Evening Star Newspaper, March 14, 1926, Page 47

FINANCIAL. .S ISSUE IS BOND - FEATURE OF WEEK Continuation of Heavy Invest- ment Demand Seen by Bankers. BY GEORGE T. HUGHES. Special Dispatch to The NEW YORK, March 13 event of the week in the investme market was the offering by the Sec- retary of the Treasury of a long-term Government bond issue with the low- est coupon rate since the w There have bheen numerous in- stances of Treasury financing on a lower vield lasis to the investor in the past two or three v but these were all with securities of short ma- turitles. The new bonds, carrying a 8% per cent coupon and maturing in 80 years, but redeemable in 20, rep- resent a lower cost to the Govern- ment than anything since' the first Liberty loan, except these short-term obligations referred t That the Secre lected this time for a fering when the stock market had Just experienced a sharp relapse and when bond prices had been depressed in sympathy with the speculative col Wpse was a surprise to Wall Street, @ut the soundness of Mr. Mellon's judgment was demonstrated by the prompt over-subscription. May Eventually Appear High. To invest accustomed to present day bond yvields, a 3% per cent issue, even a Go' ant oblization, might at first sight look unattractive. But the market did not take it that way and it may well be that lonz before the maturity of the new bonds a 3% per cent return on a Government ob- ligation will look high. It is not the temporary fluctua- tlons in the money market or the im- mediate outlook that signifies, but the long term trend. Perhaps we shall again see the time when the 4 per cent first mort- gage bonds of the most prosperous railroads sell at or even when the strong roads ave s S per cent issues. The New tral did that in 1897 : Illinois Central did it in 1597. 1In 1899 the Chicago and Alton. now in receivership. floated a mortgage bond with a 3 per cent coupon Since the beginning of century interest rates have been ually rising. but there are many thorities who believe that the mo ment has now been rever: hould have s long-term_of the present d- u- 1. It counts in of the this long-range view whi wppraising the atiractiveness new Government bonds. Aids Entire List. The confidence in the market dis- | played by the Secretary of the Trea ury found immediate reflection in a hardening of prices throughout the | entire list. Activity increased and | some fissues i les just helow the best : ubstantially. At the close of the week the averages were higher than at any previous time | during the month. Well informed bankers predict a continuation of heavy investment de- mand, and there is no present sign of | any excess of new issues with which | to supply this demand. As a matter | of fact, new financing this year so far | has not been relatively large. | ed and that {109 High. 11021 1089 80 95 101 101 101 106 401, 943 1T 101Y 112% 109 98% 934 1043y 100 923 82% 2% Bit 16 13 105% 100% 1 115 1077 104 1748 94y 954 1024 100 1013 991 1057 100 91 86 100% 97% 103 100% 9 90 97 93% 111% 105 934 784 102 944 108% 106 100 914 105 9Ty 10644 100 111 107 121% 119 102 994y 1044 101 91y Bzw 95 BTk 110 101% 90 89oy 17% 97 99 10213 w2 931 ¥T% 102 99 116% 112 104% 1001 99 95k 1084 106 103 967y 99 98 100% 2% 105 101% 101 95 Ghe 82 129 10 106% 102 105 9 1043 104 9l 3> 05 104'% 106% 1044 98k Yl During the first two months of 1 the total amount of new honds of- | fered was IS38.507,695, which com. | pares with $933,200.000 for the same | period in 19°5. There are no large | pleces of railroad financing in sight | and most industrial corporations sre | In an extraordinarily strong position. | Moreover, the supply of United States | Government obligations is slowly hut | steadily decreasing. Meanwhile, the savings banks and insurance compa- nies are steady customers for bonds. More Foreign Issues. ‘This country probably will have to absorb a gocd many more foreign offerings, but even here the flow is being slowed up by the fuct that some of the best credit r foreign governments ar supply their needs in their markets. This 1s the case of Japan, for instance, where several pieces of new business have been underwritten b home bankers instead of coming to London or New York as had been expected. Belgium will doubtless be a bor- rower in the near future, the amount of the loan being divided between the British and the American markets. There are several new South Amer- ican bond issues in sight, one of them a loan to the state of Sao Paulo, Brazil. which will also, it is expected, be a joint London and New York affair. It will be remembered that objection from Washington stopped the placing In America of a Sao Paulo coffee loan, but t does not prevent credit extension which 1s not based on malntaining the price of a commodity. the import of which is essential to American consumers. Quotations for listed foreign bonds have not improved proportionately with domestic issues, but considering | all the uncertainties of the situativa in Europe prices have held remark- ably well. Proof of this statement may be had in the fact that the active French bonds have had a price range of the vear to date of less than three points. Larger Risk Today. In part, & ast, this relative sta- bility In foreign bonds is explainable by the advance in the domestic list. Eight per cent on a foreign bond rep- resents larger risk today than the same return did two or