The New York herald. [volume] (New York, N.Y.) 1920-1924, March 13, 1922, Image 16

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The New York herald. [volume], March 13, 1922, Page 16, Image 16
About The New York herald. [volume] (New York, N.Y.) 1920-1924

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The New York herald. [volume] (New York, N.Y.), 13 March 1922. Chronicling America: Historic American Newspapers. Lib. of Congress. <https://chroniclingamerica.loc.gov/lccn/sn83045774/1922-03-13/ed-1/seq-16/>

Newspaper Page Text

'FOREIGN BONDS LEAD
j LARGE NEW ISSUES;
Decline in Money Market
Stimulates Demand?
Prices Hold Up.
An analysis of the investment situa
tion at the end of last week reveal."
many interesting deve.jpments. New
Issues were offered on a large scale,
with foreign bonds pre* I 'initiating, de
spite the Government warning to bank
ers relative to making for lgn loans
without first consulting its representa
tives. Indications are that foreign loans
will be heavy for som tim>, rtartlng
this week with a $10,000,000 French
industrial issue.
The investment d'-mawl, whicn was as
lively as ever, was further stimulated by
the downward trend of the moncj mar
ket. Call money ruled at the lowest
inured in some time, while time money
slipped below 5 per cent. On tne New
Tork Stock Exchange transact ions in
bonds held well up to the total of the
previous week and prices continued to
creep forward. The most Interesting
, ' feature was the jump ;n Victory 4% per
j cent. Botes, odd lots of which sold as
high as 10! and in round lots as high
as 100.90, a new high mat k.
j Strength In the Victories was due to 1
the announcement by the Secreti\t y of
the Treasury of a new issue of four year
non-callable tax exemrt 4% pet cent,
certificates, which may be obtained only
Jby the exchange of the present Victory
4% per cent, bonds. Investor, wel
corped the opportunity of extending their
investments four years more or the
tame terms. Particular attenttor was
paid to the offering of another oiock of
$250,000,000 Treasury certificates of in
debtedness.
The largest offering of new bonds
, last week was aji issue of $27,000,000
'Argentine National external sold boncte
bearing a 7 per cent, coupon and of
?. fcred on a 7.25 per cent, basis. An
other interesting foreign issue was 25,
000,000 francs of t> per cent, bonds of
the Midi Railroad Company. The for
eign issue to bi offered to-day is $10.
000,000 Framerican Industrial Develop
ment Corporation 20 year 7 Vi: per cent,
debenture bonds.
Among the other large issues of the
?woek were $14,500,000 City of Detroit
4%", $11,000,000 Canadian National
Hallways 5 per cent, gold notes, $.">,000,
000 Western States Oas and Electric
Company first and unified 6s. $5,000,000
Philippine Government approved 5 per
cent, bonds and $3,000,000 California
Joint Stock Land Bank 5s. There
' ?wore several other varied and Interest
| ins Issues of $1,000,000 and over. The
} total of new bonds for the week was
I somewhat over $S8,000,000. The two
outstanding features of this new financ
ing was the increase in foreign and
municipal bonds.
An issue of $45,000,000 of long term
7 per cent, bonds of the Sinclair Oil
j Corporation Is announced to-day. The
proceeds will be used to retire approxi
mately the same amount of 7 V4 per
cent, convertible notes due May 19, 1925.
Average Bond Prices
Marrh II. IfC!.
Natur- Net Week
day. ('huntr. Ajn.
!? Rail* 8I.H? 4.12 81.73
10 InduHtrlntM #5.58 +.?2 05.55
5 I'uh. rtn H0.0.-1 ?lit K0.53
8 KnrMgn .. 1K2.K3 -+.1H IIKt.OO
30 Bonds 80.68 +.Wi 8!?.#7
$45,000,000 SINCLAIR
ISSUE YIELDS 7.25
Syndicate Will Offer 15 Year
Bonds To-day.
Blair * Co., Inf.. and Chase Securities
Corporation arc managers of a banking
^syndicate that will offer to-day for pub
lic subscription at 98 and accrued In
terest. yielding nearly 7.25 per c?nt., a
new Issue of $45,000,000 Sinclair Con
solidated OH Corporation first lien col
lateral fifteen ye>ar 7 per cent, sinking
fund gold bonds. It is to be secured
by $90,000,000 first mortgage 7 per cent
bonds of operating subsidiary com
panies besides about $25,000,000 capital
stock representing a half Interest in the
Sinclair Pipe Oil Company and the
Sinclair Crude Oil Purchasing Company,
the remaining 50 per cent, of each being
owned by the Standard Oil Company of
Indiana.
The object of the financing is to re
fund a short term note issue, which Is
to be called for redemption on November
15, at 103 and Interest. The group
making the public offering Includes
HI air ft Co., Inc.; Kissel, Kinnicutt ft
Co.; White, Weld & Co.; J. A W. Helig
rtian A Co.; Spencer Trask * Co., Janney
ft Co., Cassatt ft Co.; Oraham, Parsons
ft Co.; Union Trust Company, Cleve
land ; First Trust and Savings Bank,
Chicago, and Illinois Trust and Savings
B*nk. Chicago.
