Business: New Security Issues

Ever since the turn in the stockmarket, investment bankers have been rapidly putting out new security issues, rather with the air of making hay. The principal issues recently “floated” include the $100,000,000 American Telephone and Telegraph Co. debentures; $6,000,000 State of California gold bonds; $20,000,000 Southern Railway 6’s; $5,000,000 City of Los Angeles 4¾’s; $2,156,000 City of Akron 5’s and 5¼’s: $1,200,000 Mississippi Power and Light 6y2’s; $5,400,000 Chicago and Alton Equipment Trust 6’s; $2,000,000 Pennsylvania Water & Power Co. 5½’s; $15,250,000 Chicago and North Western Railway 5’s; $1,000,000 Nevada-California Electric Co 6’s; $2,000,000 Chicago Joint Stock Land Bank 5’s; $2,400,000 Ohio Public Service Co. 6’s, $2,400,000 Electric Bond and Share Co. 6% cumulative preferred stock; $4,000,000 Palmolive Co. 1% cumulative preferred stock; $23,100,000 Southern Pacific Co. 5% Equipment Trust certificates; $8,300,000 Minnesota Power & Light 6’s; $4,000,000 West Penn Co. 7% preferred stock; and $15,600,000 North Carolina 4¾’s and 4½’s.