three years 0, because in the meantime the gen- eral level of bond prices has been working upward. In other words, those investors who are willing to take some sort of a chance for the sake of a larger return have been forced to turn their atten- Hon to the forelgn descriptions. Some- thing of the same condition is appar- ont in certain semi-speculative domes- tic issues. ‘Take the bonds of the sugar-pro- ducing companies, for instance. The industry has been suffering from over- production for a year or more. There is still an apparent surplus of sugar, and the profits of the Cuban com- panies, at any rate, do not appear promising. Nevertheless, one of the outstanding features of the market this week has been the firmness in sugar bonds. Shakespeare in Siam. Prom the Living Age. The late King of Siam, Rama VI, was not only an enlightened monarch who had been trained in western uni- versities, but a man of marked lite; ary tastes. He was an assiduous stu- dent of Shakespeare and had trans- to home 102 78 1089% 917 St 94% 877 102 444 103 100% 79% 1% 61 59% B 44 T 554 48k 69 44 112'4 105% 88 8% s91 834 94% 91% 118% 116% 3% 6% 1044 102%y 107% 104% 96 90 89 834 90%y 108% 106% 117 114% 108% 99% 111 108% 94 86% 7% 103% 101% 4% 59% 95 85 79 66 89% BOW 7% 704 93% B8% 99y 97 97% 95% 95% 91% 108% 104% 92% 84% 104% 102% 8% 80 937 T6% 9T% 86 67 62% 98Y% 92% 984 lated into Siamese, “Romeo and Juliet,” *“The Merchant of Venice" and “As You Like It,” all of which ‘were subsequently produced at his private theater in Bangkok. Whether Shakespeare is as bad in Siamese as in French, or as good as in German, ‘we are not prepared to say. The new holding company is to have 1ssued $76,347,100 of 6 per cent cumula- tive preferred, with limited voting power, all of which is to go to Asso- clated holders on the basis of one- third of a share for each Associated Oil share. There also will be 5,480,733 no-par common shares, of which 500,- 000 are to be sold from the treasury and the balance exchanged for Asso- clated and Tiggwater Oil stock. 104% 100% 113 106% 511 34% 941 90% 99% 98 101% 95 108% 100% 98% 94% 69 63% 96% 904 86% 81% 106% 106% 1926 High. Low. U. S. BONDS. 101=5 99+19 Liberty 31s 1932-47 102-16 101-21 Liberty 1st 43 s 1932-47 100-28 100-17 Liberty 2d 41, s 1927-42... 101+9 100-25 Liberty 3d 43s 1928 10223 101-29 Liberty 4th 41 s 1933-38.. 108-2 1069 Treasury 41s 1947-52 THE SUNDAY STAR, WASHINGTON, D. C, MARCH 14, 1926—PART 1. 101-1 102-16 10028 101-9 102:23 . 10730 1 Low. 100-27 101-1 BOND SUMMARY FOR THE WEEK 1928 —— Low. 110129 99-15 10230 101-1 10119 100-16 101-1 101-20 10810 104 13 Last. 02-6 102+6 101-5 Prev. week’s FOREIGN. 109% Beigium 7% 19 107 Belgium 8s 1941. 821 Bordeaux 6s 1934 101% Brazil 8s 1941 1107 108 864 * 104 104 102% Chile 85 1946 45% Chinese Govt Ry 5s 1951 I8y Copenhagen 5gs 1944, ..., 983, Czechoslovakia 83 1951.. .. $¢ Denmark 6s 1942........ 10 Dutch East Indies 104 Dutch East Indies 6s 1 97w French Govt Tlys 1941 1009 KFrench Govt 8s 1945. 101% German 7s 1949. .. 7yt Holiand-American s f 65 1947 83% Japunese 45 1931..... panese 615 1 108 1 riands 6s 1972. . 7 Lyon Med 6s 1958. 1041 Queensiand 65 1947 110% Queensland 7s 1941 973 Rio de Janeiro 83 1946. 1024 Sao Paulo, State of, 8s 1936 86 Seine, Deptof, 7s..... 91 Serbes, Crote 104% Sweden 65 103 Swiss blas 117% United Kingdom 538 1929, : 104k United Kinzdom 5 ks 1927. INDUS 103% Amer Agri Chemi nelt & Ref 1 nelt 15163 1942.... ugar Refining 63 1937 1 & Te 1007 Amer Tel & Tel ¢l trbs 1014 Anaconda Copper 63 195, 1023 Anaconda Copper cv deb 7s 1938.. 9014 Armour & Co 41ys 1939 99% Atlantic Refining deb 100% Bell Tel (Pa) ref bs 1948 93 Bethiehem Steei p m 55 1936.... 954 Bethiehem Steel s f 68 1943..... 2 106% Chile Copper s 1932 S 8113 Cons Coal (Md) 1stref 55 1950. 974 Cuba Catie Sug cv deb 8s 1930 107% Detroit Edison ref 63 1940. .. 94 Dodge b8 1941...ouuiuiinn. W2 Empire Fuel & Gas 7198 1937, 104 Goodrich (B F) 638 1447, 109% Goodyear Tive s 1931 .0 121 odyear Tire 85 1941 10i% Humble Oil & iz Indiana Steel 5 85 Inter Mer Marine 65 93k inter 9 1084 Inteinational Tei 10315 Kelly- d 8s 1931, » 961 Lackawanna 99t Liggett & Mye 100 435 Midvaie Stee v 10058 Ne: 1165 115 N Y 104 NYC Tel & Telos 1952, .. a Coref 65 1944, CoUR 1944, 137 1034 100 937, Sinciair Oli s Skelly 615 1 e 1057 107 South Porto Lico Sugar 7 1054 104% Union Bag & Paper 106': 103%s United Drug 6s 1944, 94ty 914 U S Rubber lst & ref § 108% 106% U S Rubber 7 107 165 US Stee.sf5s 1963 97 95 Utah Power & Light5s 1 107% 1054 V olina Chein s £ 7 1947, 013 111 Western Union Tel 63 193 101 Y85 Wilson & Co ist 65 1941. i 7l Wilson & Cocv 7igs 1931 KAILROAD. 891 Alchison gen 45 1935. 924 Atiantic Coast Line 1st 4s 894 Baito & Ohio gold 48 1943, 94 Balto & Ohiocv 4158 1933, 981y Balto & Ohio ret 5s 199, i Baito & Ohio 65 19; 2 B&O Pitts LIE& W Va 45 1941 o uav 9. 9 Y54 103% 102 914 &S 99+ 98 961 9215 Brookiyn Manhat s f 65 A 1968. 118% 117 Canadizn Northern 6lgs 1946. #34% 801 Canadian Pacific deb 4s 91z 89% Central Pacific 45 1949. ... 99 ake & Ohto cv 438 1930 944 92 Chesapeake & Ohio gen 4155 199; 150% 124% Chesapeake & Ohio ev & 584 bl% Chicago & Alton 3 104% 102°% Chi B & Quincy 1st ref 784 173% Chi& Eastern 1il gen &5 1951. 654 6413 ChiGreat Western 4s 1959 B3z 48l ChiM & St Paulev 4%s1 931 *90% Chi M & St Paul gen 4145 1989 5537 49% Chi M & St Paul ref 4125 2014.. 53l 48% ChiM & St.Paulcv 5s 2014. .. 