Preliminary applications from all parts
of the country have been heavy.
FRAMERICAN ISSUE
TO BE OFFERED TO-DAY
Price Set, 99 and Interest,
Makes Yield About 7.60.
The $10,000,000 Framerican Industrial
Development Corporation twenty year
7% per cent, debenture bonds dated
January 1, 1922, and due January 1,
1942, will be offered to-ilay by a syndi
cate headed by J. p. Morgan ft Co., as
announced late last week. Th" bond." will
b?? offered at 09 and Interest to yield
about 7.6(1 per cent- Subscription books
will be opened at the office of J. P.
Morgan ft Co. at 10 o'clock.
Associated with J. P. Morgan ft Co.
in this syndicate are the following bank
ing houses: Guaranty Company of .New
York, the National city fompanv, Bank
ers Trust Company, Harris, Forbes *
Co., Jjtc, Hlgglnson A Co. and Halscy,
Stuart ft Co.. Inc.
The bonds are redeemable at the op
tion of the corporation on or af.fr, but
not before, January 1, 1327, as follows:
Op January I, 1827, and thereafter to
JPccemher 21, 1932, at 110 per cent, and
at-croed Interest, ?he premium there
after decreasing l per cent a year. The
Framerican industrlsi Development Cor
poration was organized in 1917 under
the laws of tie State of New York for
the primary purpose of facilitating the
business In this country of the French
company of Snelder & Co. The corpora
tion has no funded Indebtedness other
than these bonds. It has outstanding
over $10,000,0t"0 rapital .stock, more
than 90 per cent of which Is owned by
Snelder ft Co. These bonds arc uncon
ditionally guaranteed an to principal
and Interest by Indorsement on each
bond by Snelder ft Co.
DIVIDENDS.
?U* * of
cord. Payable.
3. t. Case, q, pf, CjUfS Mar. 13 Apr, 1
<1lm>tt, Peabody * Co, <1.
pf, f 1.7.1 Mar. 21 Apr. 1
rV'troit I'd I won Co, q, $2....Mar. 31 Apr. 13
Kmifmsii IWiRrtmoni Stores,
q. pf, II.TB . Msr. 20 Apr. 1
Mt'inrspoll*. St Paul ft Saulte
St? Msrli?, ?-a, 2% Mar. 22 Apr. 1 r.
MI'inospolls, St Paul ft Saulte
gtp Marie, s n, pf, 2%... Mar. 22 Apr n
Stat* ''Itk. 1. M Msr. II Apr. I
IVhtti- Vflinr q, $1..... .Msr. 21 Mar. at
WtlllsmJrrool C?rp, q, pf, |3 Mar. 20 Apr. 1 ,
BONDS IN NEW YORK STOCK EXCHANGE
WEEK ENDKD MARCH 11. 1?22.
1922. 1321 1920.
Sales for week.. $77,954,000 S52.305.U00 $70,923,000 J
High- Low- Clos
Sales. est. est. Ing.
3 Adams Rxpres ; 4s 1918 . 75 73 75
24 A'ax Rubber 8s ctfs 1030.. 98 4 90 90 4
11 Alaska Gold cv 6s A 1925.. 9 4 t> 9'-j
2 Alaska Gold cv'6s B 1926. 84 84 S i
1 Albany St Busqu 34a 1040 784 784 78 4
4 Allegheny Valley 4s 1942.. 87 80 4 87
331 Amer AgChem 7 4? 1941.1014 994 1014
1 Am ,\gr Chem deb 5s 1934 04 04 91
28 Arner Cotton Oil 5? 1031.. ) i 84 84
139 AmSmettinsAP.efl 5m 1047. 894 884 88 j
830 Am Sugar Red 6s 1937 w i. 99 U84 '9
;<69 Am Tel A Tol ov tit. 1935. . 1J I'\ 111 -3 114
207 Aui Tel A T?ii fit 3.> 1940 9i;'j Ut.
14 Au> Tel >v Tel I'^s 1933100 90 100
I Am Tel A Tel cv 4a 1933. . 804
101 Ala Tel A Tel clt 4-> 1939 . .sy
3 Am Water \V A K 3s 1931. 73
21 Ani Writing Pap 0-7s 1030 814
50 Ann Arbor 1st 4s 1995. . . go
43 Armour 4'?? 1930 87 V;
6 Atch Top A 8 F ov 4s 1933. 70'i
30 AtchT & SFcv 4s 1900... 9t','
130 Atch Top & S K Is 1095... 8T-t
2 Atch Top A SF ailj 4s t?95 SO;
23 At T A H P adj 4'. std 1003. 80',
10 AtT A S V Sh Line Is 1958 83,ij 83 Ul<
10 At I & BlrmidKham la 1033 C3 03 (3
5 Alum A Charlotte 3a 1944. 90 ! j or. l>5
II Atlanta & Charlotte4 4s- - 89 874 8i 1
17 Atlan Coast Line 7s 1030.. 100 103 100
19 Atlan Coast Line 4-; 1962.. 87?
39 Atl Coast l ine nit 4s 1033. 70'
103 Atlantic Fruit 7s 1934 ... . 34'
27 Atlantic Kellu 0 4s 1031 . 101,!
33 Atlas Powder 7,-s 1930.. . 10.1
Sot 1922
Ch'go. High. Low.
