File:Bell telephone magazine (1922) (14569530169).jpg

Identifier: belltvol20elephonemag00amerrich (find matches)
Title: Bell telephone magazine
Year: 1922 (1920s)
Authors: American Telephone and Telegraph Company American Telephone and Telegraph Company. Information Dept
Subjects: Telephone
Publisher: (New York, American Telephone and Telegraph Co., etc.)
Contributing Library: Prelinger Library
Digitizing Sponsor: Internet Archive

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every issue should be underwrit-ten, it is readily conceded that in thecase of Telephone it matters little tothe company. Nevertheless, in the light of the un-certain times which the nation faced in July, and still faces, no one couldfeel completely sure about an offer ofbonds to stockholders which neces-sarily had to remain open for subscrip-tion for a month and a half after theterms were set. Fortunately, the mar-ket quotations for stocks as well as forbonds held moderately firm duringthis period. The price of A. T. & T.stock slid off a bit under pressure ofthe new financing, but rights to sub-scribe for the Convertibles never soldon the New York Stock Exchange be-low 1%2 ($1.21875) and the closingprice on the expiration date, August29, 1941, was V%2 ($1.5625), thehigh for the period. Since eight rightswere required to subscribe for each$100 of bonds, these prices for rightsrepresented an equivalent low for thebonds of 109/4 and an equivalent highof 112M.. At 109% the investment
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SinscHiiuNt; IN IkmsonThe Treasury Department established a temporary counter in the lobby of the A. T.building for the convenience of people wishing to make subscription personally ^ T. 226 Bell Telkphoisk Maimzlne NOVEMBER yield on the bonds to the earliest calldate at par in 1953 was 2.08 per cent.Under these price conditions, a fullsubscription for the offer was assuredif stockholders took care to exercisetheir rights or to sell them in the mar-ket for others to exercise within the al-lotted time. As the expiration dateapproached, this remained the onlyuncertainty. Not until the final clos-ing, however, could the Company de-termine to what extent stockholdersmight be overlooking the value oftheir rights. 95.4 Per Cent Subscribed Up to Wednesday night, August 27,subscriptions for only $65,000,000 ofbonds, or 28 per cent of the amountoffered, had been received. By theclose on Thursday but 4 per cent morehad come in. This meant that some $135,000,000 additional had to besubscribed by

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