112% 111% Chi & Northwestern 64 s 1936 81 71 Chicago Rallways 5s 1927. #9% 874 Chi R 1& Pacific ref 45 1934 95'% 944 Chi Union Station 41s 1964. . 118 1167 Chi Union Station 6135 1963 81 Chi& Western Ind con 4s 1952 102% C C C & St L ref 65 A 19; nd Term 5%s 19 64% D& R G West 58 1955 90 Detroit United 435 193; 74% Erie 1st con 45 1996. 0% 92% 8 15 1067 Grand Trunk s f deb 6s 1936. 116 114% Grand Trunk 7s 1940. 105% 102% Great Northern gen b : 113 110% Great Northern gen 7s 1936. 95% 92% Hudson & Manhattan ref 58 1957. 82 104 102% lilinols Central 51s 1934. . 78% 62 Inter Rapid Transit 5s 1966. 94 86% Inter Rapid Transitcv 7s 1932 73% 71 Inter & Great Nor adj 6s 1952. . 91% 89% Kan C Ft Scott & M 48 1936. 75% 74 Kansas City Southern 3s 1950. 97 93% Kansas City oSuthern 58 1950. 99 989 Luke Shore 48 1928.......... 97% 96% Lake Shore 451931....... 95 93% Louis & Nash unified 48 194 110% 107 Louls & Nash 1st ref 5%s 2008. 9475 89% Mil Elec Ry & Lt 1st ref 55 61. 104 102% MStP&SSM61451931... 86% 84% Mo Kan & Tex 1st 43 1990. 96% 91% Mo Kan & Tex adj 5s 1967. 99 96% Mo Kan & Tex pr In 5s A 19 68% 66 Missour Pacific gen 4s 1976 99% 96% N O Tex & Mex inc bs 1936 957 94% New York Cent deb 4s 1934, 103% 101% New York Cent ref imp 55 2013. 1087 10u¥% New York Central deb 65 1985 99% 97% NYNH& Hcvdeb 6s1948. 76 69% N Y West & Boston 4%s 1946. 93 90% Norfolk & Western con 4s 1996. 156% 143 Norfolk & Western cv 6s 1929 641x 61% Northern Pacific 3s 1947. 88% 8614 Northern Pacific 45 1997. 111% 108% Northern Pacific ref imp 6s 97% 96% Ore Short Line ref 4s 1929 106 105% Ore Short Line gtd 5s 1946 86 83% Ore-Wash 1st ref 4s 1961 97% 94% Pennsylvania gen 4%4s 1965. 1054 102% Pennsylvania gen 5s T968. 112% 111% Pennsylvania 6148 1936.... 41% 35 Peoria & Fastern inc 4s 1990 103 101% Pere Marquétte 1st 5s 1950. 96% 94% Reading 4%s 97. e 80 74% Rio Grande Western clt 4s 1949 93 88% RIATk& L 4151934 917% 89% StLIM&SR&G s 80% 7T7% St L & San Fran pr In 4s A 1950 96% 93 StL & San Fran prin5s 1950, 101% 99% St L & San Fran 5%s B 1942 96 92% St L & San Fran adj 6s 1956. . 89% 85 St L & San Fran inc 6s 1960. . 74 1% 877 80% 96% 924 984 96% 87% 86 91% 90 84 81% 105% 104 114% 112 65% 41% 94% 924 eaboard Adr Line adj 65 1949... board Air Line con 6s 1945 outhern Pacific cv 45 1929 Southern Pacific col 4s 1949, Southern Pacific ref 4s 1955. .. Southern Ry gen 4s 1956. Southern Ry 15t 5s 1994. Southern Ry dev 616s 1956 Third Ave adj 5 1960. Union Pacific 1st 4s 1947 100 99% Union Pacific cv 45 1927. 102 99% Virginian Ry 1st 5s 1962. 102% 101% Wabash 1st 5s 1939 101% 99% Wabash 5%s75..... 70% 665 Western Maryland 4s 1952 99 957 Western Pacific 55 1946 86 83% West Shore 1st 4s 2361, B & O Southwestern Div § ofs 50. . Hudson & Manhattan adj 55 1957. . Close. 981y W01% 9% 102 6% 1094 102% 108 104% 90'%% 100% 124 e 9Tk 107T% sd% 59 108 5% 1024 108 1084% Y6% 91 103% High. Low. 99% 984 101% 100% 9T 9T% 102 1014 874U 864 110% 109% 107% 107% 85 84 102% 101% 103%% 102% 1024 102% 101% 1014 103% 1074 109% 108 47% 464 99 98Y% 102 100% 108% 102% 1044 104% 1044 104 97% 101 102 2 86 98Y% 107% B3% 83 106% 6 105% 110% 100% 104% 87% 92 104% 103 118% 104% 104% 99% 107 103% Th 1024 1023 103% 901y 100 102% 9i% 97w 1064 84k 95% sk 91 ¥h vik 1.8 8% H0% s8h bik 169% 58% 104 6% 67% A49% 81% L0 50 112% 6% 594 i 117% s4% 1034 106% y6% 92% 103% *Th 68% 90% T 6% 68% 61% 2% 69% 9%\ TT% 984 97% 90% 4 1u7% 106% 94% 78 .+ 102% 70 91 2% 9k 6 96% 98% 96% 944 109 945, 103 8644 92% 98 67% 99% 95 10235 e 10T 984 73 91 145% 63% 88 110% 97k 1056% 85% 96% 105 112% 3Th . 102% * 101 Seaboard Air Line ref 43 1959..... 95 8% 1% 91y 784 94% 94 87% 72 83 9415 9% 864% 91 82% 104% 118% 60 92% 99% 100% 102% 101 68 98 83% 116% 116% 105 108% 112% 1% va% vk 8% T1% 108% 102% 1 694 93 0% 2% 1% 914% 91 5% 6 96 95% L8% uH% 97 96% 95 Y4% 107% 107% 94% 93% 104 103% E6% bk 94 924% 9T 664 8% 4% 102 106% 8% 3 a1 144% 63% 2T 110% yT% 105% 5% 16% 104% 112y 2b% 124 6% 8% 9k 90% 9% 95% 100% 43% 6% 2 B1% 4% LT% 6% 81 R1% 104% 1i3% 658% 93% 99% 100% 1024 100% 68 7% 83% Yield. 388 387 100-24 100-24 381 101 4 102-15 10216 3 89 107-21 107-27 872 3176 Tast. 99% 101% 9% 101% 86% 110% 107% 85 102% 103% 102% 101% 108% 109% 45% 99 101% 103 104% 104 98% 108 102% 824 6% 94 108 86% 85 107 1 105% 110% 101 105% 88 92% 105 104% 118% 10()‘(1 104% 100% 1074 104 9T 102% 103% 106% 1% 100 103 96 97% 107% Bad 99% 108% 95% 102% 105% 110% IFLEMING UPHOLDS MFADDEN BILL Says It Would Equalize Com- petition of State and Na- tional Banks. Robert V. Fleming, president of the Riggs Natlonal Bank, declares that passage of the McFadden bill by Con gress will greatly strengthen the | Federal reserve system, prevent the drifting of na- tional banks away from the Federal reserve, will not prove an injury to State banks, and in many other ways be beneficial In explaining his views, Mr. Flem- ing refers explic- itly to the presen banking situation in Washington his opinion being especially _timely now that the Mc Fadden bill is in g, v. the committee stage, and is admitted to be the most important financial measure before Congress. Writing on the “McFadden Bill and Real Estate Loans,” in the United States Investor, he says, in part: “The McFadden national bank bill, now pending before Congress, when passed, will greatly strensthen the Federal reserve system by giving na tional banks, members of the reserve system, powers which will allow ther lo compete on an