Evening Star Newspaper, March 8, 1925, Page 33

FINAN’CIAL'. MELLON FINANCING S EVENT OF WEEK New $450,000,000 Offerings ing Investors. BY GEORGE T. HUGHES. Sperial Dispatch to The Sar. NEW YORK, March 7.—The event the week in the investment market was the anncuncement by the Secretary of the Treasury of his plan for the Government's March financin This took the form of a combined offering of 4 per cent Treasury bonds, dentical in all respects with the| Treasury 4s of 1944-34, and of nine- month certificate of indebtedness he combined offering to be for about $450,000,000. The significant part of the operation is that the bonds are offered at a premjum of half point ove par, which is the first time a i'nited States Government bond has aa offered at a premium since 1911. certificates, which bear interest at the rate of 3 per cent, are offered at par. That the offering would be oversubscribed was confidently pre- dicted in banking circles. All U. 8. Bo Higher. Whether there was any connection wr not with this announcement of | I'reasury policy, it is a fact that allf 1e United States Government bonds went substantially higher late in the week, and that there was an un- expected renewal of savings bank ing of high-grade railroads. It is| difhcult to reconcile these develop- ments with any forecast of materially gher money rates. There was some hardening in the time money market, but either fhat is only temporary or the financial nstitutions which are agaln ac- imulting securities are making a nistake. The weekly statement of the Federal Reserve banks, showing as it does smaller note circulation and a drop in discounts, points to- ward the maintenance of easy mone and while there was lso a decline in gold reserves, the export movement about which so much was made aj month ago has all but ceased. No- where is there any sign of credit strain. Other Liens Mark Time. The general bond list has marked 1ime all the week. The high point of the vear was reached on February 20, but the changes since that time have been o slight as to be without meaning. New issues have been comparatively small and have been well taken. How- cver it may be in speculative circles. nvestors are giving the preference to quality over yield. There has been a particularly good nquiry for tax exempt securities, the apply of which s low. Municipal bonds are quoted around the best prices in recent months. In this department no | heed is given to money rates. Even the prospects of lower taxation as out- lined by the President in his inaugural «ddress have had no effect upon the de- nand for these tax free obligations from investors, subject to the higher | rtaxes. Foreign Gromp Steady. Foreign bonds have been steady. but | that was all. It is, however, significant that they have not yielded in price not- withstanding all the confusing cables as to political complications in Europe. | t sometimes seems &s if there was no of e ing the differences be- n the chief allies in the war over) rope Cert French finances look as in- volved as ever. Only on the economic | side is progress being made and while, of course, that is the fundamental thing, it cannot be expected that the market for foreign securiti will improve until budgets are balanced In fact and not only on paper. Rail Outlcok Brighter. \ For the railroads, the outlook is en- couraging. Congress has adjourned and at least the carriers know where they stand as far as Government regulation goes—that is to say, until the new Na- tional Legislature reassembles. Traffic is still_at levels well above last year and 1923. Tt is generally realized how mportant railway prosperity is to other lines. It is a fact, however, that effi- cient railroad