Evening star., 1921-10-20
PEPC0 TO FLOAT
NEW BOND ISSUE
S2,200,000 General Is Au.
thorized and Sold Con"
ditionally.
BY ]. 4. FLEMING.

BN j. n. FLEMING.
Directors of the Potomac Electric
Company yesterday gave their APP
provaI to a new form of mortgage
frequently referred to as an open
mortgage" Under it any number OF
authorizations may be made. each
having its own date of maturity
amount, etc. with the rate of interest
fixed by the utilities commission.
Eventually all of the refundins
operations of the company will be
carried out, as becomes necessary
under this mortgage. giving the com
pany the chance to take advantage ol
Inducements i'll rates and of different
conditions in the money market.
Under this mortgage an issue oil
$500, 600 per cent twenty-yeai
bonds We're authorized. of which
$l.400,0o0 will be substituted for a
like amount of Us remaining in the
treasury of the company.
The entire issue has been sold sub
jcct to approval of the general coun-
sci of Harris, Forbes u Co. and the
National City Bank of New York city
and of the local utility commission
There is no refuuding operation IN
this transaction. us the company has
no maturitIeS until 1875.
The proceeds of the bonds Will be
used TO reimburse the company for
capital expenditures made.
Local Securities.
An unusually larg" number OF
transactions were recorded on today 5
session of the Washington Stock EN-
change. not so much in the aggregate
business as in the number of different
la.
Seven different securities showed or
the sales sheet.
otherwise there was nothing of inn
portance indicated in the trade, othe
than strength in Washington Gas o.
OF the same corporation at 1o3.
Elsewhere prices Wer" relatively
steady. but without change.
Railway is brought 59ls: Riggs
Building short maturity, "a; Potoma,
Consolidated SIS, N5%i
Washington Gas shares furnished
the only sales in stocks. with ths
price for the shares named, 1875 Il
asa.
Call for stock Payment.
Messrs Winter. Foster and Robert
son, trustees of the Banking Trust
and Mortgage Company, have called
2 upon the shareholders for a payment OF
stock. to be made November l.
War Finance Loans.
The War Finance Corporation an
nounces loans approved as follows
100000 TO a Georgia bank for cot
ton expectation; $4,000 to a GeorSl IA
bank for agricultural loans; S6o,oot
loans to d financial institution IT
Texas on live stock. and loans OF
S21.O00 and S42, 900 to Texas banks Oh
live stock loans.
Open Meeting.
Bankers should not forget the
Washington Chapter. a. /. t.. oper
meeting at the New Willard this
evening. George o. Watson, presl-
dent of tho Liberty National Bank
will be the speaker of the evening
devoting himself to the work of the
institute. the graduating classes ano
the outlook for the local chapter. Al
are Invited The drive for member
ship. 1000 members. will start to-
night.
Cities Service Company.
Cities Service Company for September
and twelve months ended September &c
reports earnings, with comparison
with September, 1920, as follows:
l".l Changes
surplus after chg 5lo.aI5 Dee. 1.37394l
!. months, gross.. l.'S9i o., De- .'S,3 20, ~ ~
surplus after chg. IL, l9btJS Dec. 1891 %.
Earnings for September do not 1t
fleet the advance of 80 cents Il barrel
in midCOntineDt crude prices, as the
first advance of - cents barrel was
made on September 80 and the seconC
advance On october 3. according tc
officials.
Credit Clearing House.
Reports of the Credit Clearing House
of New York for the week ended to-
day indicate unusua. post-seaSon pur'
chaSeS by merchants. especially in the
southern agricultural and eastern
sections and brisk buying by the
public in the middle agricultural anC
mountain sections.
While purchases are slightly higher
than a week ago. they are less thar
a year ago, and under the two-yeal
average. Indebtedness is higher thar
year ard also than two years ago
Payments are less active.
For me entire country the indebted.
ness iss 20 per cent greater than {
week ago, while payments are 80 pei
cent less and Is per cent below two
years ago at this time.
Indebtedness has increased in every
section of the country. the mountain
section showing an S.4 per cent in.
crease. Payments, as indicated by
the increase in Indebtedness. have
fallen off in all sections except in the
mountain and southern agriculture
sections.
In the east section the unusually
warm weather has held back buying
by the public, but merchants are con.
tinuing to purchase more actively
than usual at this season.
This is clearly due to the coming
conference at Washington and the
fact that merchants are sensing {
great winter trade.
The report of the Republic Iron and
Steel Company for the third quarter
of 1921 shows a deficit of $1.39S.4lO
as compared with a surplus of $685.
S73. or $9.56 n share on the common
stock for the corresponding quarter
of 1920.
Thus it is evidenced that the re-
covery in the steel and iron business
the barometer of trade. has not ma.
terially recovered from its depression
This was further shown when tn,
ported it's untitled orders. with an in
crease of but few tons, where
material enlargement had been eX.
Dected.
For the nine months of 1927 the Re
public Iron :Ad Steel Company show E
net loss of y o&>.?52, comparing with
year.
Last year for the nine months III,
company paid S l.350.00 dividends OIL
ferred distribution. The comm OF
100 SO far this year and this sun
is probably the years total