equal basis with State banks. The national bank act was adopted in 1864 and the Federal reserve act in 1913. These two acts are the laws under which nationa banks now operate, and as the coun- try has expanded conditions have changed and aditional legislation has become necessury to enable national banks to meet modern business con ditions. The enactment of the Mc Fadden national bank bill is essen tial to the continued successful opera tion of the Federal reserve si which, has proven of inca value to the United States, by pre venting panics through the mobilit of reserves, and which stood the tes of the war strain, by making possib! the successful flotation and dist ton of the Liberty loan issues. Will Equalize Conditions. “State banks have been able to se cure the necessary laws from their State legislatures to enable them to meet modern conditions, but in order that natlonal banks may meet com- petition, it “been necessary to in rporate in the MackF n bill pro- ns giving them like powers. “This bill will not give nationa hanks greater powers than their State bank competitors, but stmply aqualize conditions. It is by no means a complete revision of the national hank act but is only an addition to ind a modernization of certain pro visions of the national bank act. “One of the most important pro vistons of the McFadden national hank bill is the amendment to section 94 of the Federal reserve act. This sectton empowers national banks to make first mortgage loans on,improv ed city real estate, for a period not to exceed one year, in amount not in excess of 50 per cent of the value of the property, and the authority of national banks to make these loans is limited to one-third of their time Aeposits. These limitations have made it exceedingly difficult for mnational hanks to compete—not in the large but in the smaller cities—with State banks which can make loans on real estate for the gustomary perfods of three to flve years. The McFadden bill s0o amsnds this section that na tional banks may make loans on thi- class of property for a period of five vears (as a maximum) up to 50 per cent of the appralsed value of the property and in aggregate amount no to exceed 50 per cent of their savings deposits. Better Returns to Depositors. “During recent years there has been a tremenodus growth in the saving deposits of national banks. At the present time there are approximately 11.000,000 individual savings deposit- ors in national banks with total de- posits of about $500,000,000, or about one-third of all the savings depositors in the United States and about one. fourth of the entire savings deposits of this country. It is customary to pay not less than 3 per cent on sav- ings deposits. In many parts of the country the rate is considerably higher. As the profit on the turn- over of commercial deposits in na- tional banks is comparatively small, when safety of the investments the bank is required to make is consld- ered, it, is essential that national banks be given this authority to loan on real estate where the interest re- turns average 6 per cent, in order that the savings deposits of their clients may be Invested in gilt-edged secur- ittes and with a rate of return suffi- clent to enable a bank to pay the depositors the savings rate of interest. “As the Federal reserve system is the backbone of the financlal system of the country, so the savings de- posits are the backbone of the bank- ing system of the country, and this provision serves the dual purpose of making savings funds available for the increased development of each community., and at the same time providing the vast army of savings depositors with an absolutely safe security, at a rate of interest not only adequate but high enough to induce continued savings. Washington ‘Is Example. “This provision will prove pecu- llarly beneficial to the moderate sized citles throughout the country. Washington affords a striking ex- ample. It has been necessary, as the result of increasingly congested traf- fic due to growing use of automo- biles, more than ever before to de- velop community centers, each with its own banking requirements. The relatively small merchant and busi- ness man in each center, seeking that adequacy of safety afforded by the Federal reserve system and Gov- ernment supervision, constantly meets the necessity of applying to his national bank for accommodation on real estate security, which here- tofore it has been powerless to afford. “Experience has demonstrated that the office of a national bank, in a community section more or less re- mote from the business center, in no way detracts from the success of a State bank in that center. On the contrary, the State bank has pros- pered as well as the national bank and the community has been properly served and has developed more rapidly, as the national bank has been able_to carry its strength and service and the judgment of its experi- enced officers into the community center, without injyry to the State oank and for the betterment of all concerned. “As a concrete examlpe, one of the growing community centers in Wash- ington is located at Fourteenth street and Park road northwest. In this location the Riggs National Bank established a branch office on June 10, 1922, through the purchase of a small savings bank and its ultimate consolidation with the Riggs Na- tional Bank. In this commumty was also located the Park