The Washington herald., 1914-04-11
WORLDS MARTS
TAKE HOLIDAY
Good Friday Observed in All
Financial Centers-New
York Bond Sale.
CREDIT MEMS VIEWS
Special Committee Discusses Com
mercial Paper-Local Banks Sub
scribe to Reserve Bank Stock.

Now York. April l0.-The New York
stock market and those of the European
financial centers were closed today-Good
Friday. The New York Stock Exchange
will be open tomorrow, but the cotton
exchange adjourned over until Monday.
The European markets do not open until
Tuesday.
AS the date for New York City's s650OO,-
OOO Ala per cent bond sale approaches,
the belief that the offering will be
marked success seems to be steadily
growing. Estimates of the average price
that the city will net for the issue range
from 100 l-2 to l01 IA. The latter price Is
about half a point below the level at
which the bonds closed. when, as and If
issued" on the curb Wednesday. The old
4I-4s of 1850 on the exchange closed at
lOl IA but they can be retired at par in
1880 at the option of the city, and there
are said to be other reasons why the
market for them is not at a normal level
The general expectation of marked sue
cess for the offering is based partly on
the belief that the improvement in the
municipal bond market is going to con-
tinue for some time to come Since the
announcement of the city issue was made
a week ago the active issues of New
York City bonds have moved up about
half a point Such improvement, in the
face of as large a new issue as the city
indication of the strength Of the munich
pal bond market.
stock Exchange News.
The committee on securities of the
stock exchange has ruled that transac-
tions in rights of the Southern Pacific
Company stock and Central Trust Com
pany certificates Of interest in Southern
Pacific Company stock must be settled
bills which have been accompanying GER
tificates since the books closed must be
redeemed by that time
The committee on clearing house Of the
exchange has directed that a special
clearance be made of Southern Pacific
rights on Wednesday, April Is. 1914, the
contracts being due on Thursday, April
l6 1914, also has directed that a special
clearance be made Of Great Northern
rights on Friday, April Il. 1914, the con-
tracts being due on Tuesday, April y,
1914
u q Clafin & Co. has declared the
rz-ufar quarterly dividend OF Ia per
s.- r-r the first preferred and L. per
-,nt 81. the second preferred stock. Divi-
.-.sds re payable May l. 10 stock Of rec
eFI ADril %.
The willys-Overland Company has de-
Iclared the regular quarterly dividend of
liz per cent on the common stock, pay
able Nav l. to stock of record April p.
Cluett-Peabody have declared dividend
of l per cent on the common stock, the
same as three months ago, payable May
]. to stock Of record April 20.
Local Financial News.
The Treasury Department yesterday re-
ceiyed a letter from the banking and
currency committee of the United States
Credit Mems Association in Philadelphia
favoring a gradual discrimination IN
favor of two-name paper commercial
paper.
THAT the law may encourage honest
and deserving merchants. irrespective OF
their financial ability" the letter reads.
there should be encouraged a gradual
substitution in part of the two-name
paper or commercial bills evidencing sale
and delivery of merchandise for the rigid
and open account credit system, so that
il may not be deemed unusual for
note or acceptance to pass from buyer
and seller as the evidence of merchandise
bought and delivered.
That no disturbance Of business occur
through the institution of the new finan-
makes the following recommendations:
That for a short period of years the
following character Of paper be qualified
for rediscount at Federal reserve banks
First, single-name paper of individuals,
firms or corporations. or corporation
paper indorsed by individuals interested
in these corporations: that is, exclusively
for the purpose of producing or distribut-
ing merchandise.
Second. commercial bills or two-name
paper which evidence the sale and de-
livery Of merchandise and not made for
the extension of overdue open accounts.
Third. commercial bills against mer-
chandise in storage or in transit"
stock Subscriptions Made.
At meetings held yesterday the Com
merCial National. the American National
and the Federal National banks di-
rectors adopted resolutions enabling them
10 subscribe for their proportion of stock
in the Richmond Federal Reserve Bank.
The Commercial Nationals per cent
subscription is $4,000 Americans si9. 900
and the Federars $3.50.
The Federal Nationals resolution was
the first TO reach the Treasury Depart