Show SI S. L FINANCIERS BACK NEVADA LIVESTOCK Investment Bankers Establish Establish Establish Es Es- Claim to Business Business Business Busi Busi- ness of Region One o of the most Important pieces of f financing ever eyer undertaken by Salt Lake investment bankers was was announced th this s morning by Eugene 3 B. B Palmer o of the Palmer Bond 1 Mortgage company Fred E. E Smith I Central Trust company and Ross Rosa I Season Beason of Ross Beason Season com composing corn com comi i posing a syndicate which has underwritten underwritten un un- an issue of ot first mortgage bonds o of the Steptoe Livestock company of ot Nevada This is th the first syndicate that has been formed In Salt Lake of ot local investment bankers for the financing fi financing financing fi- fi and handling of or a large bond issue of ot this nature It is stated by Mr l Palmer Corporations o of this nature in the Rocky mountain moun moun- tam tain region In the past he states desiring to Issue bonds have looked looke to the Investment bankers of of ofDen- ofDen Denver Denver Den Den- ver or the Pacific coast for Underwriting underwriting un un- the issue It is an important step he states and means that in the future corporations corporations corporations cor cor- such as the Steptoe Livestock Livestock Livestock Live Live- stock company and oth other r Important ranch and commercial industries of ot the surrounding states will look toward Salt Lake as at a center for financing rather than to the In Investment investment investment in- in vestment banking syndicates of the East Pacific coast or even Denver ALL ABSORBED HERE The bonds were being offered to Investors today and according to members o of the syndicate the issue will be entirely absorbed locally The Steptoe Livestock company is one of the large and successful sheep and cattle concerns in Nevada Ne Ne- vada Members o of the syndicate announce that the bonds bond are re reI rese I se secured secured secured se- se cured cured- by a a a. closed first mortgage on n the company's real estate comprIsing comprising com corn acres of land in Elko and White Pine counties Nov Nev appraised appraised appraised ap ap- ap- ap praised at by a San Francisco Francisco Fran ran cisco firm The company company com corn pany under the terms o of t the e bond issue will be required to Ito o maintain at least sheep and head o of cattle with a limitation upon current liabilities a as additional se securIty security security se- se for tor the loan An audit of ot the company's condition condition condition con con- shows total tangible assets of and av average rage earnings since the company's organization o of a year ear Profits for tor the current current current cur cur- I rent year are estimated at between and WELLS MEN INTERESTED I H. H A. A Agee president and Dr A. A C. C secretary and treasurer treasurer treasurer treas treas- o of the com company pan are l located ca ed at Wells Yells Ne Nev and are In active charge of the company affairs having been engaged for tor more more than twenty five years In the livestock business at Wells cUs Before the Salt Lake syndicate which was formed to underwrite the bond Issue agreed to do doso doso doso so Its members had In addition to the appraisal and audit a thorough Investigation of the company's I properties by A. A E. E Kimball and Fred red C. C Jensen both practical stock men and bankers o of Salt SaltI I Lake The bond sue issue was made It Is I stated to enable the Nevada comI company com corn I pany to pa pay ot oil off bank loans anti and In Increase Increase inI in- in I crease the herds of sheep The company is reported to have havo ties for approximately head I o of sheep cheep but at the ibe present time Is grazing slightly less than 16 head Tho The success of this refinancing undertaking b by Salt Lake investment investment invest invest- ment bankers It Is stated will mean that Salt Lake will wUl rapidly become the financial center enter for tor such financing for the Rocky mountain moun moun- tam tain region Independent o of assistance assistance assistance assist assist- ance from outside sources Other Important refinancing undertaken undertaken un un- un- un In Salt Lake was the successful suc sue floating of the bond issue o of the Morgan Canning company re recen recently to- to cen ly by J. J A. A Hogle Co |