Evening star., 1920-03-18
Confident TONE IS
SHOWN IN MARKETS
Wall Street List Makes Ad-
vances-Bank of England
ReeSrve Cams.
BY l. 4. FLEMING.

reserve II the bank OF England ana
the maintainancc of the former rat"
! of discount. where ar increase had
been confidently expected was one al
I the most important factors of IT,"
I daS. as it showed that tne governors
/ OF the big bank were not especially
uneasy over Tia" European situation.
The statement Of the Secretary of
! the Treasury inGica ting tn" impossi-
| hility of reductions in income ia NrI
tor some years, also his recommends
tons regarding taxes on undistrihut-
! ed profitS of corporations. etc. was
accepted by the street calmly and
not allowed to disturb the confident
feeling engendersd by tn" easier
money conditions and tn" London
bank news.
/ The activity in the stock list was
! shown chiefly in the industrial
| group. although the rails participate
ed, but not to such an extent as did
the former. special gains mark ing
the securities upon which stock divi-
d"nds are TO be expected
Estimates of the loss to the gov
crnmcnt through stock diVidedS be-
ing exempt from taxation have gem
orally been admittedly too high as
the last three years have developed
stock dividends of but $3.50. 1000. 600
for the big corporations. with tax os-
timated at about S15o. 600 900. pro-
vided that the highest rates in the
tax schedule We're applied to all the
dividcnds-not a possibility-and all
claims for refund fled.
Experts do not believe that the
government will be called upon to
refund more than S4n,000.0O0, as an
outside estimate. as a result of the
tax decision. while the theory is ad-
vanced that many entitled to refunds
will not make application for the
reason that the repayment will force
payment on increased surtaxeS fire.
quently exceeding refund.
Foreign Exchange Firmer.
The news OF the day caused a slight
Improvement and indicated more con-
fidence. The pound sterling rose to
S3.74. as compared with s3.72 Eester-
day. the French franc to s.0773. the Ger
man mark was quoted at $.03S and the
Italian lire at $.G544.
Local Securities.
Washington Gas shares and Old Dutch
Market preferred stock furnished the
hulk of trading on today's session of the
local stock exchange.
Washington Gas stock was offered
rather freely. with 122 shares changing
hands all at As, with this price bid at
the close.
Old Dutch Market preferred opened at
II for one quotation lot. then a number
of ten-share lots changed hands at 10.
After call a sale of Capital Traction
stock was recorded at S6"S and $500
Capital Traction IS sold at 93l,.
EnlnrsinE Facilities.
The Merchants Bank although but re-
Gently occupying its present quarters,
has found it necessary to make an ex-
tension to the banking room, adding
fifteen feet to its depth.
Texas Financing Successful.
The head Of the syndicate handling
the Texas three-year Z per cent notes
announced the successful closing of
the sale this morning. For the year
pany earned, gross. s102.9S6.597. and a
surplus after taxes, dividends and
charges of all kinds Of s10,952 $3.50.
More Stock Dividends.
The Stanley Works of New Britain,
Conn, will pay IA $2.500.000 stock div
idend in the near future. 1t is expect
ed in financial circles that 100000
900 in stock dividends will be de-
clared within a relatively short time.
Banks Make Improvements.
The American National Bank has
completed a remodeling of its bank
ing quarters by removing the offices
on the west side of the bank. NOV
ing the cage of the ladies' teller to
the office formerly occupied by the
president and arranging officers
desks along the west side of the
bank.
The National Metropolitan Bank
has added to it's office space the room
formerly occupied by the local clear
ing house. on the second floor OF its
building, making direct connection by
new stairway from the main floor
Of the bank.
The Bank of Commerce and Saw
ings has added another tellers cage
to it's equipment.
Business IS rushing at the banks
these days. and officials and employees
have their hands full.
Change After April I.
Exchange of second per cent
liberty loan bonds for the second "A s
cannot be made until after April l
next.
No Selection Made.
No decision was made as to the
meeting place for the next annual
convention of the District Bankers
Association at the meeting OF the or
ganiZation yesterday afternoon.
Sentiment was divided between
White Sulphur Springs and Norfolk
and Washington Steamboat Company
steamer, with Il committee appointed
to report at the next regular meeting
of the association on the eaSibility of
the latter suggestion.