+ '4
+14
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10
8'4
78 4
9<i
764
+ 1 "< 10
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87 4 80
994
84 % 81
80 4 80.4
10S
91 "
80' t
88' t
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so 4
103
80} -j
78
103 s ,
100
83*4
70 'i
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584
80 4
70' ?
31
102 4
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107'
05.4
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93
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924
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04,4
108
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88' a
4(0 U
00 4
65
09 4
3 Baldwin Loconto 5s 1910. . 100 100
133 Baltimore A Ohio lis 1020. 97'4 90
88 Baltimore & Ohio 5s 1905. 80 794
75 Baltimore A Oh t1 js 1033. 774 764
52 Baltimore A Ohio 4s 1948 . 78.4 <7,4
73 Baltimore & Oh 3.4s 1923. 93 4 OS
5 B A O Hit J A M 3 1 is 1023 80 80
70 B & O P LK A W V 4s 1941 75' i 74 4
140 Bait A Ohio S W 3 4s 1025 8-8.4 ?<4
03 Bal A Ohio T A C 4s 1059 05
87 Bell Teleph of Pa 7s 1015.. 108
15 Bethleh Ste?l ref 5s 19 43. . 03
45 Bethlehem Steel 5i 1936 . . 884
20 Betbleh Steel 1st 5s 1930.. 00 4
10 Braden Copper 6s 1031 . . . 06 !*
4 Broadwy&TthAv 5s 1043.. 05
22 Brooklyn Kdlson 5s A 1040 94 4
4 Bklyn Edison 6s B 1930.. . 103 4 103
8 Bklyn Edison 7s C 1930... 104 4 104 104
32 Bklyn Edison 7s D'1940. . .107 1004 107
06 Bklyn Bap Trans 7s 1931. 74 4 72 74 4
55 Bklyn RapTr 7sctfs 1021. 73,4* 73 4 73,4
50 Bklyn RT 7s ctfs std 1931 74 70 74
3 Bklyn Rap Trans 5s 1045. 384 ;:84 384
12 Bklyn Rap Tr 5s ctfs 1045 30 30 30
3 Brklyn Rap Trans 4s 2002 44 4 4 44
5 Brooklyn l:nion El 5s 1050 804 804 80,4
7 Bklyn Union El 5s st 11950 83.4 794 794
10 Brklyn Union Oas 0* 1945 93 00 92
8 Buff Roil A Pitt 4 4s 1067. 80 89 89
30 Bush Term BIdng 5s 1960. 894 89 89
6 California Gas A E 5s 1937 95 93 05
71 Can Northern 6 4 s 194 0. . 109 4 108 4 1084
70 Canada Northorn 7s 1940.110 109 4 110
185 t an Pacific4sperpetual... 78
13 ('anada Southern 5s 1002. 96 4
10 Car < 1 inch A Ohio 5s 1938. 844
5 Car A \dirondack 4s 1081 82 4
6 Central Dist Tel 5s 1913. . 90
33 Central of Georgia 6s 1920 97 4
2 Central of Ga con 5s 1945. 05
2 Cent of Ga con 5s 1045 re'? 90 4
83 Central Leather 6s 1025... 964
12 Cent Now England 4s 1001 00
33 Cen Pac 1 st 4s 1940 83 4
1 Cent RlC ABCoGa 5s 1037 894
80 794
03 02
90 4 03.4
89 8/
107 104
89 4 85 4
80 75 4
33
?14 105
? 4 1014 1034
1004 954
4 .4 074 04 4
80 77
77 H 74
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+2 63 50
+ 1 944 80
+ 14 1084 100
? 4 100 103
? 4 1084 io?4
? 4 76 54
+ 4 76 574
+ 4 74 51
? 4 394 31
30 4 26 4
+4 404 354
83!
