Evening star., 1920-03-25
LOCAL EXCHANGE
MAY OPEN EARLIER
Members Will Give Consid'
Grafton to Proposition.
Large Financing.
BY I. A, FLEMING.


irbton Stock Exchange are giving
thought to the proposition of earlier
daily sessions and It is within the
probabilities that the assembling
hour may be changed from IL O'Clock
noon to IL o'clock mornings.
The action of the governors Of the
New York Stock Exchange in adopt
the first of April has suggested the
advantage of an hour earlier session
here.
Many member. OF the local board
are also members Of the New York
exchange and Will have to be at their
offices earlier in order to care for
business. Some have frequently OBJ
jected to the use of the noon hour
for the local sessions and 1T Is likely
that there will be change in the
near future.
Heavy Financing.
Three large blocks of financin g
were announced this morning, the
triple offering indicating the urgent
need by corporations of large sums
of money. Moreover. they recognize
the fact that the cash can only be
brought out of banks and from other
investments through the induceme mt
of high rates of interest.
Thus the Western Electric Company
announces an offering of SIS, 900 five
year convertible per cent bonds at 9S q.
The American Telegraph and Telephone
is the owner of the entire stock OF the
issuing company.
The Virginia railway offers per cent
serial equipment trust notes with the
final maturity in 1880. April |, on {
yiatd he
American Oil Company, Standard on
subsidiary. has announced an Offering
of five-year notes Welding ~ per cent
at par.
Crane. Paris Co participate in all
these offerings as members of the float
ing syndicate.
Calls - Per Cent Cash.
The federal reserve bank of Richmond
has called for immediate payment of %
Per cent on Treasury certificates of date
OF March 10. 1920.
Assistant Cashier Appointed.
Michael F. Calman has been ap-
pointed assistant cashier of the Lib
erty National Bank. effective at once.
Chapter Activities.
f. G. Dutton. local attorney. will
address the Washington Chapter. A.
l. B., this evening on Insolvency and
Bankruptcy" Last Thursday night j.
II. Hoskinson. note teller at the Riggs
National Bank. gave practical Illus
tration and talk on Notes" and next
Thursday evening T. l.. Jeffords starts
on a course of lectures on Negotiable
Instruments.
Annual Convention.
The annual convention of the Amer
lean Institute of Banking will be held
June Is. Is, II and IS at Boston.
Washington. Baltimore and Richmond
delegates plan to make the trip by
water.
Standard Oil of New Jersey.
This aristocratic stock made its ap-
pearance on the New York Stock Ex-
change today. the first quotation be-
ing at $3.50 share. or three points
over the closing price of Wednesday,
Aiding Credit.
bill has been introduced in the
New York Legislature that IL enacted
would permit savings banks to make
Investments in bankers acceptances
and bills of exchange of the descrip-
ton and maturities made eligible by
law for the purchase by federal re-
serve banks instead of limiting them
10 the same character of securities
that are discountable at the reserve
banks.
U. s. steel Corporation.
The net earnings of the United
States Steel Corporation for 1919
Were sos. .ooo. as against S14s.4ls:-
GOO in 1918 and $244.738. 900 in 1917.
The surplus for the year was $26.15s.-
COO. as compared with $2s.s35.000 last
year and s52,5o5.O0o in 1918.
Applicable for dividends. s51.114.00o.
as compared with s100.s7O.o0o last
year and $1ss.sss.000 the previous
year. Per cent earned on common
stock. 1914. as compared with 1858
per cent the previous year.
Working capital has increased
from SASS. 354. 900 in 1913 to S515.224.-
900 in 1919 Cash on hand. $1S6. 900.
1919 were $52.O00.000. as compared
with s274 900. 900 in 1918. New con-
struction called for Ss7.0s1,0 900. and
the total construction since 1901. the
date of organization. has reached
$sss. s.301.355. equal to SITS a share on
common stock.
Dividends Are Declared.
The United States Savings Bank has
declared it's regular quarterly divi-
able on April 1. 1920. The United
States Savings Bank has heretofore
been paying on 10 per cent. but is
now on IL per cent basis.
The Union Savings Bank has order
ed a payment of its regular quarterly
dividend on a per cent basis, pay
able March 81, 1920
Director Elected.
Edward c. BALI. assistant secretary
of the Perpetual Building Association.
has been chosen director Of the Sc
Curity Savings and Commercial Bank
Activity in Local Stocks.
Business on the local stock exchange
again showed activity and in the sales
was included a block of Continental
Trust Company shares. eighty-five in
all. at 110. sale Of Commercial Ma
tional Bank shares was reported at
$50.
Washington Gas sold at Asa. and
the bid price was held at 45Ia Capt.
tai Traction. steady at S64s ex-divi-
dend. Lanston. slow, with two sales at
S1z. and 80.
In the bond section Railway As
changed hands a 5S1. and Washing
ton Gas IS at S624
Foreign Exchange.
The pound sterling was quoted this
morning at s3.S1S: francs at .012O,
marks. at .015 and lire at .0521. ali
in American cents.
OIL STOCKS.