Evening star., 1923-05-07
SUCCESS0 Of SALE Of
GAS 6S UNEXPECTED
Popularity of Company Dem.
Observation-Disclosures Con-
graduated.
BY i. A. FLEMING.

Washington bankers are loud in theiI
congratulations to the Washington Gai
| Company and it's officials over the sue.
cessful sale of the companys per cent
bonds.
Up to noon today over $4,000. 900 ~
| the total of $4,000, 900 offered had beer
| taken by investors at par, net to III,
company. and it is probable that before
the sale closes at o'clock this after.
| noon there will not be much over $3.50,
Ooo left for the underwriting syndicate
the National City Co. and Harris
Forbes &, Co.
This is the first record in Washington
OF direct sale by d public utility corpo.
ration of It's bonds direct to INVESTOR
and without one cent of commission 81
concession in price.
Company officials expected that
| maximum of S2,000.00o bonds might h.
sold to the public, but placed thai
amount as the maximum. Needless
then. to say that they are delightet
their efforts and more than warranttc
their estimate In arranging the sale
The Washington Gas Light c"us.
pany may feel gratifying assurance
the position it holds in the minds ni
the people of the District. placs
won by the diplomacy and tact
Howard Reeside, its president.
1t is also n fact that the success
of the sale may be taken as an in.
dication that the people of Washing.
ton have come to the conclusion that
our local public utility stocks and
bonds are just as good invcstment.
as anything offered and that they
have faith in the management.
1t also demonstrates beyond ques,
tion that the buyers of Washington
Gas 6s are not hostile to that utility
and will not be found lned up win
those who are continually urGiu1
lower rates.
Moreover. it is relief to fn&
citizens, men, women and young pee.
pie, buying good 6 per cent bonds lf
place of seeking to get rich IN oits
or some questionable promotions
! here.
Personal Mention.
William NJ. Phelan president Of TIVE
Washington Savings Bank, and MIS-
Ihelan are spending nrontt ~
Mount Clemens. Mich, where N"
Phelan is TAX ing the baths. on hi'
return the banker Will visit lis
brother, James b. Phelan. vice presi.
dent of the Punxeutawney National
Bank of Punxeutawney, Pa
Frank II. Hall has been appointed
manager of the local office of Graham
Investment Buying.
There was considerable investment
buying on the local stock exchange
as evidenced in the small lots. but il
marked decided improvement in the
security business
Two ten share lots of Railway COM
mon sold at GO. marking the new low
on this stock since the Supreme Court
decisions marked it up to II and a
fraction. the decline having been &C.
complished with scarcely a single
transaction-just gradual T,1o lowering afd q
shares were steady at "a.
Capital Traction is evidently peg
ged for the present at SO.
Washington Gas was little firmei
at 50l4.
Lanston also a little better, witt
sales at rs.
There was no change in the bono
market. Gas 7l2 notes, 103, Potomac
General 6s 100.
Look for big Sale.
Bankers look for 4 large subscrip.
ton to the new Treasury AZ per
cents. The ia s of 1926 are selling at
par with holders generally asking
slight premium.
Bankers are taking a large amount
of the new issue and recommending
it to their customers At AZ per cent
! the issue is a better revenue producer
, tnan d . OF "a per cent DoHu VI stp'
investment, as it"is free of the intan.
gible tax and also of the normal in.
come tax assessment.
The condition of the Treasury oi
the United States is very satisfactory
and gives every assurance that ths
fiscal year of the government VIII
close with a fat surplus and not th4
expected deficit.
Beg Your Pardon.
Preliminary announcement of the
opening of the uptown office of the
American Security and Trust Com
pany, in the Security Storage build
ing named today as the opening day.
The additional office will be opened
for business Monday, the 14th instant,