Word: edisons
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Dates: during 1930-1939
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Bankers for the big Insull operating properties rubbed their hands in satisfaction last week. The $65,000,000 load of short-term debt left by Samuel Insull had been lifted from the necks of Commonwealth Edison, Peoples Gas, Light & Coke, Public Service Co. of Northern Illinois. Commonwealth and Peoples long-term issues had been gobbled up by investors (TIME, Aug. 15); Commonwealth 5½'s had been quickly bid up 5 points above their issue price. A $20,000,000 Public Service issue was marketed early this week. With independent accountants the bankers had been over the books...
...Corp., and lost only voting control of that (TIME, July 25). To reimburse the banks which had financed its purchase by a group of Rochester business men, an $8,500,000 bond issue is contemplated. Though the New York Public Service Commission lashed Mr. Hopson for "milking" Staten Island Edison and refused to sanction the sale of $8,500,000 long-term bonds to pay off notes, he promptly offered to exchange the notes for a new 364-day issue. The Commission has jurisdiction only over borrowing of a year or more. All but $1,000.000 of the maturing issue...
Other steps taken by Mr. Hopson to pull himself out of his fix: 1) as with Staten Island Edison, offering to exchange new bonds for those falling due; 2) borrowing $3.500,000 last week from a group headed by Chase Harris Forbes and Halsey, Stuart & Co. to pay off holders who turned down his offers; 3) starting an intensive campaign to sell strong mortgage bonds of his operating subsidiaries to his customers and his security holders...
Commonwealth Edison. When Samuel Insull retired from the chair of his three biggest operating companies, he left them with $65,000,000 of notes maturing this summer (TIME, June 13). One of the first moves of his successor, Chicago's hard-working James Simpson, was to arrange bank loans to take care of them until long-term bonds could be floated. Last week Continental Illinois Co. led a group which offered $18,000,000 of 5½% mortgage bonds in Commonwealth Edison at a price of 93. They were quickly gobbled up and by the end of the week...
Heartened by the public appetite for Commonwealth Edison bonds, bankers promptly put a $20,000,000 issue of Peoples Gas Light & Coke on the market, laid plans for a Public Service Co. of Northern Illinois issue in the near future...