Evening star., 1914-11-25
WILL SELLAT BEST PRICE
$6oo,oOO0 OF NEW BONDS
Washington Gas Company Is Order
ed to Advertise Forthcoming Is
sue Of 5 Per Cents.
Local Stock Exchange Governors
Consider Reopening at Meeting
to Be Held Friday.
BY I. A. FLEMING.

! The public utilities commission has
granted the Washington Gas Company
permission to issue 100000 of per
cent bonds to reimburse the corpora
tion for expenses in connection with
new piping. etc. The ruling Of the COM
mission also prevents the usual method
of sale. to shareholders at par, but
provides that the bonds shall be Of
fered to the highest bidder.
/ This action will take away rights
of a value Of four or five dollars per
thousand on bonds that might have
been acquired.
| The Washington Gas Company will
notify its shareholders of the action
Of the commission. and that they have
no rights further than any one else, all
having an equal bidding privilege.
The business of the corporation is
said to be keeping steadily above the
fiscal year will end. according to the
best obtatnable Information, with
fair carry to surplus account.
Exchanges Opening.
1t is an encouraging sign that eX-
| changes here and there are opening
| their doors, even though they are not
| removing restrictions. These latter
are permitted to remain in force to
check discriminate selling; to prevent
that large contingent known as the
pears from making vicious raids on
TINS or that security in the early stage
Of the markets convalescence, and for
the further purpose Of not causing too
violent shrinkage OF margins on col
lateral loans.
bond trading. under restriction, Satur-
day of this week.
Chicago has removed all restrictions.
In the meantime in Washington, con-
sesvative. more Independent of outside
influences than any other city, SO far
as securities are concerned. the ex-
change remains closed.
Chicago, Boston, New York and other
cities have set the. pace 1t would
readily make such restrictions as nee
essary to get under way. for a partial
reopening would be better than the
present existing conditions.
There ts splendid local investment
demand for bonds. and even opening
for bond trading would be a start.
The governors will meet Friday to
discuss reopentng.
Reserves on All Deposits.
Controller of the Currency J. Shelton
Williams has issued an announcement
that hereafter national banks will be
required to maintain regular reserves
on government the same as on other
deposits.
This is a new ruling. as heretofore
the banks have not been forced to
maintain reserves on the deposits for
which they pay 2 per cent interest, and
are obliged to put UP acceptable Sc
curity.
Union Pacific Fiscal Report.
Union Pacific for the year ending
June 80. 1914. earned 1909 per cent
for the common stock. compared with
1914 per cent for the previous fiscal
year.
Some items of interest are given.
Taxes increased over $40o. 200. net op-
Grating income decreased $4,000, 900
During the fiscal year investments
were made In securities Of other COM
panies to the extent of $5O,s97.106. par
value. This list included short-term
s1O.e7s.0o0. and s21.ss0.o0o other Sc
curities.
Total resources, seos.ssa4sl Profit
and loss surplus, $90.5S6.4Se-
New Currency.
New five and ten dollar bills of the
federal reserve system. handsome and
attractive, reached Warrington this
morning from the regional bank OF
New York city. Demand exceeded sup
ply.
Emergency currency is being retired
at the rate Of s3.oO0.000 a day. AT the
close of business yesterday there was
stlIl outstanding 1886. 900 400. as COM
pared with maximum october "a of
SS77 900, 900.
Financial Gossip.
II begins to look like a general, free
and unrestricted reopening of exchange
before the new wear is far along.