Evening star. [volume] (Washington, D.C.) 1854-1972, 1914-10-17
utility COMMISSION
APPROVES BOND ISSUE
Authorizes Potomac Electric Light
and Power Company to Put Out
$271,OO0 S Per Cents.
Movements Of Money for the Week.
Southern Railways Strong
Position-Gossip.
BY I. A. FLEMING.

BY I. A. FLEMING.
| application having been made to the
public utilities commission of the Dis
trict of Columbia by the Potomac Elec-
trio Power Company, under the pro-
visions of the law creating the commits
sion, for the certificate of authority for
the issue and sale by said company of
\ bonds to the amount of two hundred
and seventy-one thousand dollars
| ($271,OOO). face value, said bonds being
portion of the seven million-dollar
issue of consolidated mortgage bonds
Of June 80. 1906, Of the said company.
and it being now the opinion of the
commission:
First, that the money to be procured
| by the issue and sale of the said bonds
of the Potomac Electric Power Com
! pany to the amount of s271.o face
value. is necessary to and reasonably
bursement for the acquisition of prop
erty and the construction, completion,
| extension or improvement of its plant
or equipment. and particularly for the
| purposes which are hereinafter stated
in this order; and
second. that the expenditure of mon
| ey for said purposes is not in whole or
in part reasonably chargeable to OPP
Grating expenses or to income; it is Or
dered:
THAT the public utilities commission
of the District of Columbia does here
by authorize the issue and sale by the
| Potomac Electric Power Company of
two hundred and seventy-one thousand
dollars (s271, 000) face value of prin-
| cipal of the aforesaid issue of bonds
of June 80. 1906, of the said company:
and
THAT said sale of bonds is author
lied upon the conditions following, and
not otherwise. to wit:
| First, That the said Potomac Elec-
trio Power Company shall sell the said
| bonds hereby authorized at the high
est obtainable price under such details
of sale as may be approved by the
commission.
Second, That the proceeds thereof
! shall be used only for reimbursement
the construction, completion, extern
sion or improvement of the company's
plant or equipment as specified by the
said company in papers marked 'sched-
| ule A and schedule B. properly sworn
to and submitted to this commission
with the application of the said COM
pany.
Third That said company shall keep
| showing the receipt and application in
detail of the proceeds of the sale of
the bonds hereby authorized to be is
| sued, and on or before the 18th day of
JdHudTy ana the loIH OdV OF July the
company shall make verified reports
to the commission until the bonds shall
have been sold and the proceeds thereof
expended, stating the sale of bonds
during the previous period of six
months. the terms and conditions of
sale, the moneys realized therefrom.
and the use and application of such
moneys.
THAT this certificate of authority for
the issue and sale of said bonds is not
to ha OF III a a
this commission of the Sufficiency OF the
security for the said bonds. or for any
bonds issued by this company, but is
understood to mean that the company
may and Is required, under the penal
ties prescribed in the organic act of the
commission, to apply the proceeds from
the sale of the said bonds to the pur-
poses specified in this certificate, and
to no other purposes.
THAT this order take erect mn
mediately and continue in force until
otherwise ordered by the commission.
Movements Of Currency.
Reported movements of currency this
week indicate gain in cash by the
banks of about $12,000.000.
Banks received from the interior $16,-
$780, 900 and shipped to the interior 3d.
$4,000, Including $4,000 national
bank notes sent to Washington for re-
demption. The gain from the interior
was s11.953.000.
Gold exports amounted to $7,s59,000
to Canada.
Ordinary disbursements by the sub
treasury were $17,460,000. Payments by
the banks for customs. internal reve-
nue., etc, amounted to $9,561.00O, show
ing a gain on Subtreasury operations
proper of $7.S99.000. This made a net
gain of 11,993,000.
The large gain on subtreasury oper-
ferred by interior banks to the gold
fund committee in response to the call
on the rs per cent installment.
Short Term Notes.
Amalgamated Copper IS, due March
Is. 1915, are now quoted 991s bid, 99h
asked. about 6A per cent basis.
Baltimore and Ohio AVS. due June 1.
1915, are 9SA a985s, about SIS per
cent basis.
General Rubber AVS. due July 1, 1915.
are 97ha9sA. on per cent basis
Bethlehem Steel SIS. due June IL. 1915,
are on the same basis.
American Tobacco per cent scrip,
due September l, 1915. is 9914 to 10OA
fat.
International Harvester 5s. due Feb
ruary Is, 1915, are 99A a999s.
Southern Railways Showing.
Southern railway reports show that
approximately ~ cents has been put back
into the property from earnings for
every dollar that has been paid out in
dividends. Since organization Of the
company in 1894 approximately s24.5oo.-
900 has been added to investment in prop
erty that has not been capitalized, and
from the earnings of that period. $685.
45S,sO4 has been paid in dividends on the
preferred stock, including the last decla-
ration Of scrip dividend of s1.200,000.
At the close of the first year after re-
organization of the roads that went into
the Southern railway system the total
property investment appeared on the
books as s242,e3s,225. June 80 last it
was s45s,737,2ss, or s216,7ss.o63 higher.
In the same time the outstanding bonds
and stock of the company increased
s192,329,11O, leaving the margin of s24,-
46s, 593 in property investment that was
supplied from income. That was at the