicate that prime utility boads are
selling at prices to yield around 4.3S to
bonds of the same classification are
selling to yield 469 to SAC per cent; the
railroads to yield 493 to 645 per cent,
while foreign bonds are selling to yield
for their two primeSt descriptions-5.9
TO 7.42 per cent.
A calendar of 1888 financing, includ-
ing only the larger maturities of So
600, 900 or more, has been prepared by
Moodys, which indicates that seven
eighthS of the years financing will be
done before June 80. January is the
largest month with 0,500,00 Of larger
maturities and June ranks second with
42,o52,00e.
Maturities Listed.
Following is list of principal maturi-
ties by months
January, $50, 500, ,0O0-s1o, ,O00, 900 De-
| troit Edison Co. first per cents, $3,-
COO 900 Dominion Gas & Electric notes,
s7,500,0o0 Portland General Electric
notes.
February, ACKNOWLEDGEMENT Gas 81
Electric notes.
March, $26, ,2sS, ,oo0-ss, ,35s,5o0 Elec-
trical Development Co. of Ontario per
cents, 100000 Greyhound Corpo-
ration notes, $4,000 1000 Shaffer OIL
notes, S4,000000 Atlanta Gas Light
notes, s4.e40,00o Panhandle Corporation
notes.
April, s22, ,oss, ,oOo--sa, 1888 900 Associ-
ated Telephone Utilities per cents,
81, 3,08g,0O0 Montreal Light, Heat a.
Power 8 per cents, 81, 100000 Washing
ton Gas Light per cents, $4,000 900
Washington Gas Light notes, $l2,000,-
600 South American Railways notes
May, s21, ,026, ,000-s11 / ,026,000 Union
Electric Light e. Power per cents,
| SIC, 100000 Boston Edison notes.
June, s42, ,052, ,000-s3, 100000 Boston
Elevated debenture per cents, S14,244,-
| 600 Consolidated Traction Of New Jer-
sey per cents, $3,384,000 Illinois
Power first per cents, $4,000, 900
Middle West Utilities notes, $7,424,0o0
Staten Island Edison notes, $4,000, 900
Wisconsin Valley Electric notes.
August, e7,o76, ,000-$3, ,076,000 Mon
treal Power first per cents, $4,000, 900
Altoona e. Logan Valley Electric Rail-
way AZ per cents.
october, $3,585, ,300-United Public
Service 61a per cent debentures.
November, $5,0l8, ,o00-San Francisco
Gas g. Electric Az per cents.
December, 81, ,436, ,000-$3, ,533 900 Gen.
eral Public Utility notes, $4,903, 900 De-
troit City Street Railways notes.