Savings Bank, & State. bank, doing a.savings and commercial banking business. Both 5 'BURSTING OF FLORIDA BUBBLE NOW ADMITTED BY REALTORS Promoters of Better Class of Development Hope Change Will Lead to More Stabilized Values. Future of State Held Assured. y BY I. A. FLEMING. MELBOURNE, Fla., March 13 — They are “separating the sheep from the goats,” is the way one big devel- opment head refers to the smashing of the real estate boom, the end of the great buying fever, the relapse that s leaving thousands of “real- tors” and their expert salesmen won- dering what's going to happen next. And while the “‘goat or unworthy developments—and there are thou- sands of them up and down and across the State— are on the run the | sheep are standing steadfast, all things ccnsidered, and “hope things will be all right before very long,” while they are a bit a-quiver lest there may be a panic in thelr ranks as well. This is one way of saying that the boom Is over, that the wild, hectic buying—buying on small cash pay- ments and on large payments—has Jassed; that from now on there will be more stabilization, and that the ‘ra of “sight unseen” buying has been hrought up with a short turn. Bankers Report Payments Slow. Bank officials admit_that payments are slow even on safe investments; that on questidnable developments, where the buyer has heen made the goat, all balances will go by the hoard miles away, there are numerous de velopments with a few houses s ing, conspicuously lonesome, on acres and acres of sand. a w a a A be and that collections generally will be | poor for some time to come. Bank deposits are decreasing natu- rally at this time of the year, when s0 many_people are returning home, for the highways are jammed with Northerners going home and reserva- tlons in Pullmans are hard to obtain. This I8 always the case at this sea- son of the year, and probably will con- (inue, as there is small chance of the deflated balloon in any way injuring Florida as a Winter resort. All Attractions Here. Friends of Florida, and they are teglon, hold that Florida is too real, too fine as to climate, the Atlantic Ocean, the Gulf Stream hard by, the hundred-and-one golf courses, on which games may be played nearly very dd the ocean even in Winter, the tennis ourts available always and the hun ired-and-one other att includ; in; the wonderful hotcls on the coust and in the interior, to permit of real harm coming to the State. This has been one of the chilliest Winters on ord in this section of Florida, and yet there has not been & | lay when goif addicts were not busy o the links; not a day when youth leclined the attraction of salt water bathing. And the cold was but a sentle reflex of what the North was receiving in large dos The interfor towns w 1 their natural attractions are suffering with he rest of the realty markets of the te, and on the West Coast realtors have hard picking. Some Hold for Blue Funk. Some realtors admit that “it is a case of blue funk” now, that there «n’t anything doing and that the ap- narent activity in various real estate offices 1s nothing more or less than “efforte at working out their income tax schedules.” The same authority adds could you expect. wild, bought property not even knowing whether under or over the water, a ‘paradise or a desert.’ ™ Near this city one “development” ~ansisted of 100-foot frontaze on the Dixie high had acres of country “acking it up, out of which they aelected “business lots” that are so tocated that business will never even nass them by. Lots here were sold by malil ‘hrough advertisements in the daily aress. There are other developments +hat have nothing to commend them ‘o investors except the name and here and there business lots were <old at very high prices when the fever was at its height. What are they worth today? Men who are back of the really ereat developments are making the hest of the situation and claim to see in the utter collapse of the boom. “he beginning of the movement hoom +he stabilization of values in Florida. Thev only fear that holders of good nroperties may become panicky and in that humor dispose of valuable equities at a loss. They sum up their views and state- ments after this fashion: “What is the use of worrying about it We have enjoved a great harvest and the schemers and alleged swindlers have grailed us untll we are now +hrough doing business—probably for some time. Let's rest on our oars and on the next start the trailers will not be able to follow and we will not have their disastrotis com- petition, but rather a certainty of more stable congditions prevalent.” What They Might Have Expected. After all, it 1s what Florida might have expected. Nine out of ten pleces of property bought and sold in Florida, whether resales or orig- fnal sales by developers, were for the account of speculators. That fs. not one buyer in ten intended to erect a home and live in Florida, despite attractive laws as to taxation. ‘Around this city, the largest in Bre- vard County and midway between Jacksonville and Miami, with the Kis- simmee highway to Tampa and St. Petersburg from the west coast ter. minal here, and with Tampa but 135 ———————————— now ‘but what ¢ the year round; bathing in| |has come when the enterpris {for which there are good re {go on, while the ‘v |that have been folsted upon the un- suspecting public will have to go back I |t te w & its original sale, proving