73
754
874
88 4
86 4
014
74 f'erro del'asco ? 8s 1031. 1134 112
0 Chesa A Ohio 5s 1930. .. 094
6 Chesa A Ohio r-'fSs 1020 04 4 94
102 Chesa A Ohio conv 5s 1946 80 4 854
156 Chesa A Ohio cv 4 4s 1930 85 83 J i
36 Chesa A Ob (ten 4 4s 1903 . 854 834
155 Chicago A Alton 34s 1950 114 40
22 Chi A Alton 3s 1019..... . 56 554
437 Chi Bur A Q 5s 1071 .. . 974 07
22 < hi Bur A Quln Reu 4s 58 87 4 804
5 Chi Bur A Quin 111 4s HMO 88 4 884
11 Chi Bur A Qin Neb 4s 37 . 95 05
474 Chi A E 111 5s 1931 ... 75 744
10 Chi A Erie 1st, 5s t982. . 88 87 4
1 Chi Gas L AC 3? 1037. 01 01
76 Chi Great Western 4s 59 004 594
2 Chi lnd A Louis 5s 1047. 93 93
40 Chi Mil A puget 8 4s 1940. 00 4 06 4
95 ( hIMilARtPcv 5s2014.. M
8 Chi M A 8t Pgen 44s 89 804 80 4
80 Chi M A St Peonv 44s 33 04 4 63.4
68 Chi M A 8t P fd 44s 3014. 58 4 57 4
69 Chi Mil A St P deb 4s 34 60 50
4 Chi Mil A St P xen 4s 1080 73 4 78 4
48 Chi Mil ASt P rol l 4s 1035 74 73 4
11 Chi Mil A St P 3 4s 1080 65 4 03
77 4
00 4
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+ 4 1104 1084
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+ 1 844 83
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Chi A N W 7s 1030
14 Chi AN W 64s 1936. 1064 1064 1064
3 Chic A N W 6s 1020 reR.. 101 101 101
28 Chi A N W geu 5s std 87 101 101 101
36 Chi A N W pen 4s 1987 83 4
4 Chi A N W Ken 4s std 1087 83
6 Chic AN Wext 4s 1026.. 04
11 Chi AN W ?en 34s 1087
26 Chicago Rail 1st 5s 1027.
55 < hii apo Rock 1 A P 4s 88
12 Chi Rock 'si A Pac 4s red.
343 Chi Rock 1 A P fd 4s 1034
0 Chic St n M A O con 6s 30 103
6 Chic St P M A O 5s 1030 . 92 4
10 Chi Ter Haute ASKSn 60 70 4
31 Chi Union 8to 04* 1063. 115
28 Chi Un 8ta44? 1063. . 91
78 Chi A W I col trs f 74? 35 103
78 Chi A West Indiana 4s 53 . 704 70
Mr ChileCoppw 7? 1023.. . .joojj 100
144 Chile Copper 6s 1932 854
6 < 'In lnd St L A Chi 4s 1936 84 1 i
75 C C C A St I, 6s. 1029 ... 00
27 C C C A 8t L 4 4s 1031... 87
27 CCCAStL gen 4s 1003 704
1 CCCAStL fin WAM 4s 91 78
1 C C C A StL 8t L 4s 03... 70 4
23 Colorado Industrial clt Os T24
31 Col Southn ex 1 4s 1935. . 87
24 Col Southn 4s 1929.
22 Col Gas A Elm; 5s 1037
8 Col G A E 5s 1927 strnpd.
7 Commercial Cable 4s 3307
40 ?'omput Tab Rec 6s 1941.
