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Newspaper
New York Tribune
Location
New York, New York, United States of America
Date
Jun 22, 1922
Page
34
The report highlights broad bond market activity with shifts in government and speculative issues. Price quotes and quotations show mixed demand, with gilt gains from cheap money and a general trend toward volume buying by investors amid fluctuating yields.
A jumble of securities offerings from White, Well & Co and others shows new issues and high yields. City bonds from Wheel ing, Richmond, and Duluth appear with rates around 4 to 6 percent and various sinking fund arrangements. Syndicates led by Howard George & Co and Voorhis & Co are placing large mortgage and utility bonds with attractive returns, as earnings coverage exceeds several times the annual charges.
Central Rails approves sale of 3 million dollars in equipment trust certificates for Henbright & Co and W. Jcent equipment trust, to finance new rolling stock. The issue aims to yield over 6.40 percent with a 15 year mortgage bond series by Cambria & Indiana Railroad and Elvetrie Power Co. proceeds include 760 thousand dollars preferred stock to refund existing bonds and secure advances.
Directors of Cities Service Company approved a plan to pay cash dividends on preferred stock September 1 and October 1 and to redeem shares. A special debenture bond will be issued to holders or their designees, bearing 8 percent interest and convertible partly into preferred stock and common stock. The move reflects improved earnings and earnings pace for the company and its subsidiaries amid rising utility conditions.
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