less and less ttractive, lived far 2 | that there were no buyers the bubble blew. largest and best of the east coast de- velopments, heach, tens of miles of paved streets, hotel on propert, opment proud. rule the Florida real eéstate market. passed and wild speculation and indis- “ours 2 being stabilized. be and we welcome the cl velopments benefit by the n future of Florida, let us keep in mind the long list of many of the strongest financial Interests in the country now heavily lers, Fords, Dodges, Heckshers, Morgan Flrestone: lings, Dee be the best known names in the country, in insu velous climatic cultural dra State will continue to make progress and investors in these should welcome this goat and so ¢ velopments taken place in the State in the few year: From the Edin cil and made known his wish to regis- ter his wif the demise the man repiied: before night. me another journey if you put it down clerk. long while yet laborer doubtfully. she won't, and he knows what he has pouit to st and and With 9 out of 10 buyers holding for profit the property, months after began to lag serfously. y those who Eventually resales when it _developed s hopeful, away. ere asked and and 30. at ing An Expressive Letter. Appended herewith fs an abstract of letter fram the head of one of the | old with miles of ocean near! very dium bridge over Indian River and a fine Michigan devel- of which Michigan men are “Judgment and common sense at last De condition which has been feared is minate buying have run their state values also are This is as it should Ang De- of genuine merit will w condition. “The development of this wonderful ate has only begun, but the time here sons will motions R quen meet close 190 fe 10 cat’ 1 v the condition from whence they ume. We do not regret that the hec- c days are over. Many Wealthy Investors. “Instead of being anxious about the 100 p ted here—the Rockefel- du Ponts, Stotesburys, Edisons, Mellons, Vanderbilts, Ring- ngs and so the list might to include hundreds of ance in idition to the large wnce companies and banking in- invy slow extended | man | truc | we est “The hundreds of thousands ontinue to come to Florida, the advantages and ag possibilities of the s will | Ca to | 1.00 bask ng them here. he substantial enterprises in the eparation of the sheep from the that is taking place. “Florida 1s fundamentaily sound, re many of the wonderful de well known fon that has ast | | | | B, for 1 rt of the transforn last the Doctor Should Knew. otsman, country laborert to work one morning. of the local coun- An offic ho. on his w: led at the office as o e When the cle th. asked the date of 10 6. “She aln't dead yet; but she will be 1T thought it would save hat won't do at all.” said the ““Perhaps your wife will live a cull 7to 1b., “Well I don't know," responded the e doctor says (8 to 8 to iven her.” continues very has eas ket holds firm at 30 to 33 and 27 and 28 for leghorns and poor thin - turkeys drawing i to a close and with recelpts running light, market s steady to firm at 50 for young hens 9 pounds and over and 40 to 43 for young gobblers, old toms in fair de stock. strictly |improvement the p: ues rule a shade higher with all stocl showing quality meeting with ready sale and buyers free o bLoth duck and goose e {48 a dozen for the forme ample for prices is limited. N moving and No. 2s. and vams is firmer and top priges ar readily obtainable on good dry fancy stock, which brings 4.00 to 5.50 a bar- rel for sweets and 3.50 to 4.50 a ba rel for yams. Culls and No. a barrel, mostly 7 Southern vegetables are increasing in receipt and as prices ease off de- | pounc e |parsnips, 50 to 65 basket as it to fancy, Ib., ib.. 3 to 4. Milk cows, choice 50.00 to ordinary rough and common, 1b., 8 to 10; small Sheep, 5 to 6; common cholce, 14 to 15 fair to good, 12 to 13; common, thin 3; live pigs,%20 to BALTIMORE POULTRY. Special Dispatch to The Star. BALTIMORE ry mar! ize. Large, smooth, thin stock ‘While demand d off to some Season fi aind at erooked brea: Market for ducks h Md., March 13.—The both live and dressed, active and as a conse- quence values are well sustained and a shade higher on some lines. mand is especially good for live Win- ter chickens, 2 pounds and under, which sell readily at 43 to 45 a pound, and capons, which bring 37 to 45 as sell mostly FINANCIAL. De- , young chick- ens sell 36 to 3%, leghorns 32 to 34 and even poor, 1 bring 27 d for old hens xtent the mar- 40, while poor to holds v with white pekins bring- top v but geese are in lib- 1 supply and easy at 24 to 27 fowl and pigeons continue of the former an Season for di in good request at 75 to 85 each for d 25 to 30 a pair for both yourg and old of the latter. ressed poultry ly over and receipts continue iight. n sized hen turke: lots of young chickens are the only line that premium_over live stoc mand for native taking tly where quality thefr approval. d to or the latter all trade are holding umber 1 w irly weil at 4 yound: Market for sale gen y at It to a d for native and fresh eggs has Demand centered on me. and straight but_capons will bring a and nearby shown some week and val- hold more fre- of offerings The market it 27 a dozen for firsts in Demand continues good for at 47 and and 80 to Recelpts of white potatoes continue wants and while at last movement 1 graded stock .00 to 4.50 per and 2.00 and 3.00 for culls sweet potatoes 2 stoc 2,00 and 3.00 ile bushel hampers sell nearby garden Prices, however, are maintained at the { tations: 1.75 onions, ter plants, 6 rrots, bushel 5 barrel; bushel, et. savoy and tur Mare s litt stil LTIMORE, ive cattle sho week, demand following quo- kale, to 0 to 3.00 10 .00 to 8.00 100; spinach, bage, 75 to nips, 20 to 35 BALTIMORE LIVE STOCK. Speeial Dispatch to The Star. h' 13.