operation reflects upon all industry. It is then gratifying to note that the rallroads during the past year have made a record never before ex- celled in that they handled peak traf- fic even during the late Summer and carly Fall months when the demands are the heaviest, with no car shortage. In fact, during this period there were 100,000 surplus cars in good repair and 500,000 serviceabls locomotives. There is no reason to belleve that the results the coming year will not be as satisfactory. Steel Employes Cautious. There were two interesting inci- dents relative to employes and cus- tomer-ownership this week. One of these was the failure of the United States Steel employes to take the en- tire amount of stock which was of- fered by the company. The total amount provided was 100,000 shares, but that subscribed was only This can be wccounted for by the hat the price fixed, $125 a share, was the highest since the plan was first inaugurated of selling stock to em- ployes. It only goes to show that the el corporation employes, like the zeneral investing public, would rather buy U. S. Stesl common when' the price is down than when there Has been a rapid upturn. Patrons Take Whole Issa The other happening was the dis- posal by the employes of the Phila- delphia Rapid Transit Company of a $3.000,000 7 per cent issue of pre- { lerred stock to patrons of the com- pany. This was accomplished in a period of six days and probably is without precedent in street railway financing. It is doubtful whether Wall | street bankers could have done so well as did these Philadelphia street car conductors in distributing this stoek (Copyeight, LIGHTER STOCK RECEIPTS. Shipments to Baltimore Drop Off During Month. Special Dispateh to The Star. BALTIMORE, March 7.—Decrease in recelpts and shipments of live stock at the Union Stock Yards of Baltimore during February are shown by the monthly report just made pub- lie. The' greatest dechine was in receipts of hogs, which fell off from 147,536 | in February, 1824, to 95.408 in the cor- | responding month of this vear. Re- ceipts of sheep decreased from 10,676 1o 7,037, a drop of 3,639, while the to- ral number of cattle recelved was 10,045, as against 11,854 in February, 1924, a decline of 1,309. NEW TOBACCD CONCERN. Danville, Va., Firm Will Succeed | J. E. Hughes & Co. DANVILLE, Va, March 7.—Forma- tton of the W. C. Thomas Tobacco Company, Inc., with a maximum cap- ital of $1.000,000, was announced hers today. W. C. Thomas will be pre, THE SUNDAY STAR, WASHINGTON, WALLER NAMES MAIN COMMITTEE BOND SUMMARY FOR THE WEEK f——100e— High, 10128 10221 102 102 23 1039 Low. 98-2 965 °8-4 998 98-8 Hizh. 9 | 103% 1008 Absorb Attention of Lead- |- £ 174 104 80 94 k0 82% % 91 99% o7 94'% 107 88 103% 834 %% BT% 65 100 954% 100% 113% 5% 87 63 91% 183% 62% £6% 108% V84 106% A% 95 104% 1 88% 9% 95% Tah BT 86 744 87% 95% 86% 81% 61% 1% 87 88% 86% 91 6% 102% 107% 58% 94 7% dent of the organization, which will succeed the firm of J. E. Hughes & Co., Inc, now being liquidated, 98% . % Hln 2 102-1 101-31 101-18 1011 102-4 101-20 Liberty 4th 43 1933-38.. 105-8 104-4 Treasury 4%s 1947-82.. 107% Fa'e 87T% 104 108% 108 1084 1084 a4 97Y 101% 102 111 103 0215 1004 104% 101% 85% 861 108%; 103 ¥ 96 1014 102 102 1064 108% 41% 94 98k 99y 109 98% agmn, 984% 1014 93 ki £2 0% &8 B4 f4 102% 5 102% 6% 10134 10) 94 100 88 85 10314 1001% 4 115 95 8 85 % 90% i 97% 4% 107% 89 104% 824 89 924 66% 102 95% 101'% 1% €0 92 0% #9% 138 84 £6% 108% 9% 106% 83 95 103% i 36% 99% 95% % 874 87% % £9% T8 90 82% 66% 8% 2% 7% 6% 0% 8 102 110 604 o 9% 97 101% 674, 84 1047% lx-w 101+24 100-28 Liberty 314s 1932-47. 101-14 Liberty 1st 4348 1932-47. 98-4 Liberty 2d 41 U. S. BONDS, Liberty 3d 4% s 1928, . 