Evening star., 1921-03-24
BANKERS SUGGEST
GUIDE FOR DIRECTOR
Holiday in Security Circles
'TomorroW-Local Stocks
j Are NegIected-Notes.
BY i. A. FLEMING.


District Bankers Association. held
this afternoon. it was unanimousl!
decided to recommend W. F. Guide te
the Richmond Regional Bank of the
. Federal Reserve system, as a suitable
successor for James r. Oyster. re-
signed. as a director of the bank.
There was no other business trans
acted.
Holiday Tomorrow.
Tomorrow. Good Friday will be OBJ
served by all grain and stock eA-
changes. The Washington Stock EA-
change will be closed.
Local Securities.
With some little uneasiness over
. the public utility situation in Wash
ington, shares and bonds of these cor
porations have become very quiet,
following weeks of continued activi-
~ and strength in improved condl :
tTonS.
Railway preferred was a little low
er today, selling at 5S.
:, sale of District National Bank
stock was reported at 1863
Washington Gas notes sold at 100 u
Elected to Vice Presidency.
Jacob Scharf. auditor and for many
years connected with the Second Ma
tienal Bank, has been advanced to a
caused by the election OF Victor 3.
.Deyber as president
Looks for Lower Rates.
John Burke. former treasurer of
the United States, expresses the opln-
ion that money rates are working
easier
High money rates invariably act
nd Mr.
Burke 1T is now thought that bank
ing accommodation should be OBJ
tainable at more advantageous rates
Merchants are aware that the high
discount rates charged by the fed
eral reserve banks last year were
necessary to promote liquidation of
loans which had expanded to ex-
cessive proportions. but it is gener-
ally known that loans have been
liquidated. and while certain classes
Of obligations in the hands of various
reserve banks are high, it is believed
that if industry was again permitted
to increase operations through great
B, er. credit facilities at lower cost. ex-
fsting obligations would be worked
off more rapidly than at present"
Merger Suggestion.
Merger of railroads under the Cum
minis -Esch act is possible. and therein
might be the salvation of many roads.
charges, large salaries and thousand
and one Implications in essentials that
might be avoided.
One merger, under one head. the
Rock Island system is suggested
Chicago, Rock Island and Pacific, Mis-
souri, Pacific. Denver and Rio Grande.
Texas Pacific. Western Pacific and
Ell Paso Southwestern.
John Burke is also responsible for
this suggestion.
Industrial ONtes.
The United States Steel Corporation
is said TO have booked an order for
S5,000,00e structural steel from the
American Woolen Company.
: Sears, Roebuck & Co find business
very dull At the April meeting of the
directors consideration will be given to
the dividend then due. but it is not be-
heved there will be declaration.
Otis Elevator Company has declared
the regular 50 dividend on common
stock for the quarter and $3.50 on the
preferred, both payable April L: to
shareholders of record March 81. Last
Quarter an extra dividend of So a share
was declared on the common in addi-
ton to the regular distribution.
Government owned railways of
Canada were operated at q loss Of
S69, @0,0o0 last year. although the
.formeI controller of railway statistics
declares the loss was $12s,80e. 600
We W. -Afterbury. president of the
Pennsylvania, declares that national
agreements between employees and
railroads made places for 10000
men"
Eight CENTS an hour and 12k per
cent REDUCTION on pieceworkers is
the new schedule adopted by the
packers and given the sanction OF
their employees. retaining many of the
features of the old agreement as to
arbitration. eight-hour basis day. etc
April 81 is the date scheduled for
the declaration of the next Pennsyl-
-vania dividend and much speculation
lis being indulged in as to the pros
poets for cut.
Pittburgh Coal Company has de-
clared the regular dividends, IL pei
cent on the common and " per cent
on the preferred. payable April s
Shareholders have voted to retire Ss,-
600, preferred stock.
. Chicago and Northwestern Railway
zone of the gilt-edged Vanderbiits
now down in the Sos. is said to need
no financing. Operating expenses are
eating the earnings and more Janu-
ary alone showing s704,116 deficit.
: Maturing obligations the balance
Of this year will total S317.233
for utility. railway and Industrial
corporations. these obligations con-
sisting largely of short-term notes.