—Market le change from I being limited does not take many to supply Lenten demand. while comme qGual b.. 4 to 6 5 to 6; c Oxen, as ta » qualit. 5.00; common alve: to C medium, , 1b., 8 to 10. old bucks, Ib. 3 to 4. Lambs, 10. Hogs, straight, 10; stags, » to sh Only cattle of first grade quality will bring top quo. tations, stock is slow sale in the inside prices. Quotations wharf: Jeef cattle, common to medium, Ib., 5 to & on to ordinary ht street ity, Ib., 9 to 10: Bulls, Cows, choice mmon o fair o quality, Ib., 4 to fancy head to fair, 30.00 to veal, cheice, Ib., 131% b, 11 to 13 choice, b » 12 to 13; sow : old boa oats, 12 to 15. 10,000—Pot. 42,000—Pot. 48, 65, 79,500—W 436 2 I Furnished by W. B: Hibbs & Co. Up to and Including Friday, March 12, 1926. BONDS. ) 00—Ana & Pot. River R. R. 1st 6s 8,000—C. & P. Telephone 1st 5s 9.000—C. & P. Tel. of Va. 2,000—Capital Traction Ist 5s 2,000—City & Suburban Ry. Ist 6s 15,000—Georgetown Gas Lt. Ist ec. Power 1st 5s e, Power Cons. 00—Pot. . Power Gen. 200—Pot. Elec. Power Ref. 300—Wash. Gas Light Gen'l 00—Wash, Gas Light . Ry. & Ele 7,000—Wash. Ry. & Elec. Gen. & Ref. 6s. 8,500—Southern Bldg. Co. 6%s 3,800—Wardman Park Hotel 6s. STOCKS. 3,038—Capital Traction 2,383 —Washington Gas 6. Ry & Elec. pfd. . Elec. Power pfd.. lec. Power int. receipts 0—Commercial National Bank. 58—District National Bank 342—Federal-American National Bank.. 83—Liberty National Bank 10—Lincoln National Bank . 10—Metropolitan National Bank 70—Riggs National Bank.. 31—Washington National Bank .... 186—American Security & Trust. ... 66—Continental Trust .. 30—Merchants Bank & Trust. National Savings & Trust 350--Unfon Trust .... 20—Federal Storage pfd 30—Columbia_Title Insurance 1,810—Lanston Monotype -3—Merchants' Tir & Storage the office of the Riggs National Bank and the Park Savings Bank have rap- idly increased their deposits through the general improvement in the sec- tion. Dupont Circle Branch. “This is also true of another grow- ‘ng community center, at Dupont C}I‘- cle northwest, where the Riggs Na- fonal Bank established another branch office and where a State bank, *he Dupont Circle office of the Mer- ~hants Bank and Trust Co. is lo- cated. Both banks In this locality have materially increased their de- nosits and the commercial develop- ment of that vicinity has been grati- fyingly rapid. It is my conviction that investigation will show that +hese conditions have been duplicated ‘n numerous community conters throughout the country and that the development will be even more rapid with the enactment of the McF adden bill. “The McFadden national bank bill passed the House of Representatives on February 4, 1926, by the over- whelming vote of 293 to 90. the sec- ond time this bill has been passed by the House by a large majority, Unfortunately at the last session of Congress the bill came up in the Senate near the close of the session and action was prevented by the congestion of regular supply bills. “The McFadden bill has been ap- proved by the American Bankers' Assoclation, the national bank divi- sion and the State bank division of 506—Merchants’ Tfr. & Storage pfd 902—Mergenthaler Linotype .. 2,445—National Mtg. & Inv. pfd. High. 95 10014 993 1001, 86 98 100 1003 10714 106% 1001, 104 8114 X 2%, 103 10214 105% Open. 18 T4 230 91% 2—Norfolk and Washington Steamboat. . 1—Security Storage ... 40—Washington Market UNLISTED D! 73—Chapin-Sacks 8% pfd.... 10—Departmental Bank 10—Northeast Savings Bank. 25-—Raleigh Hotel Co BOND: $1,000—Metropolitan Club 41s Financial Highlights of Stocks (average of 50 issues)...... Bonds (average of 40 issues).. Foreign bonds (average of 10 Unfilled steel orders . Pig iron production . EPARTME! \T. . 100 i o 18 1023% T8 THE YEAR 1926 TO DATE ON THE WASH- GTON STOCK EXCHANGE. 1023 1% % Past Week Brought Out, in Nutshell by Statistics Special Dispatch to The Star. NEW YORK, March 13.— High. 128.65 fssues). . Call .. Time Feb., 1926. ,822 ,408 4,618, 104, Building permits: that association, as well as by many | State bankers' associations, and it is supported by such strong organi- zations as the Chamber of Commerce of the United States, and the Na- tional Assoclation of Credit Men. “The speedy enactment of this bill will prevent the drift of national banks away from the system. in or- der to enjoy the benefits of the more Iiberal State banking laws, and will safeguard the national banking sys- tem, upon which depends the finan- cal stability of the United States.” Commercial failu Revenue car loadings: Number of cities. Amount .. “es res: Number . Liabilities . All commodities . 912, Grain and grain products.. Coal and coke.. Forest products . ¢ Miscellaneous products . Ore ..iooem Live stoel . $270,100, 1, $34,176,348 ‘Week of Feé‘b:sfl, 26, Previous week. Year ago. 65! 39, 203,047 73,’ 326, 11, 26, This week. Low. 126.88 Last week. High. Low. 128.83 125.08 This week. Last week . 86.52 . 103.55 ‘This week. Last .. 