101 22 101-24 27-42.. 100-29 . 101-18 1 101.28 | 104-28 Prev. week's FOREIGN. Argentina 6s A 1957 Argentina 7s 1927 Austrias 781943 Belwium 5 Belgium 7%e 194§ Belgium 8s 194 Bordeaux 65 1934..... Brazil 85 1841....... Canada s 1952 Sanadatife 1924, Govt Ry bs 1961 Copenhagen 533 19: Czechosiovakia 8s 1! Denmark 6y 1942, Denmark 8s 1945. Dutch Bast Indas 6s 1947, Dutch East Indies 6s 1962. French Govt 7348 1941.. French Govt 8s 1945. Cerman 7s 1949, Holland-American s f 6s 194 Japanese 4s 1931. Japanese 6145 1954. Jergens Utd Margarine 68 1347 Lyons 6s 1934, Norway,8s lN Paris-Lyons-Med 6s 1958. Queensland 65 1947. Queensland 7s 1941. Rio de Janeiro 851946 Sao Paulo, State of, 88 1 ne, Dept of. 78 Serbs Crotes Slovenes 88 Swaden 6s 1939 Sivias Glas 1946, ... .0 nited Kingdom 518 1929 United Kingdom 6%s 1937 Close. 96% 102% 954 86%4 100% 107% . 108 INDUSTRIAL AND MISCELLANEOU! 9 981y 103% 99% 6% 100 £914 102% 85 7Y% 1004 0% 98% 100 1075 Amer Agri Chcmical 7338 1941, Amer Smelt & Ref 1st 58 1947. . Am. Smelt 1st 6s 1942. Amer Sugar Refining 6s 1937. Amer Tel & Tel cl tr 4s 1929 Amer Tel & Tel cl tr bs 1946, Anaconda Copper 6s 1953. Anaconda Copper cv deb 78 ‘38 Armour & Co 4145 1939 Atlantic Refining deb 58 1 Bell Tel (Pa) ref ba 1948. . Bethlehem Steel p m 53 1936 Bethlehem Steel s f 65 1943... Central Leather 6s 1925. Chile Copper 6s 1932. Cons Coal (Md) 1s ref 53 1980. Cuba Cane Sug cv deb s 1930, Detroit Edison ref 6s 1840, Du Pont de Nem 73%s 1931 Empire Fuel & Gas 748 1937, General Elcetric deb bs 1952 Goodrich (B F) 6%s 1947 Goodyear Tire 88 1831 Goodyear Tire 941 Humble Ofl & Ref §%s 192 Indiana Steel 55 1952. . .. Inter Mer Marine 6s 1941 Inter Paper bs B 1847.. Kelly-Springfield 83 1931 Lackawanna Steel 8s 195 Liggett & Myers 58 1951. Mazma Copper 75 1932 Manati Sugar s f 714s 19 Midvale Steel 65 1936 New England Tel 5s 1962. New York Edison 1st 6%s 1941.. 4 NYGas ELH& P 55 194! New York Tel 4%s 1939, New York Tel 6s 1941 North American Ediso Pacific Gas & Elec 551942, Pacific Tel & Tel 68 1952. Philadelphia Co ref 65 1944 Sinclair Ol1 78 1937, Skelly 6is 1927.. South Porto Rico Sugar 7s 1941 4« Union Bag & Paper 68 D. 4 United Drug 6s 1944 U S Rubber 1st & ref i U S Rubber 7148 1930. U S Steel s 55 1963. Utah Power & Light 5s 1944 Va-Carolina Chem s f 7s 1947. Va-Carolina Chem 71 '37 war. Western Unfon Tel 63%s 1936.... Wilson & Co 1st 6s 1941 4 Wilson & Co cv 7%s 1931 RAILROAD. Atchison gen 45 1998 Atlantic Coast Line 1s 48 Balto & Ohio gold 4s 1943 i Balto & Ohlo cv 4%s 1933 Balto & Ohio ref 5s 1995. % Balto & Ohio 651929 B&OPItts LE& W Va 45 1841, B & O Southwn div 3%s 1925 Brooklyn-Manhat s f €5 A 1968, Canadian Northern 813 194 Canadian Pacific deb 4 Central Pacific 4s 1949. Chesapeake & Ohio cv 4345 1930 Chesapeake & Ohio gn 4145 1992 Chesapeake & Ohio cv 58 1946, Chicago & Alton 3% s 1950.. % Chi B & Quincy Ist ref 5s 1971 Chi & Bastern Iil gen 58 1951 4 Chi Great Western 4s 1959 Chi M & St Paul cv 4%s 193 Chi M & St Paul gen 43 Chi M & St Paul ref 43 Chi M & St Paul ev 8s 2014, 4 Chi & Northwestern 6348 193 % Chi Union Chicago Raflways bs 1927. .. Chi R 1& Pacific ref 4s1934. . ation 4148 1964 Chi Union Station 6145 1963. 114% 1011 96% 106% 100% 96%, 9414 104% 93% 116% 10214 8514 102% 804 106% 106 04 86 49% 110% 944 Chi & Western Ind con 48 1952. .. CCC&StLref 68.A 192: Cleveland Term 53481972, . . Colorado & Southern 4%s 1935. Cuba R R bs 1962 Delaware & Hudson 5%s 193 Den & R10 Grande con 45 1936. ... D. & R. G. West bs 1985, Detroit United 48 1982. . Erie 1st con 45 189 Erie gen lien 4s 1996, Brie cv 4s A 1953.... Erie cv 48 D 1953 Grand Trunk s f deb 6s 1936, Grand Trunk 78 1940. 4« Great Northern gen § 80% 0% 88%, 0% 95% 9% 104% Bais 102% 80 6% £6. 