Evening star., 1924-12-15
v. R. & E.S1,85O,O)O
LOAN AUTHORIZED
Company to Hypothecate
New IS in Refunding Met
ropoIitan IS.
BY CHAs. p. sCHAEFFER.


The Public Utilities Commission has
approved the application of tha
washington Railway and Electric
company to issue $1,s50,000 of its
general and refunding mortgage 6
per cent 1o-year gold bonds made
| short time ago.
Inc issue, as stated in the ordof,
is for the purpose Of refnancing the
utility's obligations Specifically =
loan of s1,s5o,ooo of Metropoiftar
Railroad Company first mortgae &c
os which mature on February /.
Ihere is no intention on the part
| OF the railway company to sell thu
authorized loan at the present time
tnste ad they will be hypothecated and
their loaning value used in meeting
the maturing Indebtedness
Exchange Closes December 20.
The Treasury Department has ar
nounced that exchange subscription
10 the recent long term bond issue
OF two 3o-year fours will close on
december 20. 10 days earlier than
the date set last week. To date more
than s5oo.ooo.ooo in outstandinc
specified obligations of the Govern
i'ment have been offered in exchanE.
for the new loan
Cash subscriptions to the offerinr
| from which the Treasury hoped 70
realize about s200,ooo,o00 in addition
TO the refunding feature, exceeded
sl.4oo 100000. Because of the tre-
mendous offering in cash, the Treas
ury was able to decline all subscrip-
! tons In excess of $4,000 thus cI,-
taining wide distribution of t;,-
new securities
NO limit is placed on the amount az
ceptaoie under the provisions for eA-
changing third Liberty loan AZ.
1 nfn
certlhcates maturing next March l.
| for the new bonds. The Treasur,-
problem of refunding next year VII.
| Dc reduced to the extent these ma
| turing obligations are turned in nov
Dennltive bonds OF the new issuc
| which rs dated and begins beari,
| interest tomorrow. will be ready +
| delivery by the Treasury in a a..
or SO.
Program at Institute.
The weeks study of the local cI
| ter, American Institute of Banking.
| announced S follows:
Tonight. standard banking. Bar.
| and Banking" by F. J. Donohue Nj
Donohue will also discuss Promote.
| and Sale of Securities" before +.
standard economics class Friday er.c-
| ming. Tomorrow night the accountif
course will hear Joseph X. Moyer O..
! Methods of Posting-Trial Balance
| and on Wednesday night Raymond !:
Dlckey Will lecture on miscellaneor
| commercial law subjects. The e.e-
mentary banking class THURSDAY eve
! ming Will be in charge of Eliot !.
| thomson, on Bills of Lading" whii-
on Friday night the new credits clas
| Will meet with r. Gordon Finney O.
| Statement Analysis" in the Chant
| rooms, coincidentally with the deb2
ing class. in the quarters of the Wa
ington Stock Exchange
i Union Trust Dividends,
Directors Of the Union Trust Cos:
pany have declared an extra divide.
of per cent in addition to the reg,
lar quarters disbursement of IL y,
cent. The extra will be paid on l.,
| cemb "a to stockholders of recus.
! December 10, while the regular qua-
terly will be paid on January 10
| stock Of record December 81.
Trading on Local Board.
Activity in Lanston Monotype sto
provided todays feature on the Was
ington Stock Exchange, with i"
| shares selling at rs. The mark
was spotty, Capital Traction suffer
1 ing from weakness, which drove tn
price down to 9114 on sales of
shares Gas stock. on the other han.
sold at 1919. Railways Is brough:
76k, and Capital Traction 5s wer"
unchanged at 9S$t. Gas IS @er
| pegged at 1919. but the 5s OF til
company were frmer at 80.