105 Consol Coal of Md 5s 59.
434 Con Gas 7s 102S ...
6 Corn Products 6s 1034..
40 Cut>an Amer Su.'ar 8s 31.
301 Cuba Cane S con" 7s 30,
434 Cuba C?n? 8 cv 8s ntp 30.
+14 654
108 105
+ 4 108 106
101 101
?2 105 994
+ 4 844
824
+14 834 81
+ 4
+ 4
+1
04
77 72
704 07
024
91
91 4
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70 70 4
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+ 4 704
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8<;4 86
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. 904 97 4
1034 1044 104 4
86 704 86
87 80 87
+ 4 103
+ 4 744 084
+ 4 102 99
? 4 884 84
+4 84 4 84 4
00 05
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70 4 764
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1024 1014 1024
80 774 78
00 89 4 90
1074 1074 107 4
924 ?14 Q24
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*64
.9
76 4
744
464
42
094
87
34 Cuba RR 7 4s 1036 ct A
15 Culm Railroad 5s 1052.. .
0 Cumberland TA T 5s 37.
16 Del A Hudson 7s 1030
37 Del A Hudson cv 5s 1935.
1 LeJs ware A Hudson 4 4s.
12 Delaware A Hudson fd 4s
1 Den A Rio Grande 5s 1028 79
0 Denver A Rio Grande 4 4? 784
120 Den A Rio < .ran le 4< 1936 75 4
225 Den A Rio Or ref 5s 1953. 174
3 Den A It G ref As 1055 tfi 42 4
7 Des MAE I>>d ?e ti 1935 44
5 Detroit City Gas 5s 1923 . 00 4
80 Detroit Kdlson 0s HMO. H>3
4 Detroit Edison 5s 193!. . . 054
61 Detroit Edison 5s 1940.. . '^34
SO Detroit Kir Tun 4 4s 1961 s5
134 Detroit 1'nlted 4 4< 1932 78
25 Dlarand Match 74s 1930. t'>0
60 Distillers 8o>.urlt 5s 1937.. 50
13 Duiiith A Iron Rante 5s 97
1 Dultith MA North 5- 1941100
154 Du Pont de No / 1931 . !<?!?{ 114
46 Du<iu?sne l.ixht 6s 19 49 1094 i"l 4
3 EJTenn V* A Ga div 5-, 30 90 4 96
2 Ed Kl 111 Co of Bklyn 4s
53 Erie0011 4s 1990 .....
10 Erie cv 4* A 1953
40 Erie cv 4s B 1953
24 Erie cv 4s D 1953
116 Erie Ren 4s 1990
16 Krie A Jersey 0s 1055.. . . --0 ' 4'
20 XrlePennsylvania4s 1991 824
230 Pt?k Rubber8s 1941... I< 4'?
4 Fla East Coast 44s 1959. 86
1 Ft \V A Den C 54s 1061.. 101
10 Gal Houston A II 6s 1033 874
14 General Electric6s 1940. . |i 44
45 General ElectrieOs 1953 994
3 General F.lectrio84s 1042 794
15 Oenesseo River lis 1967. . . 86,4
2 Oa Car A North 5s 1029. . 84
1 Georgia Midland 3s t9t6.. 60
73
89
80 86
4- 4 1104 103
424 100 96
4 4 1054 1014
464 86 60
87 54 4
1024 100
80 77
90
100
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4 2 4 60 32
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4 H 104 4 111
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? 4 004
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139 Goodyr I'lre A K Ss 1041.. 1164 1134 1164
80.1 Goodyr Tire A It 8s h?4l.. 100
5 Grauby Con Mln 8s 1025. 88
108 firsnd Trunk 7s 1940 110,
18/ Grand Trunk 6s 1030 10''4'
5 (.rest Fsl!.--Pwr 5s 6s 1040 06 4
462 (.reat Northern 7s 1036 .108 4
503 (ireat North 5 4a 1903 96,4
SO Great. Northern 4 >4s 1961. 80
13 l.reen Bay A \\ est de.t B. 0
0 Havana Kle-'rl - 5s 19YJ. . '.7
9 llorkliiK Valley 44s 1990. 834
5 Hoffman Mschln 8s 1032.100
136 liodson A Man ref 5s wi7 784
286 11 udson A Man adj 6s B, g 84
?j9 100
87 874
1084 110
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? 4 864 70
4 4 82 4 79
424 1044 100
42 86 80 4
41 102 4 109
?14 88 83
4 4 108 4 103
4 4 100 05
434 '94 734
? .4 86^ 794
84 84
63 58
414 >164 110,4
4 4 100 07 4
4 4 '84 86
41 1104 107 4
4 4 1024 100
? 4 K6 4 04 4
4 4 1004 1064
074 004
80,4 88
04 04
87 774
834 81 4
100 too
4 4 70 <6
41 ;>9 4 47 H
4 4
? 4
4 4
4 4
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1922. 1921. 1320.
?Ian. 1 to date.. $862.?3-iVuOO J332,292.000 *7S0,691,500
::9 4
78 4
(52 ;>?
00
Hieii
Salos. est.
-O Illinois Central 6 Vj ; 1036. 1084
63 LiinoU t'eiitrj' 5 : /- 1034 ?. !> ' i
5 Illinois On tin J 43 lull. . . 8S <*
3 IllinoisCentral34^ 1952. 78
29 Illinois Central 4s ! . . i'1*
21 liiuiola Central pel i? 10.1.1 ' l?i
25 III I'm C StLJfcNOj; 11)63 944
13 Illinois Steel 4 4* 1010. 8 i
2 lm'lana St?.-?1 5 s 10.1J.. .. '.84
12 las Irrlg Agrl 44s 101.1. . 31'j
! 11-">3 Inter /in pit I T re:' ".?> 100 i 3 '??
201 Interboro-Mei J 1:- 19.1>. 10
177 tei er-Met 4 4x ctf* I0.V .. :4
20 lMer Agr Chent 3i 1032. . 734
3 Inter& Ureal Nor < 1022 07'a
152 InterMerMarine o> 1941. 04?*
" '4 Internal l'a"tv .">> 101." .V.. S4"*
00 Ji>.emut Paper >1 10?7 > 114
1 88 Invincible Oil S.s II*;:.. . 03'*
i 2 Iowa Central 6s 1938 2.4
15 low a Central 4; 10.*>1 ... I'S
I Kan City Ft, Scott A >1 tis. 101 ~i
I 06 K C Kt, Scott, A .M t, 103*J. '< 8
1 3# h'anOity Southern .1. 10.10 814
i'9 KarsayCity 8outb 3* I960 041 j
02 KomasCIty Te.'iu4< I960 SO 4
181 Kelly-Spring Tire Sj 1031.10/
5 I<cok ft I> Moiao. j 1923. '!
1 Kings County 4s stamped 70
175 i.uckawanna >tlm?! 1023.
10 LacUawanni Steel j. 1050
26 J.acledelias bight :>* 1031
2 I.aKeKrioA VV 1st 5^ 1037.
2 Lake Erie & W 2d 3s 1941.
51 Luke Shore A MS J . 102s.
120 I.ako Shore A M S Is 1031.
?10 U'(g} bore A AI ?o 3 4 1. .