62% 99 94 99 113% 54 87 81 &8 127 60% 84 106% 96% 103% 81% 98 101% 109% 34 9% 91% W 84% 8 a1 8o% 93% 84% T6% BO% % 84% 6% 84 884 3% 100% 106% 40 90% 9 96 100% 634 20% Great Northern Hudson & Manhattan ref bs 1 Hudson & Manhattan adj 5s 1"1 7!‘( 1llinois Central 535 1934 Inter Rapid Transit 6s 1966. . Inter Rapld Transit cv 7s 1932, Inter & Great Nor ad) 65 1982, ., Kan C Ft Scott & M 48 1936. ... Kansas City Southern 3s 1950, Kansas City Southern 6s 1950 Lake Shore 48 1928 Lake Shore 45 1931. Louis & Nash unified 48 1940 Louis & Nash 1st ref 5348 2008 Mil Elec Ry & Lt 1st rof 5s'61 MStP&SSM6%s1931.... Mo Kan & Tex 1st 45 1990... Mo Kan & Tex adJ bs 1967. Mo Kan & Tex pr ln 5s A 1962 Missour! Pacific gen 48 1875. Missouri Pacific 68 1949 New York Cent deb 45 1934. New York Cent ref imp s 20. New York Central deb 6 New Haven deb 4s 1 NYNH&H cvdeb s 194 N Y West & Boston 4 %s 19 Nortolk & Western con 4s 1996.., Norfolk & Western ov 6s 1329 Northedn Pacific 3s 1847, Northern Pacific 45 1957, Northern Pacific ref Imp Ore Short Line ref 48 1929. Ore Short Line gtd 55 1346 Ore-Wash 1st ref 48 1961..... Pennsylvania gen 4%s 1965, Pennsylvania gen 6a 1968, Pennsylvania 6%s 1936, Peoria & Eastern Inc 4s - Pere Marquette 1st 5s 1950. Reading gen 4s 19! Rio Grande Western cit 45 1949 RIArk&L 4%81034.... StLIM&SR&G 431933, StL&SanFranprinds A lfl!Va 'll% 75" 85% 1% 89% 984 87 94 105% 88 1044 81% vee BS54 .91y 65 100% 94 - 1004 113% 594 o1% 671 894 129 St L. & San Fran pr In 68 1950. ... St L & San Fran adj 68 195! St L & San Fran Inc 6s 196 Seaboard Air Line ref 4s 1869, Seaboard Air Line adj §s 1940 Seaboard Air Line con Southern Pacific cv 4s Southern Pacific col 4s 194: Southern Pacific ref 4s 195 Bouthern Ry gen 48 1956. Southern Ry 1st bs 1994. Southern Ry dev 6%s 1956 Third Ave adj b8 1960. . . Union Pacific 1st 48 1847... Unlon Pacific cv 48 1927.... Virginian Ry 1st 58 1962.... Wabash 18t 55 1939.... Western Maryland 4s 1962 ‘Western Pacific 55 1946, Low. 101-12 101-14 100-22 01-3 101-20 104-20 High, 9€8% 102% 95% 867% 1094 107% 84% 974 104 108 102% 107% 107% 441 97 100 101% 110% 101% 101% 2915 1084 94% 848 82°% 917 95% 85 8474 103% 111 TTH 106% 112% 95 Last. Yield. 101+20 827 10119 4 02 101-28 897 101-11 3 89 101-25 402 108 23 384 Last 96% 102% 5% 864 1094 Tow. 06 102% 95N 864 108% 107% 8414 9634 103% 102% 1024 1074 1068% 43% 964 92 100% 110% 100% 100% 99 101% 1 29 86 104 1017% & 116% 106% 125§ 1014 90% 100 114% 101% 96 10614 4 1014 94% 94 1045 93% 116% 102% 0414 101% 86 1065 105% o4 871 49 110% 96 92 864 *94y 58 8% 80 56 1124 €614 8615 92 4 116% 9 103y 105% 9214 &7 1021 »3 60t 91 Ti 65 65% 74 107% 116% 100% 110% 8% 72 1024 3% 813 2% 8¢ 1% 80 8814 96% 981 1054 86% 104 /114 86 91 651 100% 84 100% 1l4% 501 91 67% 88% 1284 614 86 1075 964 104% 824 9414 103 110% 845 98% 25 8% 86% 86% 73% 8814 87% 88% 81% €6 %% 904 963, 84% li‘/fi 109% 109% 40 - 4vig 92 934 9 994 6% 964 100% 103 65% 65% 934 9314 Bl% 8% BY CHAS. P. SHAEFFER. Virtually every bank in Washing ton is represented by two or more of its officers on the general committee in charge of arrangements for the 1925 convention of the District of Co- lumbia Bankers' Association, which has just been appointed by W. J. Wal- ler, ‘general chairman. This committee will hold its initial meeting tomorrow afternoon at 4 o'clock at the headquarters of the Bankers' Association in the Masonic Temple, when Chairman Waller will submit plans thus far outlined and proceed to the appointment of the various subcommittee chairmen who will have charge of the vast amount of detail work incident to the con- vention. It Is & certainty the committee will approve the recommendations of the council of