Seldom does a corporation turn on its security holders and give them a lecture on morals, but last week Pacific Gas & Electric Co. did just that. In 1911 Pacific issued $35,782,000 of 5% Refunding Mortgage bonds due in 1942. In order to induce foreigners to buy them, it gave bondholders the option of payment in sterling, guilders or Swiss francs as well as dollars.
Since 41% has been lopped off the U. S. dollar, some U. S. holders, denied by the law the privilege of demanding payment in gold, have been sending their...
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