1 I.ehlcb Valley Coal 5*....
15 I.ehi^b Valley us IU2S. . . . 101 4
10 1 eblph Vol uoo ?4 ? 3003. ss}<
.",1 Lehigh Valley con l -2003 70
1 Lehitfh Valley N \ 1 4?... 904
1 Lehi^b Valley Ter .V 1011.100
10 l.iraert A Myers 7s 1044 . . 115 4
IB I.i?.-artt A Mvors jj 1051. . 1'44
2 Long Island 5s 1931 89 J j
1 l ong Island 5s 1937 75
9 Lous Island ref is 1040. . . 73
5 Lorillard 7s 1041. . 114 4
18 LorllardSs 1951 : 4 4
17 I-ouisvUlo A Nash 7s 1030 107 "4
261 1 oui.s A Nasi) 54* 3003 .10*2 4
20 Louisville & Nash -: , 1010. 90
3 LAX Atl Knox & C u 4s.. sil'j
18 Loll A Nash K St I. 3s 1980 00 U
1 LnuAN N O A Mobile 1st 103
JO I. A N Sou Mouon is 1052. 78 ' j
35 Manhattan Is 1990 CI."*
32 M auhattau 4s stamped . C2
25 Market Street Uy Cs 1921 94:'*
181 Market Street Ky 5? 1031. 88
30 Mrrl Oil 8s with war 1031. 04
95 Mex Tetro of Del 8s 193d .1( 3
12 Michigan Central de'a Is 8
10 Michigan State Te 5s 1924 07 4
161 M idvate Stoel & Or 5s 1030 87
4 Mil L S A W Mich 1st.... 101 4
7 MU Spar A N W 4s 1947 864
3 Minn A St Louts 5s 1931.. 73 J.a
34 Min A St IxjuIs ref 5s 1063 40
44 Minn A St Louis 4s 1910. 40
167 M St 1' A S S M 6 ti s 1931.1. 2
13 M St P A S S M Con 5s.. . . 084
21 Minn St PA SS M 4s 1938 87 4
1 MStP8SMA All 4s 9". ,
224 Mo Kan A T 5s A 1062 \r I 80'*
60 Mo Kan A '1' 4s U 1062 'V i <1/ ' j
261 Mo Kan A T 6s C 102* w i 03'i
1660 M K AT adj 5s A 1067 w i 50Ji
51 Mo Kan A Tex ext 3* 1941 47
25 Mo Kan it Tex 4}$. 1936. 61
235 Mo Kan A Texas 4s 1900.. 76J<
4 Mo Kan A Tex 2J Is 1000. VJ
60 Mo K AT2d4s cth 1090. .'8'i
12 Mo Kan A Texas fd 78)'i
48 Mo Kan A Texas notes ext 69' j
60 M issourl l*aclflc 6s 1923... '..9 H
27 Missouri Pacifle 5s 1026 .. 15J4
21 Missouri Pacific 5s 1965.. 00
217 Missouri Pacific 4s 1975. . l:3
32 Montana Power 5i 1043.. V4*?
0 Montreal Tram 5s 1041.. . t-Ti'-i
26 Morris A Co 4 '-j-i 1030. : 5',
27 Morris A Essex 3 200<J. 76 "4
3 Naahville Chat A St L 5a.. Oft
C National Enamelin'; 5s.. . 04"?