administration that the convention be held at Hot Springs, Va, from June 25 to 28, inclusive. The Washington bankers have held two annual conventions at this popular resort and have been well pleased with the manner in which they have been accommodated. Referring to the benefits derived from these conventions, Chairman Waller pointed out that a number of marked improvements in the method! of handling the dally routine in the local banks have been brought about as a direct result study of banking problems at previous conventions. He expressed confidence that the forthcoming con- vention will prove no less productive of constructive results than have the previous ones. of co-operative | the Commlttee's Personnel. The personnel of the general con- vention committee is ms follows: W. J. Waller, vice president of the Fed- eral-Ameérican Natfonal Bank, chair- man; Bovd Taylor, vice president of the Washington Loan and Trust Company, vice chairman; Charles J.| Bell and Corcoran Thom, president | and vice president, respectively, of | the American Security and Trust Company: Maurice Otterback and J.| Frank Campbell, president and vice | president, Anacostia Bauk: M. D. Rosenberg and John M. Riordan,| president and cashler, Bank of Com- | merce and Savings: L. E. Breuninger and Fernand Petit, president and cashier of the Citizens’ Sayings Bank Frank J. Stryker and Arthur XN.| Mitchell, president and cashier, Co- | lumbia National Bank; James H. Baden and Lawrence A. Slaughter, vice presidents of the Commercial National Bank; Wade H. Cooper and Hugh W. Barr, president and treas- urer, Continental Trust Company: Eugene E. Thompson and Y. E Booker, jr., Crane Parris & Co.; J. T. Exnicios, president, and Raymond B. Dickey, a director of the Depart- mental Bank; Col. Robert N. Harper and Joshua Evans, jr.. president and vice president of the District Na- tional Bank: John C. Yost and Charles A. McCarthy, president apd cashier of the East Washington Sav- ings Bank; Harry V. Haynes and I 1. Selby, president and cashler, Farmers and Mechanics’ National Bank; William T. Galliher, John Poole, Charles D, Boyer, chairman of the board. president and cashier, Federal-American National Bank: John B. Cochran and Thomas P.| Hickman, president and vice presi- | dent, Franklin National Bank; W. B.| Hibbs and W. W. Spaid of W. B.| Hibbs & Co., John R. Waller and C. Waller, president and vice president International Bank: Joseph Schia- | vone and Louis Rosenberg, president | and vice president, International Ex- | change Bank: George O. Walson and | E. J. McQuade, president and vice president, Liberty National Ban Floyd E. Davis and W. McK. Stowell, president and assistant cashier, Lin- coln National Bank; L. P. McLachlen and Archibald McLachlen, president and secretary, McLachlen Banking | Corporation; P. A. Drury and E. W. | Popkins, president and vice president, Merchants’ Bark and Trust Company Willlam Muehleisen and William R Baum, presideat and vice president, Mount Vernon Savings Bank: C. H. Pope and Wilton J. Lambert, vice presidents, Munsey Trust Company James Trimble and J. Frank White, vice president and cashier, National Bank of Washington; H. H. McKee and H. C. Steuart, president and cashier, National ~Capital Bank: George W. White and C. F. Jacobson, president and cashier, National Metropolitan Bank: Charies C. Lam- born and E. Percival Wilson, treas- urer and secretary, National Savings and Trust Company; Theodore Mich- ael and B. L Grove, president and vice president, North Capitol Savings Bank; George F. Hoover and W. R. Lewis, vice president and cashier, Northeast Savings Bank: Francis M Savage, president, Northwest Savings Bank: Walter H. Klopfer and George