The San Francisco call., 1913-08-01

MAY RENE W NOTES
FOR SHORT TERMS
Railroad Commission Issues
Order Permitting Total
Period of Year
Under Such Conditions All
thority Need Not Be APP
piled For

An order was issued yesterday by
the railroad commission permitting the
renewal of notes by public utility
without application TO the commission
provided that the combined terms of
an original note and it's renewal does
not exceed u months The order fol-
lows:
Whereas section 70 of the public utilities act
provides in part that "a public utility may
issue notes for proper purposes and not in viola
tion of any provision of this act or any other
act payable ar periods Of not more than 12
months after the date Of the issuance of the
same without the consent of the commission.
but no such note shall, in whole or in part. be
refunded by any issue of stocks or stock certfn-
cstes. or of bonds. notes OF any term or char
acter. or any other evidence of indebtedness,
without the consent of the commission
Tt is hereby ordered that in case a public
utility issues its note for proper purpose and
not in violation of any provisions or the public
utilities act any other act. payable at a
period Of not more than u months after the
date of issuance Of the same. the railroad COM
mission hereby gives its consent TO the renewal
refunding of such note by means of another
note or notes without application having nrst
been made to the railroad commission. provided
that the combined terms of the original note
and the renewal or refunding note or notes shall
not exceed the period of 10 months. In each such
case the utility must Immediately send to the
railroad commission written statement showing
all the terms. both Of the original note and OF
The renewal refunding note or notes. As a
demand note is payable at any time when de-
mand is made. which time may be more than y
months after its execution such note will be
considered as being note payable at period of
more than u months after the date of issuance
Of the same.
PACIFIC l.. e. p. STOCK
Authority has been granted to the
Pacific Light and Power corporation
to issue s2.5000O0 par value Of its
first preferred capital stock. The de-
cision allows the corporation to sill
% 900 shares of this stock at a price
not less than $50 per share.
The Pacific Light and Power corpor-
alton supplies electric power to
large portion of the city of Los An
geles and surrounding country. 1t is
now constructing a large hydro electric
plant on Big Creek This work viii
cost in excess of $4,000. 600. The COM
pany has already expended upon the
project $500, 900 and the present au-
thorization is to provide money to.
carry the work toward completion.
y
TO ISSUE STOCKS OR NOTES
Authority was granted by the rail-
road commission yesterday for raising
money as follows:
To the Hanford Water company to issue s47,-
coo Of stock The money will be used in salts
faction of advancements made for the purpose OF
paying on SAT 900 OF bonds.
To the Pacific Gas and Electric company to
issue promissory notes in the Of $3.50. -95.
To the Santa Maria Gas and Power company
TO issue a note for $1,000.
Extended the effective date OF its previous
order authorizing Citrus Belt Gas company to
issue stocks and bonds from January /, 1914, to
June so, 1914.