4 Nut JiKof Mex 4 '? : 1026 31',
3 Nat Kya of Mox 4 t ;s 1957 25 '4
2 National TuboCs 1052.. . 1 8
3 New Or A Northeast 4 I js. 81
3 New Orl Terminal 4 s 195!t 73'j
45 New Orl Tx A Mex Uj 1935 08?i
26 New Orl Tx A Mox 5s 1935 071*'
147 New York Central 7s 1930.107
886 N Y Central 6s 193.1 10()'?
28 N Y Central 4^s 2013.. . .-6'j
9 N Y Central deb 4s 1934.. 87\i
69 N Y Central con 4s 1908 . 70 U
9 NY Central 4:; 1012. .86
96 N Y Central 3?s l'.?97.... 76K
* N YCen Lake S314s 1998 73
2 N y Cen Mich C 3 'is 1998 73
f NY Chicago A St L 4s.... 88
4 N Y Ch A St L deb4< 1931 83
9 N Y Connecting By 4 l$s.. 85
5 New Ycrs Dock 4s 1951 . .'8
253 ? V Kdiaon 6 ^s 19il.... 100X
19 N ^ O is K L H A P5s 1948
32 N1 G>< K L 11 A P 4s 1949 79
3 NY* Jersey 5s 1932 .... 93
6 N Y Lac?< A West 5s 1923
105 N Y N H * Hart 6s 1948. .
4 NYN'Hi Hart 4 s 1055.
43 N Y N II V Hart ?s 1950.
15 N YN H * Hart 4s 1057..
12 N Y N H A H 3 JJs 1051. .
46 N Y Ont Wost I 1903.
3 NY OntA West 4s 1955.
8 New York A Putnam 4s.. ,
21 N Y Kailw;>y 4 <dj 5s 1042.
11 N Y Kwys .id J 5 CtL. 1013
69 N Y Rallw.-ijm ref 4s 1943
84 NY Kwy, ref ctfs 1943 "J3Ji
34 N Y St*te Kwys 4 Hs 1962 C'hVi
6 N Y 8uwj A W rof 5, 1037. 58
11 N VSiutq A Wostgen 5s. . 42
301 N Y Tel ref 6? 1041 1'>3H
113 N Y Telepb dob ?? 1349.. . 1114
81 NY Telephone 4 4? 1939 PIH
84 N Y Wmt A Bos 4 i,< 1916 I3X
1 Niagara Kalis Power 6s. . . 101
10 Norfolk Southern 5.; 1961 59f*
52 Norfolk A West cv r.t 20 . 106
1 Norfolk A West *en 6? 31 .106
3 Norfolk A W est 4s 1906.. . htfi
13 Norfolk A W div 4s 1044. f-fl
2 Nor A West New Rl ver 8e. 105 '<
9 Norfolk A W Poea 4s 1941 84'i
16 Northern Parlflc ?s 2047. . I07?<
2 Northern Pacific 4>..^ 2047 87
179 Northern Pacific 4s 1997. . F5,'<
83 Northern Pacific 3* 2047 t 1 *?
313 NP-ON CBAQ 0 VS? 10 l i. K)7'*
33 Nor Stales Power 5s 1911. S0|<
12 Nor Ktafee IVwer 6? 1941 . ftD*?
144 Northwest Bell T 7s 1941 107 h
7 Ontario Power ft* IO43. 03
105 Oregon ft Cal 1st .Is 1937. 07 <i
3 Oregon Uy A Nav 4s. 1946 H5'i
61 t regon Short Line 5s 1946 !9M
136 Oreron 8h Lino.Is i;td 1946 o*!'*
45 Oregon Sli Line ref 4< 1929 89}f
407 OrWaah KIlAXav Is 19A1 <8
20 Oils Steel8s 1041 87 '^
1 Pacific Coast let 76 H
62 I a. IfWia- A E.ec 5 - 1913 tf
2 Pacific of Mo 1st 4s 1938.. s.1??'
6 Pacific I*ower A Lt 5s 1930 90
20 I aciflc Tel A Tel 5? 1937.. 1-8 ?<
136 I n.kil Motor far4; 1031 100'f
29 Pnn-Am Pet A Tr 7. 19.10 97H
16 1'nnsyhanla 7s 19:10.. . 1(8
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6 1 C C A St L 5s V 1970... 91
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3 POCA8tL4? D 1915... 914
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1 Rio Omnde Jet 5s 1030 .. 80 4
21 Rio OraiKle West 4t 1039. 754
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1 RocdMBtariMnttsbur* eon. 1004
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New Is sue
$45,000,000
Sinclair Consolidated Oil Corporation
First Lien Collateral Fifteen-Year 7% Gold Bonds
SERIES "A"
Dated March 15, 1922 Due March 15. 1937
Interest payable March 15 and September 15
Redeemable as a whole at any time or in part from time to time at the option of the Corporation on 60 dajrs notice
at \07Vt and interest on or before March 15, 192?; thereafter at 105 and interest on or before
March 15, 1932; thereafter at J02'i and interest lees for each
twelve months elapsed after March 15, 1932
Interest to be payable without deduction for anv Federal income tax up to 2% per annum which the Cor
poration or Trustee may be required '.o withhold. Pennsylvania Four Mill Tax refundable.
Coupon Bonds in denominations of $100, $500 and $1,000
Total Authorized Issue, $100,000,000 Present Issue, Scries "A", $45,000,000
THB CHASK NATIONAL BANK OF THE CITY OF NEW YORK, TRUSTER
For information regarding these Bonds, we refer to the letter dated March 11,1922, of Mr. H. F.
Sinclair, Chairnian of the Board, which he has briefly summarized as follows:
SECURITY: To be secured by pledge of $90,000,000 face amount of First Mortgage 7% Bonds
of subsidiary companies and by substantially all the capital stocks owned except the stock of the
Mexican Seaboard Oil Company.
The $90,000,000 First Mortgage Bonds to be pledged, comprise those of Sinclair Oil 8b
Gas Company ($45,000,000), Sinclair Refining Company ($35,000,000) and miscellaneous
($10,000,000) including Sinclair Navigation Company and Union Petroleum Company. These
bonds, in opinion of counsel, will constitute a first lien subject to $1,255,488, upon substantially
all the important operating properties of the companies located in the United States.
The stocks to be pledged include 50% of the total outstanding stock of Sinclair Pipe Line Com
pany and 50% of the total outstanding stock of Sinclair Crude Oil Purchasing Company, the re
maining 50% of each being owned by the Standard Oil Company of Indiana.
PURPOSE: These Bonds are to be issued in connection with the refunding of $46,429,600 Five
Year Vh% Secured Notes which it is proposed will be called for redemption on November 15,
1922 at 103 and interest. The refunding wiil release for delivery the 50% interest in the stock
of the Sinclair Pipe Line Company sold to the Standard Oil Company of Indiana, upon delivery
of which this Corporation will receive the sale price of $16,390,000.
ASSETS: The preliminary Consolidated Balance Sheet, as of December 31, 1921 shows total net
assets of over five times the face amount of these $45,000,000 First Lien Collateral Bonds; the
net quick assets alone on the basis indicated in this balance sheet are in excess of $45,000,000.
