Evening star., 1923-07-09
GAS LIGHT BONDS
READY FOR BUYERS
Subscribers Are Notified.
Trading on Local Exchange.
Notes.

Subscribers to the issue of Wash
ington Gas Light Company bonds.
foated in April last, are being no.
titled individually by the company
that small lots of the bonds. as they
are printed, are ready for delivery.
and will be issued upon presentation
OF receipt covering subscriptions. 1t
should be understood, however. that
any attempt to secure these bonds
before notification by the gas COM
pany will be futile.
Slightly less than 5000 Washing
tonians subscribed to the fotation,
which was handled by the banks Of
the District and by the company's
force. and pending delivery of the
certificates. were give a receipt for
their money.
The issue is considered unusually
attractive, and is held almost exclu-
sively in the District, small bondhold-
ers being in the majority.
Well variegated trade OF light vol
ume ruled on the Washington Stock
Exchange today. Recent favorite is
sues were dlIlOSL neglected.
Railway preferred stock recovered
one-eighth of a point in sales aRgre-
eating fifteen shares, closing at 70.
and Capital Traction was unchanged.
fuctuating mildly between 80 ana
9sA. Gas sold at 4SA. Merchants
Bank and Trust Company sold to the
extent Of twenty shares at 1271a to
127, and Mergenthaler was firm at
l149
On the investment side of the mar
ket Traction 5s brought 96h and 81,
Pepco 5s. 97b: 6s, 101l2, and Rail-
way as, 70A. e.
Telephone stock strong. -
American Telephone and Telegraph
Company stock, which is listed on
the Washington Stock Exchange,
stood up remarkably well during the
recent market decline, due to its
growing earnings and strong fnan-
clal setructure. Selling at 121, II is
out "a points below the highest price
or the year and II should be recol-
lected that it sold ex-dividend with
In the last few weeks. which was
t2A points off the price.
AS matter OF fact, investment de-
mand man Tor American Telephone and
and, Of course. the number OF share
noIders increases There are ap-
proximately 265.0oo registered share
aoiders today, an increase of $1,000
January L. 1873 The average
eight
statistics show that about one per.
son out of every forty-six who has
d q Beli telephone owns some American
does not take into Consideration the
pubic ownership in the bonds or
associated companies. Taking these
securities into consideration it would
appear that one person out of thirty
t- tao
the securities Of the telephone COM
panies
1t is interesting to note that not
mo- more than per cent of the American
Telephone and Telegraph stock is in
the name of brokers, and even this
does not mean that the entire S per
cent is held for speculation. for in
some cases brokers are actual inyes-
| tors in the stock while in other IN
| stances they hold them for other in
vestors.
| When the telephone bell rings IL
| sounds to the extent Of 1926, ,06o, 900
| more than 53.300.00o exchange or
local calls and 100000 toll or long
dist distance calls. For the use OF the
more than $500 different teiephone
directories. These require $4,000, ,0c0
| pounds OF paper stock annually.
| Personnel OF the system aggregated
ir h4S'eoC persons, which is approx
so that more than 100000 actually
| receive income directly from the
company without taking into CON
sideration the bondholders and sub
sidiary shareholders. 1t is estimated
| that about 100000 are receiving
income directly from the telephone
TEN.
New Bond Issue Awaited.
District bond circles are keepinr
close watch on Ottawa for word az
sne 1orthcom'ng Dominion bond issue,
put expectations are that no an
nouncement will be made until Sep-
tember and possibly not until oc
| tober. as Finance Minister Fielding
IS anxious that crops be harvested
oe1ore undertaking the proposed
| financing.
On November 1, approximately STE
VVV,ooo OF victory bonds fall due. and
II IS understood a per cent refund.
! ing loan will be offered II is daa-
| nitely known that Mr.. Fielding has
! sounded out the London market
where, all other things being equal.
ne farors an offering New York
however, will be sounded before defs
mite steps are taken
Local Bankers to Join Tour.
A tour de luxe" for the eastern
! chapters of the American Institute
| OF Banking has been arranged. which
! VIII follow the annual convention to
| be held in Cleveland shortly. The
| tour VIII take in Niagara Falls. To-
| ronto. Montreal. Quebec, lower st
Lawrence river, Lake ChampIain,
Lake George and the Hudson river.
1t is understood a number of the
local delegation will take the trip.