The San Francisco call., 1913-09-24
FINANCIAL AND COMMERCIAL NEWS
NE VI NOTE OFFER |
Of PACIFIC GAS
S4,500,000 of Short Term
Gold Issue to Be Approved
by R. R. Board Today

n. W. Halsey & Co. announce today
an offering of $4,000. 600 Pacific Gas
and Electric per cent gold notes,
dated July /. 1918. due June 25, 1914.
and opeional at any time at $100.50
and interest. The notes are in de-
nomination of $1,000, with privilege
OF registration as 10 principal. The
terest and Will yield So per cent on
the investment The issuance and
pledge of the bonds securing these
notes has been approved by the rail-
subject to the approval of the COM
mission as to the form of note agree
ment, on which a hearing is being
held today.
In connection with the gold note
Offering today the Pacific Gas and
Electric company has given out a
statement OF It's earnings for the year
ended June 80, 1918, as follows:
Operating expenses. maintenance
and taxes s......s..,...........- s.s12, $40
Net earnings .................... se,47l ,es7
Bond interest paid .........-...-.. 3,757. Ts4
balance ..................... s2.7i4,9os
notes -. = -. - 27o,ooo
Available for dividends, deprecia-
ton etc.,. .......-.-. 81, ,444. .203
The annual interest charge on all
bonds now outstanding. including
bonds in sinking funds. amounts to
$3,902, $50 leaving a balance available
for payment Of the s27o. 900 annual In
terest on per cent notes s2,569,o97,
or nine and half times the interest
requirements
The William r Stats company an
nounee an Offering Of $780, 900 s per
cent guaranteed coupon notes of the
Oroville Orange and Olive Groves, in
denominations Of $500 and $1,000. on
basis to net the investor per cent
The notes are secured by closed first
mortgage on the properties Of w. p.
Harmon at Oroville and Palermo. con-
sisting Of 1872 acres, of which 477
acres are In olive and orange trees.
"
Much surprise was expressed in To-
cal financial circles this morning by
the resignation of w Edwards. man
California Mr.. Edwards had been
with Standard Oil for % years, be-
ginning as stenographer in Lima.
o. Mr. Edwards gives as the cause
looking after his own oil and min
ing interests in this state Ais sue
cessor has not yet been announced.
The railroad commission has issued
a supplemental order modifying it's
previous order granting the Southern
California Edison company authority
to issue $4,000 of It's common capt.
tai stock. The original order al
lowed the company to pay $3.50 per
share commission. and the present or
der allows 1t to pay IS per share COM
mission on the stock.
X
The railroad commission has issued
an order granting authority to the
Pacific Gas and Electric company to
put into effect a rate of Z cents per
kilowatt hour for electric energy to
supply the Orc Electric corporation
in caiaveras and Butte counties.
F. Tracy Crane Of San Lorenzo.
Alameda county, has filed a complaint
with the railroad commission against
the San Francisco-Oakland Terminal
railways. He charges that the COM
mutation rate of $3.50 between Oak
land and San Lorenzo on the line Of.
the San Francisco Oakland Terminal
railways is discriminatory in that
81 rate is given for equal and less
distances to other points. He asks
that the commission compel the COM
pany to establish a 81 communication
rate between San Lorenzo and Oak
land.
X
The improved tone in the New
York stock market last week Is as
crlbed by J. s. Bache & Co. as due
principally to the strength of Union
Pacific.