A. Prevost, vice president and coun- sel, Park Savings Bank:; Henry W. Oftutt and R, A. Bowles, president and vice president, Potomac Savings Bank; C. C. Glover, Miiton E. Afles and Robert V. Fleming, chairman of hoard, president and vice president, Riggs National Bank; Samuel J. Prescott, Victor B. Deyber and F. W. McKenzle, chairman of board, presi- dent and director, Second National Bank; Julius I. Peyser and Francis C. Addison, jr., president and vice pres ident, Security Savings and Commer- cial Bank: August H. Pluggee and John D. Howard, vice president and cashier, Seventh Street Savings Bank; Edward J. Stellwagen and E. B. Olds, president and vice president, Union Trust Compapy; Wade H. Cooper and Willlam R. DeLashmutt, president and vice president, United Stat Savings Bank: John Joy Edson, John B. Larner and Harry G. Meem, chair- man of board, president and vice president, - Washington Loan and Trust Company; Ezra Gould and R. H. Bagby, president and vice presi dent, Washington Mechanics' Savings Bank: Thomas E. Jarrell and John D. Leonard, president and vice president, Washington Savings Bank. Income Tax Boad Ruling. The Treasury Department recently issued an income tax ruling, which will affect the payment of interest on corporation bonds with tax covenants which specifically except the income tax. This ruling is of general interest. It appears in the Internal Revenue Bulletin of December 29, 1924, page 13. The ruling construes Section 221 (b) of the revenue act of 1921, which makes provision for payment at the source of the tax of 2 per cent re- quired to be withheld on bond inter- iest it the bond contains a tax free covenant. The ruling construes the following covenant to be a tax-free covenant within the meaning of ‘this section: “It will duly and punctually pay or| cause to be paid to every holder of any bond issued and secured here- under the principal and interest ac- cruing thereon, at the dates and place nd in the manner mentioned in such bonds, or in thé coupons thereto belonging, according to the true in- tent and meaning thereof, without de- duction from either principal or in- terest for any tax or taxes or stamp duties (other than succession, inheri- tance, or income taxes) imposed by the United States or any State, county, or municipality thereof, which the corporation, its successors or as- signs or the trustees may be required to pay thereon or deduct or to retain therefrom, under or by reason of any present or future law, and the cor- | | when Gue | tages of collection of | tion of America is directly | the | ents D. C. MARCH 8 FOR 1925 BANKERS’ CONVENTION Virtually Every Bank Represented—Income Tax Ruling Protested—Cost of Branch Banking. Other Financial Notes. poraticn hereby covenants and agrees to pay the sald stamp tax and tax or i taxes other than successlon, inheritance or income taxes. 5 In this connection, Fugene E Thompson, chairman of the Federal taxation committee of the Investment Bankers' Assoclation, states the rul- ing is a new construction of the stat- ute and Is directly contrary to the long-established previous construc- tion. Previous to the ruling the po- sition of the Treasury Department was that this section did not apply and no tax need be withheld unless the covenant fncluded the Federal in- come tax. Allxugh the ruling is given under the 1 of 1921 it will apply with equal force to the act of 1924, since the provisions of both laws are the sume on this point. Holds Ruling Far Racching. Continuing, Mr. ‘Thompson said: “The ruling may be reflected by the market for these bond: It the rul- ing shall be sustained and if a tax of 2 per cent is requfrea to be with- held at the source on all payments of interest