748 Month of 4,882,739 106,974 © 42 $271,346,116 440 172 801 $48,227,004 981,743 42,958 187,517 17,207 330,715 10,266 27,048 816 740 740 312 716 3.2 This week. Jan., 1926. - 2,013 , 86.38 103.62 weel. Year ago. %5 Last week. 4145 t0 5% 4% to s Month of Feb., 1925. 4,616,822 114,791 440 $290,276,830 1,793 $40,123,017 —_— STOCKS SAG UNDER STRONG REACTION General Electric Hardest Hit With 10-Point Loss—De- cline Is General. By the Aecociated Pre NEW YORK, March 13.—Stock prices turned decidedly reactionary in today's market under heavy liquida- tlon for hoth ¢ In view of the sustained ri first five of stocks to prov tax payments ne. The political cr oped at Geneva over Germany to the Lea was the only unfavorable velopment of the day. ters there was a tendency to give this as a reason for some of the selling, but it was noticeable that the for changes, ordinarily extr tive to European nomic news, displayed a stea throughout the cuy. Total 937,700 shares, Of the active industrial issues, Gen- eral Electric was the hardest hit breaking 10 points to 318 National Tea fell 14% points to 1653 on one sale, an ! United States Cast Iron ipe dropped 8 points o 0 % e e ints on two s eral Minin Motors, e funds for income Monday. which devel- dmission of news de- In some quar- tone were d rnational r<-Rochuck, Union ¢ common, which in the week on reasing tnquiries, points to 1243, clos ing near the bottom. General Petro. touin_touched a new record high at s and hen sageed (o 609 % der el d to 60%, off 1% _Rails fell back with the industrials with the Van Sweringen issues show- ing the largest decl “*Nickel e dropped 61 to 1571y i k over 4 lied to wed a arp reces Atlantic Coast shville, Dela 1 Lackawanna United States Steel cre Marquette s s of 1% at 50 took place i Line, Louisville and ware and Hudson and Reading. Commodity m Wkeat prices wer but cotton a ets moder futures were mixed tely higher, 1gzed 4 to 13 points to 15 points net higher and tone also devel in the sugar prices | nges were quiet. De mand sterling held firm at $4.5:% and French francs showed only a notninal recession at 363 cents, 6-YEAR PRISON TERM FOR SKULL CRUSHER James Grant Sentenced for Vicious Assault With Lead Pipe on Richard Jones. Justice Stafford, in Criminal Di. Grant, , o the penitentiary for six for fracturing the skull of 3 . with a leas Counsel for the prisoner ple.’.\; mene but the court de- e outrareous and s ant had struck at his vlr‘lur‘:l "'X?l:: sin." The assault occurred nber 1 last at the home of . 308 K street southwest, Alfred E. Thorpe, who was sen- tenced a few weeks ago to the peni- tentiary for two years on a charge of passing worthless checks, was given an additional term of two vears by Justice Stafford for a sim- ilar offense, but the term was al- lowed to run concurrently with tha former sentence, Ruby Dent, 1 nipe. ed for colored, w en: two. Vears In the penitentiars foo housebreaking. He stole some auto- mobile tires October 27 last from Samuel N. Jackson. Earl Thornton, colored, was given two years each on two' charges of joy-riding. He will have to serve only one sentence, however, as the court permitted ‘hem to run together. — MRS. MARY HAPP, 96, DIES AFTER LONG ILLNESS Believed to Have Been Oldest Liv- ing Member of St. Mary’s Cath- olic Church. Mrs. Mary Happ, 96 years old, dled at her residence, 913" Sixth street Friday, after a long iliness. She was believed to have been the oldest mem- ber of St. Mary's Catholic Church. Porn in Germany, Mrs. Happ was brought to this country by her par- ents, the late Mr. and Mrs. George von Derlehr, when she was 3 years old. She had lived in Washington con- tinuously since. She leaves a son, Ph three daughters, M Margaret Happ, Miss Bernardine Happ and Mrs. Cath- erine Bogan; eight grandchildren and 15 great-grandchildren. Funeral services will be conducted at St. Mary's Church tomorow morn- Ing at 10 o’clock. Interment will be in St. Mary's Cemetery. Six great-grand- sons will act as pallbearers. WANTS BROTHER LET IN. Detroit Man Sues to Force Visa of Pole’s Passport. Justice Siddons of the District Su- preme Court has issued a rule on Frank B. Kellogg. Secretary of State; James J. Davis, Secretary of Labor, and Harry Hull, commissioner of immigration, to show cause March 26 why a mandamus should not be issued against them to compel the visa of a passport for Yankiel Korczak, a na- tive of Poland, residing in Havana, Cuba, to enter the United States to visit his brother, Morris Kaufman, of Detroit. Mr. Kaufman, in his petition for a mandamus, filed through H. Ely Gold- smith of New York, charges an arbi- trary interpretation of the law by the officials, who contend that because his brother once applied for a quota visa he may not now enter to visit him with his wife and children. Kaufman tells the court he has §$100,000 in ex- cess of his liabilities and has been supporting his brother cnd the lat- ter's family in Cuba a now wants them to come to Detroit for a short visit. p F. Happy; Long Railway Dispute. French newspapers have recently drawn somewhat indignant attention to the fact that the railroad to con- nect Porto Vecchio, on the south. eastern coast of Corsica, with Bastia, on the northeastern side, has never been completed. Construction was be- gun in 1850 and carried on intermit- tently until the line was in operation about half way down the coast from Bastia. Then a dispute arose over the laying out of the line between Ghisonnazsia and Porto Vecchio, which has never been settled.