Evening star., 1920-03-16
THIRD 4 "a BONDS
READY FOR owners
Last Coupon on Temporary
Certificates Was Payable
Yesterday.
BY I. 4. FLEMING.

1he last coupon on the third AZ
per cent liberty loan bonds matured
yesterday and was paid by the Treas
ury. Announcement is made by the
Federal Reserve Bank of Richmond
that the permanent bonds with all
coupons attached are ready for imme-
diate delivery in exchange for the
temporary certificates.
1t is understood that the exchange
Will be made by the Richmond bank
or by the Treasury at the option OF
the holder. None OF the local insti-
tutions has received new bonds as
be made at the Treasury. as provided
in the agreement for the exchange
Of second As for the second 4hS
There were s4.71s,51s.s5o of the
third liberty loan bonds issued. dated
May 9. 1918. and redeemable Septem-
ber IS. 1928
Banks were fairly busy yesterday.
but large part Of the local allotment
of bonds has been disposed Of. 80 that
there was not the rush to cash cou-
pons that has characterized the ma
turity of other coupons
First Important Financing.
The first important financing move
ment undertaken by any of the great
industrial corporations for some
months is announced by the Texas
Company. the largest independent oil
corporation. An issue of $35,00e 600
per cent three-year notes is being
offered by number of bankers today
and it is expected that the entire
amount will be oversubscr ribed before
the close of the date.
Washington has been allotted
portion of this issue.
A banking syndicate has purchased
| the entire iSSne for resale
| Corporation officials are watching
! with interest the manner in which
| the market receives this financing.
| having in mind their own needs and
plans for raising needed working
! capital.
Foreign Exchange.
There was a slight improvement in
! dollar value of foreign exchange to-
day over yesterdays quotations, with
marks decidedly nervous.
| The pound sterling rose to $3.13i. to
| 1929 for the dollar and lire 1877 10
1888 for the dollar. Marks were Of
| fered. if taken immediately, at 1.51
cents.
| Gold Exports Heavy.
! Steamer Eauban. which will leave
New York for Argentine tomorrow.
will carry about $6.7oo,oo0 gold for
|
by American merchants
1t was originally planned to ship
over $10.0O0.000. but an order to can
eel 100000 engaged has been re-
ported.
Argentine exchange is still quoted
at a point that will permit the ex-
portation of gold.
Big Locomotive Order.
The Baldwin Locomotive Company
has booked an order for 100 locomo-
tives of the Mikado type for the Chi
cago. Milwaukee and st. Paul Rail-
road Company.
Local Securities.
| There was more doing on today's
session of the local stock exchange.
but the market was far from being
active. Transactions included a num-
ber of shares of Washington Gas Cos
! per cent bonds at 87k, and q quo
tation lot OF Capital Traction S. at
93A.
Bid prices on the street railway
shares were unchanged. while Wash
| ington Gas stock sold at 46k.
Ruling In Expected.
So far. the Treasury Department has
made no ruling in the matter Of tax
! ing income on stock dividends. Bank
ers and income tax experts do not be-
| lieve that there is any question but
what the income from stock dividends
will be subject to exactly the same
taxes as are dividends: that is. ex-
emption from normal tax. but subject
| to the surtax provisions Of the act.
| Gifts are exempt from all income
taxes. but the income is subject
| thereto. and it would seem as if there
would be no other way in which to
treat income from stock dividends.
except in the matter of the normal
tax as indicated.