due on such bonds, the re- sult will be to place these bonds in the position where they will become the one and only class of bonds in this country today where the interest coupons will not be payable in full In all other cases either the law has abolished the require- ment of withholding or the interest is pald In full under the terms of the covenant. Thsi discrimination wiil subject this particular class of bonds to all the objections and disadvan- the tax at source, including the filing of owner- ship certificates with every interest coupon, without the bondholder re- celving any compensating advantage such as he obtains under the true tax- free covenant. Neither would it be air to expect the obliger corporation to attempt .to equalize the situation by voluntarily assuming the burden of the tax since this would increase'l the rate of interest they have agreed to pay The Investment Bankers' Associa- interest- maintaining the market for bonds since all or substantial- all of them have been sold through member houses to their cli- nd customers. ed in Discasses Banking Insuen. The most important matter of in- terest to the fiduclary and their cus- tomers is a full understanding of the position held by corporate fiduciary in the affairs of today and tomor. (Continued on Page 31) Get Our Latest Quotes All Issues German Bonds LANE, ROWELL & COMPANY 435 Star. Bldg. Tel. Main 2567. F irst Mortgage Bonds On Income-Producing City Prop- erty of General Utilization— The highest type of investment known. Now Offering: 20-Year 616 % Sinking Fund Gold Bonds, Roger Williams Apart- ments, Providence, , Rhode Tsland. Union Discount Company, Inc. NEW YORK Philadelphia, Bosten, Albaay, Newark, ‘Hartford 300 Southers Bidg.. Washing R ) o “WHEN” buying FIRST MORTGAGE 6%% taken to safeguard your intere sonal inspaction and comservative valuation are two of our striot requirements. Prompt and courtesus service follows the purchase of bur securities, Notes now on hand in i in amounts €. L. 0'D: ell, Mgr. Mortg. Dept. J. N. Hughes, Asst, CHAS. D. SAGER Realtor M. 36.37.38. 924 14th St. N.W. WE WANT TO BUY Good Second Trusts on Residence and Business Property in Washington and Vicinity. Banking Trust &Mortgage Co. 1410 G St. N.W. Franklin 5794. Desire experienced man to make a pérma- nent connection selling a safe investment. Ex- cellent opportunity for a man possessing sales ability, self-confidence and ambition. - State fully your experience, ability, previous con- nections and refer- nces. Address BOX 387-B, STAR OFFICE 1925—PART | | | i T: In Charge of Convention W. J. WALLER, Chalrman of 1925 committee annual Bankers' Co; andling e MAY WHEAT DROPS TO $1.77 A BUSHEL Renewed Heavy Selling Sends Saturday Prices to New Low Levels. By the Associated Press CHICAGO, March 7—Renewed heavy | selling sent the wheat market fiying downward again today, and prices tumbled even under- the low record established in February. May deliv- ery dropped to 1.77 a bushel, but later rallied. An advance at- the opening today had forced recent spec- ulative sellers to protect themselves, and temporarily left the market minus their support. The close was nervous at the same as vesterday's finish to % cent lower, M |snu to 1.81, and July, 1.62% to 1. The corn market weakenad again when wheat turned down grade. Corn closed unsettled at the same s yes- terday's finish to 3-8 cent higher, May, 1.38% to 1.28%. WE FINANCE Apartment Houses Business Preperty Rexldence Property Higbie & Richardson, Inc. 818 15tk St. N.W. BONDS Full New York and_Berlin Market Received Daily Send for Special Market Letter Peter Whitney 203 Investment Bldg. Telephosic Franklia 3078 FIRST MORTGAGES FOR SALE ; Denominations of $250, $500, $75J, $1,000 and upwards 612% All Loans Made on Property Lecated in the District of Columbdla JAMES F. SHEA 643 Louisiana Ave. N.W. . Conservatism upon the pari of an snvestwient - house means safe investments for sts clients’ . We offer First Mortgage Notes in amounts of $50 up with an interest yield of 7%. These notes may be purchased by monthly pay- ments. Consult Our Trust Dept. or send for Valuable FINANCIAL. Distributors for a nationally known truck, with a ton model that will dominate the field, desire several high type men with truck sales experience. We have a prop- osition that will interest you. Star Office SECOND TRUST NOTES PURCHASED AT CURRENT RATES, PROMPT ACTION UNION FINANCE CO. 1410 H St. N.W. $20,000 to Loan in 35,000 to $10,000 Amounts No Commission —Only first deeds of trust; interest. Give full Ingurance. Address Box 254-B, Star Office. 613% particulars. f Annual Net Yield Wlt!n Mazximum 20% Add 1o these an ever mrr-uvng value and ready marketability: And you will find extremely a tractive our current offerings of Exclusive Washington Investment Properties Inquiry and Inspection Invited C. P. BARRETT Mauin 9016 1502 K St. N.W. Money to Loan | Becured by srst deed of trust 420 Wash. otn real estate jesion. Lo & Trust & FROM $50 TO $100 Can Be Obtained by Using Our Certificate of Inventery, Appraisal and Title. CHATTEL TITLE COMPANY 805 Fisth 8t. N.W. USE YOUR HEAD . But Never LOSE YOCUR HEAD when contemplating the investment of meney 1f professional advice is desired along any line an expert is, or should be, claim to be “experts” consulted. It is quite as important that a adopted in reference to on course be We boldly similar s finances. in matters pertaining to rcal estate in the Nation's Capital, and are in position to supply investments that are always thorough safe guarded, and, at the same time, yield liberal rates of interest. “USE YOUR HEAD” by consulting us and you'll never LOSE YOUR MONEY. MORTGAGE INVESTMENT DEPARTMENT 713 and 715 14th Street N.W. Main 2345 Large Loans Available %% Interest Insurance Company Loans Long Term Financing Building Loans Refinancing Weaver Bros., Realtors 735 15th St. N.W. Main 1821. Selling Room 312 Evans Bldg. 1420 N. Y. Ave. N.W. BUCK and CO. Stocks and Bonds Established 1916 Our Letter Last Week Gave Texas Gulf and Sulphur at 102. In This Week’s Letter We Are Giving a Stock in the 60s Which We Think Will Sell Near 100 Write or Call for This Letter We Buy and Sell Listed Securities Outright Or on Margh From 5 Shares Up Direct Private Wire It Sold 112. From Securities USI our Investment Savings Plan to compound the in- come from securities you now own. Apply your interest and dividends toward the purchase of Smith Bonds, and receive 7% on these odd sums. 7% Our free booklet, “How to Build an Independent Income,’” ex- plains the plan by which our $100, $500 and $1,000 First No Loss to Any investor in 52 Years The F. H. Smith Co. Founded 1873 FIRST MORTGAGE BONDS Smith Building, 815 Fifteenth St, I . your own business tion— 4 Main 2100 '—the problems and details of Property Man- agement are as familiar to you as those of If—the best of your life has been devoted to Property Management . If—in addition you have an organization which specializes in this particular business and keeps posted on what is going on within the renting market, knows how to find tenants, collect rent and guard your income against waste in opera- THEN as owners of rental properties you are equipped to manage your own property— OTHERWISE, you need us. We have had Thirty-two years’ successful ex- perience in Property Management. We specialize in the MANAGEMENT OF APARTMENT HOUSES B. F. SAUL CO. 925 15th St.-N.W,