Evening star. [volume] (Washington, D.C.) 1854-1972, 1920-10-07
REDUCES RATE ON
EQUIPMENT ISSUE
Commerce Commission Rec
ognizes Urgent Investment
Demand.

The Interstate Commerce Commits
sion has taken official notice of the
general desire of investors to place
their money in high-grade. high-rate
investments, and in recognition of the
changing trend in the bond market
has ordered that the s240O 510 equir.-
ment trust certificates Of the Pitts
burgh and Lake Erie Railroad Com
pany shall be put out at 6la per cent
rather than per cent as originally
authorized by the commission
Bankers believe that the issue.
being small. coulu readily De under
written at 95 and would be taken by
me puoiic at SS. opinion IS eXpreSse1
mat the pubic would be more APP
preciative of an issue offered at a dis
count rather than one marketed above
par. 1t is also believed that a pub
nc Offering of the securities would
be successful
Attention is called to the fact that
brokers have been unable to make
deliveries of the recently marketed
Norwegian, Bell Telephone. Pennsyl-
vania and other favored issues be-
cause of the limited allotments. AL
| lotment is said to have been about Is
per cent on the Norwegian. and the
other issues are likely to develop a
like oversubSrription-
Under the Esch-Cummins act rail-
! roads now are Obliged to have the
| assent of the Interstate Commerce
Commission to security issues The
| commission realizes that financing is
| today possible under a lower rate
than when Pennsylvania and New
| York Central brought out their I per
cent issues.
Personal Mention.
George E. Fleming. vice president of
the Union Trust Company. has re-
turned from vacation spent almost
entirely at Nantucket. Mass.
Franck Hyatt jr., formerly with
Moorehead & Gilmore, is now with
Hartman & Co.
f. ]. McQuade, cashier Of the L:b-
lerty National Bank. has been in Nor
folk on Institute OF Banking business
for several days.
Gold Imports Heavy.
The steamer Olympic arrived with
541 boxes of gold consigned by the
Bank of England to the federal re-
serve bank of New York. In all, the
New York bank has received SIS ,50O,-
| 90 ear-marked gold from thu t;an,,
iof England. Kuhn, Loeb & Co also
lreceived S275,0O0 on the Olympic and
on board and the Adriatic $4,000
gold for Kuhn. Loeb IL Co. This is
gold purchased in the London open
market. The total of these imports
is over $44 100000
Executive Committee Meeting.
The entire executive committee of
the District Bankers Association will
meet at the New willard this evening
to complete final arrangements and
see that everything is in order for
the opening of the American Bankers
Association convention. October Is.
Practically all the work of the various
committees has been completed.
Discussing Uniform Hours.
Around the banks of the city, the
matter of uniform banking hours is
still the chief question of the day.
While the full result of the commit
tees efforts to reach an agreement
Wednesday, it is believed a compro-
Local Securities.
Business on the local market con-
tinues extremely narrow, with the bid
prices for the public utility and the
typesetter stocks reasonably well
maintained
Some little investment demand is
noted for bonds at comparatively
steady prices. with a widening be-
tween value of Washington Gas SIS
and Capital Traction SIS of tx points
in favor of the latter, or S4k for
the Traction IS and II for Gas IS.
The only stock sale of the day was
of Lanston, ten shares at 1914.
The preferred shares of the Column
bia Graphophone Company. entirely
nominal. with 81 asked. are quoted
II bid on the New York exchange.