The Washington times. [volume] (Washington [D.C.]) 1902-1939, 1923-05-14
REPCO BONDS
ION SALE
TODAY
Washington investors Display
Liking for New Issue OF
-Pepco Bonds.
by HARRY GUSACK.

washington investors, WHO SuoW-
cd ssuch a liking for bonds or the
Washington Gas Light Company
last week, continued to display par
tiaHtys for local utility bonds by
subscTibing heavily today to the
new issue of $4,OOO,OOO general and
refuhding mortgage 6 per cent gold
bondsof the Potomac Electric Pow
er Company.
day by the National City Company
and Harris, Forbes and Company,
at 1Of11z and interest, to yield ap-
proxirlately -5B per cent. The
bonds: which are due in 1868, are
redeenmble at the option OF the
company at l07h on or before
April u, 1888, at los thereafter to
and Including April 1, 1913, and at
1925 thereafter, prior to maturity
The announcement of the new
Issue offer sets forth that the gross
earnifigs of the company for the
twelve months ends March 81 were
SIS, 342,896 and net earnings $2,51S,
312. assAfter interest charges, the
balances for depreciation, dividends
ETC. ESM<Ab %1, tCopo0o' AhSANA9 SAN
preseE1t issue, the bonded debt OF
the. company with the public is less
than so. per cent of the value OF
thes playsical properties.
aS. Issue Oversubscribed.
AZ billion dollar subscription to
the, Treasury's May Is issue Of Az
pers Gent four-year refunding notes
wal sanrlounced today by Secretary
Mellon. b Reporting the oversub'
aubstRiption for the issue. which
waS S6r about $500, 1000, 900, Mr..
MeIl6h stated that the total sub
scripkion, including exchanges, ag'
gregated $1,000. 100000 on Saturday,
when the books closed for cash pur-
chasess
Books for exchanges are being
kept Sopen for a time longer, which
is expected to materially exchange
the FINAL volume of subscriptions
to tlfeaoffering. Although the issue
was for only $500, 900, it is be-
lieved4I1at the Treasury will allot
about Is 500, 900 900 of the new notes,
The amount of the allotment de-
pending on the total of exchanges
for Victory notes.
Thssubscription books closed sat
urdaf;. May IL. 1929" Mr.. Mellon
said, N."sexcept for exchanges of Az
per- cent. Victory notes pursuant to
the right to allot additional. notes
in exchange for Victory notes which
was reserved in the official circular
annoilncing the offering. Exchanges
bare epEoeeeding satisfactorily, ana
the Books for exchange subscrip-
tons win remain open a few days
longers in order to give holders OF
AZ per cent Victory notes through
out the country additional time In
whichS:to make the exchange. Fur
Their "details as to subscriptions and
aIlotineIlts will be announced when
final report are received from the
Federal Reserve banks"
Successful flotation Of the Treas
ury's May financing means the vir-
tual oorppletion of the task OF re-
funding sor retiring the $500, 900 900
short date debt. The immediate re-
funding accomplished is the trans
ferrIng-ef the remaining SITS. 200, 900
of Victory notes maturing May 20.
But actually the Treasury has dis
posed LOT more than $1,000, 900, 600
of Victory notes, Treasury certifi'
cates*and war savings certificates
matuihg over the past two years,
By idisposing of the May maturities
with the present issue the Treasury
plans to- hold it's June Is financing
to a nominal figure, as the second
installInent of income taxes will be
payable on that date and only a
small amount Of outstanding obliga'
tioris mature at the same time.