The Washington times., 1919-11-15
LOCAL FINANCIAL
and BUSINESS
GOSSIP

| Fun information regarding the
mechanism of the exchange of tenn
porary per cent and Az per cent
| bonds of the Second and First Lib
erty loans will be ready for distribu-
tion among banks of the country the
early part of next week. Officials of
| the Treasury Department announced
| today
Secretary Glass today urged holders
of temporary per cent bonds and
banking institutions to cooperate
with the Treasury Department in car
rying out the provisions which have
been made and which are now in pro-
cess of preparation for the exchange
and conversion of the 4 per cent cou-
pom Liberty bonds.
In discussing the conversion and
exchange of the per cent bonds,
Secretary Glass said, Holders of tenn
porary per cent coupon bonds of the
Second Liberty Loan are urged either
to present their bonds for exchange
into registered bonds, which are al
ready in permanent form, or to refrain
| from presenting them for exchange
| into permanent coupon bonds or for
conversion until approximately March
| Is, 1920, when 1t is expected that the
permanent per cent and Az per cent
coupon bonds of the Second Liberty
1
Converted will be ready for delivery.
"A1l 4 per cent coupon bonds of
the Second Liberty loan presented for
| exchange to permanent bonds on or
| after November IS, 1919, will be
| deemed to be presented also for con-
version into 4A per cent bonds, un-
less otherwise Indicated by the hold
er in writing"
| The situation regarding the 4 per
cent coupon bonds of the First Lib
erty loan converted is the same as
that outlined by the Secretary re-
| garding the 4 per cent bonds of the
Second Liberty loan, except that the
| last coupon on the temporary 4 per
cent bonds Of the First Liberty loan
converted is payable on December Is,
1913, and before that date such tenn
porary bonds may be converted into
Az per cent permanent bonds.
1t is expected that the permanent
bonds of both issues will be ready for
delivery March 15, 1920.
| That the American people are in
lvesting large sums in the oil industry
Is. indicated by the fact that the capi-
| talization of the important companies
organized in October amounted to
s610 100000, which represented an in
crease Of more than 40 per cent over
the total Investments of that char
acter during the whole year of 1918.
| BESIDES these investments, more than
S26,000,000 each month for the first
ten months of this year was invested
in shipping corporations.
"The future position OF the United
| States in the markets of the world
may soon depend almost entirely upon
| initiative and ability of her merchants
| and the excellence of her products
rather than upon any fortuitous devel-
| opments such as those which have
brought about her present pre-emi.
nent position" states the fortnightly
review OF foreign trade conditions of
the Guaranty Trust Company.
| 1t is pointed out that the Edge
bill will allow banking institutions
to be formed under the supervision
| of the Federal Reserve Board for the
purpose of carrying on foreign trade
and discounting the securities ac-
cepted by American merchants In
payment for sales made to Europe.
Trading continued light on the
| Washington Stock Echange today
Ten shares of Capital Traction stock
sold at 91, which exceeded by a frac
tion the last sale recorded in Trac
tion stock.
In the bond line. $4,000 of Wash.
ingtop Railway & Electric As changed
| ownership at c.. Columbia GRAPHIC
phone common found a market today
80 shares being sold at 66lh. while 6
sale of 90 shares Of preferred stock
was recorded at 95h. Mergenthaler
remained steady, and no satisfactory
| offer was made on Lanston.
l