Evening star., 1925-09-08
TREASURY ISSUES
NEW CERTIFICATES
$3.50, 900, 900 Nine Month
3 Ia Per Cent Loan Is
Announced.
BY CHAS. p. SHAEFFER.

Fall borrowings by the T,rs~-
States Government will take TN. form
of a new issue of Treasury certif
Gates of Indebtedness, maturing In
nine months from September Is. and
bearing 81 per cent interest. issued
to an amount of $3.50, 900 900. Secre
tary Mellon announced last night.
The Treasury will accept in pay
ment Of the new issue Treasury Ger
tificates of indebtedness of series rs.
1925, maturing September 10. 1925, q
par, but such subscriptions will not be
given preferred allotment.
Proceeds of the sale of the present
offering is intended. with the balances
already on hand and the September
tax receipts. to cover the Treasury's
further cash requirements until De
cember, when further financing will
be necessary. December's financing
may take the form of Treasury bonds.
Applications will be received at Fed
eral Reserve banks. Bearer certif
Gates will be issued in denominations
OF $500, $1,000, x$5, 900. $4,000 and
800, 900 The certificates will have
two interest coupons attached, pay
able December Is, 1925, and June 10,
1926.
The certificates are exempt. both as
20 principal and interest. from all taxa
local taxing authority, except estate
Or inheritance taxes and the surtaN.
North American Deal Vital.
The North American Co., which
owns a substantial interest in local
transportation facilities. has gained
an important foothold in the electric
power situation on the Pacific Coast
through acquisition Of the Western
Power Corporation.
The acquired corporation controls
The Great Western Power Co. Of Cali
fornia, the California Electric General
ing Co. and the san Joaquin Light
and Power Corporation and affiliated
companies. These companies with
subsidiaries serve a community IN
central California embracing "a coun-
ties with an area of about $4,000
square miles and a population of about
100000. San Francisco. Oakland
Sacramento and Fresno are some OF
the large centers OF population.
Gross earnings of Western Power
and subsidiaries for the 12-month Pc
riod ended July 81, 1925, were almost
SIT 600, 900, and it is estimated that
for the full year 1925 gross income will
be better than $4,000, 900, with the
net for the common better than 80
a share.
directors OF LA6 NdIlOiidl hOt l6dSc
and Investment Corporation have de
clared the regular half-year dividend
of / per cent on the common stock,
payable on October ] to stockholders
of record September 20. The declara
ton is at the rate of S per cent an
nually on the par value of $40 share
Earnings of the company for August
last approximated s3S 900, it was stat
ed by officers.
The Washington Stock Exchange
reversed it's characteristic this morn
ing when transactions in stocks were
completely overshadowed by activity
on the. investment side of the list
But one stock issued found its way
into the sales column, this being five
shares of Washington Railway and
Electric preferred, which was easy
at 81.
Active bonds were strong. Potomac
Electric general 6s sold points Over
par, with Washington Gas IS bringing
103. Capital Traction 5s were active
at 99%, with Gas 5s selling at 997s.
Electric consolidated 5s brought par
and a quarter, and Anacostia and Po-
tomac Railroad SIS e21A.