EARNINGS: The Consolidated Net Earnings available for interest and Federal taxes before
reserves for depletion, depreciation, etc. as certified by Arthur Young 8s Company, Public
Accountants, were
Year ended Dec. 31, 1917. . $16,222,654 Year ended Dec. 31, 1919.. .$22,670,898
Year ended Dec. 31, 1918 20,524,588 Year ended Dec. 31, 1920. .. 35,580,415
These earnings averaged about seven times the combined annual interest on the proposed
$45,000,000 First Lien Collateral Bonds and $5,851,090 other debt outstanding on December
31, 1921.
The Consolidated Net Earnings similarly computed for 1921 were approximately $10,000,000 so
that even in a year of business depression and readjustment such net earnings were equal to
about three times the above mentioned annual interest charges.
SINKING FUND: Sinking Fund payable semi-annually commencing December 15, 1922 will
provide for retirement, through purchase, of 50% of the Series "A" Bonds before maturity, if
obtainable at 100 and interest. If Eonds are not available for purchase at 100 and interest with
in 60 days after each semi-annual payment, any unexpended moneys arc to revert to the Cor
poration.
It is expected that application will be made to list these Bonds on the New York Stock Exchange.
The legal proceedings in connection with the issue are being passed upon by Messrs. Hornblower,
Miller & Garrison and Messrs. Rushmore, Bisbee & Stern.
Interim Receipts or Temporary Bonds will be deliverable in the first instance. All offerings are subject
to authorization of the issue by the stockholders, to approval of proceedings by counsel, and "when, as
and if issued" and received by us.
Price 98 and interest to yield 7.22%
Sinclair Consolidated Oil Corporation Five-Year Secured 7!/2%Gold Notes, with all unmatured cou
pons attached, will be accepted at 103 and accrued interest in payment of or in exchange for Bonds
of this issue deliverable on confirmed allotments. This privilege is subject to withdrawal at any time.
BLAIR CO., Inc.
KISSEL, KINNICUTT & CO. WHITE, WELD & CO.
J. & W. SELIGMAN & CO. SPENCER TRASK & CO.
JANNEY & CO. GRAHAM, PARSONS & CO. CASSATT & CO.
THE UNION TRUST COMPANY, CLEVELAND
FIRST TRUST & SAVINGS BANK, CHICAGO ILLINOIS TRUST & SAVINGS BANK, CHICAGO
MERCANTILE TRUST CO., SAN FRANCISCO BANK OF ITALY, SAN FRANCISCO
FIRST SECURITIES CO., LOS ANGELES
The statements presented above while not gnaranteed, are obtained from source? which we believe to be reliable.
TAX EXEMPT
MUNICIPAL BONDS
Are the sarr.e as Governrrent Er- nds, on a smaller
scale, at Higher Rates of Interest. They arc free
from all Federal Income Taxes and with U. S. Government
Bonds are the safest securities in the world.
Our March list, of Municipal Bonds exclusively, covcrs
\ I ELDING
Ten Issues of School District Bonds 6% to 5%
Maturing I to 40 years
Eleven Issues of County Bonds 5%% to 4.70%
Maturing 1 to 40 year*
Eleven Issues of City Bonds 6% to 4^4%
Maturing I to 37 years
Eleven Issues of Township and
District Bonds 6x4% to tyi%
Maturing I to 25 year*
AII of the aknee named 4 ? /mum are Dlreel
0 til gallon Bonds, payable from Central Taxes.
Ten Drainage and other Special
Assessment Bonds 6% to 7%
Maturing I to 12 years
Notice Many Long-Time Non-Callable hmes
Wi sell single bon<!s or any number desired. Apply for circular No.
2200, containing full description of the above and many similar issues.
Wift Jtia/nchctt fRoruL Co:
lINCOKPORATKD 1?10>
MUNICIPAL BOND HOUSE
39 South La Salle Street Chicago
A. H. MANSON, New York Reprcaentatlve
Room 810, 26 Cortlandt St. Tol?phon? Rertor nail And n#i9.
Imperial Ottoman Bank
Capital ?10,000,000 - - Paid Up ?5,000,000
Established for over W Years
London, Paris, Manchester (England), Marseilles,
Constantinople (Calata, Pera, Stamboul),
Egypt, Palestine, Cyprus, Syria, Salonica,
Arabia, Mesopotamia and Tunis, Africa
Associated also with the: Bank of Konnunla,
Ltd., Banque do Syria, Banqu* Franco Sorb*
We are. pleased to announce the opening
of sub-agencies at Ramallah, Palestine,
and at Hamadan, Persia. We now have
our own branches or agents in every im
portant commercial town in the Near East
Payments made against Drafts, Telegraphic Trans
fers, and Travellers' Letters. Clean and Documen
tary bills collected. Information and Commercial
statistics available. Mercantile agencies arranged
A full list of the Branches may be obtained en appli
cation to Messrs. Brown Brothers & Co., New York

The New York herald. [volume], March 13, 1922, Page 16, Image 16
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The New York herald. [volume], March 13, 1922, Page 16, Image 16
About The New York herald. [volume] (New York, N.Y.) 1920-1924