Evening Star Newspaper, December 19, 1926, Page 107

19, 1926—-PART 6. FINANCIAL, CRUDE OIL OUTPUT. EW YORK, December 18 (#).— | | Current dally crude oil production in [ domestic flelds is estimated 300 | barrels by the Oil, Paint und Drug ‘}u‘;mvlm an fucrease of 900 bt FINANCIAY. NEW HIEH MARKS N'BOND MARKET Gains in Foreign Groups THE SUNDAY STAR, WASHINGTON. D. (. DECEMBER BQND SUMMARY FOR THE WEEK |VETERANS' CERTIFICATES LOANS | . BW e REGULATIONS ARE IMPORTANT Tk, Taw. T, T. 8. BONDS, High. 10129 9916 101 22 99 19 Liberty 814= 1932 101 iti 11 371 Personal Knowledge by Banker of Veteran Is Vital Point in Making Advances Money to Loan Joseph‘ ‘l.‘\Weller 130, FOR SALK First Deed of Trust Notes Bearing 61,% Interest See WELCH Realtor CEmaisie da Provident Mutual Life (oo . Insurance Company Funds to Loan In Small or Large Amounts at 5's Per cent. Tow. Tast. Yield. . 1. & Trost i EFNW 100 22 101 831 rels daily over u year ugv. The out put for the ar to Decembe 18 i= | placed at 8,000 barrels ns 780,993,000 the peri of 11925 1039 101 20 103 11 101 28 Liberty 4th 43« 1933-38. 103 11 103 5 10510 10418 110 1069 Treususy 418194752, 110 109 27 = 1926 Prev. week's High. Low. FOREIGN. Close.” High. 1004 10230 101 1 102 30 101 21 Liberty 1st 43s 1932.47., 102 80 102 26 10119 100 16 101 100 13 Liberty 2d 4% 1927-42.. 101 100 80 1021 1011 101 15 100 256 Liberty 3d 434w 1828..... 101 15 101 10 109 28 859 Low. Tast. | 98 98 [ same 98% 98% Draw Attention With French List Leaders. BY GEORGE T. HUGH 8pecial Dispatch to The Star. W YORK, December 18.—The bond market has had another week of great activity and rising price: with the averages for domestic issues reaching new high records since be- fore the war and those for foreign is- sues touching record tops. Probably the gains in the foreign group were the more interesting. The leaders here were the French obliga tions, which were bought in large vol ume with apparently great confidence. Of the three obligations of the I°rench government, one sold higher than ever before since it was first issued und two sold at the highest for 1926 and only fractionully below the 1ecord high. The demonstration in French dollar bonds might be explained by the in: creasing evidences of improvement in the French financial position, the rise in the franc above the 4-cent level, the reduction in outstanding note circu- latfon and the cutting of the Bank of France dlscount rate. These are in deed fmpressive, but there is still the matter of French government’s war debt to the United States to be cared for and there is doubt to how French business will react to the de- flation accompanying the rise in the franc. Reservations Tgnored. These reservations have been ig nored, however, and attention con centrated on the turn for the better in the financial situation. Then, too, the vield of French honds at present prices is evidently attracting more and mode investment funds hitherto content with domestic securities. In a quiet way other forelgn bonds have been under accumulation. Some of the Belgian issues have set up new high marks this week, and the buying in the German government 7 per cent loan h: gone on regardless of the fact that the current price is higher than the redemption price. There is no bar of this kind operating against in the French loans ench govern- le prior to matur 941. In this connection it is ing to note that were French 71s to sell on a basis equiva lent to that now prevalling for Ger- man government Ts, the French issue would have to go up some 6 poin: The week has witnessed a large turnover in Italian but the price improvement has been only mode There 1 larger floating supply these bonds in Wall.street than in any foreign loan, and investors stress more the possibility of Italy heing de- prived of its present dictator than they do the betterment of Italian finances. The internal debt is being reduced and surplus revenues are in- creasing. Real progress is being made in Italy, but the market still balks at | what might happen should the one man on which it all seems to depend be taken away. Government Issues Strong. Strength in United States Govern ment securities has heen the feature of the domestic investment market. One of the Treasury issues made a new high record this week and the other two sold around their previous highs. There has been more buying also this week than in some time in the Liberty list. Subscribers whose allotments to the new Treasury cer: tificates of indebtedness were cut down have evidently been turning to the Libertys and principally to the third 4% Libertys, which is the earliest maturity. It cannot be ton often pointed out that the supply of Government bonds i8 constantly decreasing. Secretary Mellon estimates that the public debt will be cut down during the fiscal year ending June 30 next nearly $1,000,000,000, provided no new tax Jegislation is enacted. Increasing de- mand and a decreasing supply can have but one effect, namely higher prices. The favor cline: Federal and of th are explail ment money outlook continues t comparatively low rates. De in_ the r ratios of the Reserve Banks as a whole New York Bank this week able as a direct result of the Trea: financing of the mid- month. More to the point is the Jatest statement of the reporting mem ber banks, which shows a falling off in loans and discounts and an increase in investments. After the first of the vear it is predicted the banks will be huyers of bonds even to a larger ex- tent than mow. There may be some temporary fluctuations in money pend ing arrangements of the January 1 interest and dividend dishursements, but that is of no significance. Meanwhile for the 11 completed months of the calendar year, the United States has had an excess of gold imports of $87.0 inst a excess of exports in the same perio of 1925 of $135.614,895. The next changa in the rediscount rate is almost sure to be downward. The Federal Reserve Board in its monthly bulletin for December points out that money in easler now than at any Christmas time in two vears past Just at the close of the week inter est in the bond market suffered by the diversion of activity to stocks. Prob ably also there has been some money going into high grade investment stocks which would otherwise have gone into bonds. If, however, prices of stocks continue 1o £o up they will Jose their advantage over bonds in the way of return. Falling off in earnings would check th nd toward stocks It would operate more strongly against industrials than against rails or uti ast named 1ps er in a period rern Railw November e of $4 income compared st vear, but for the i, a gain of $719,549 onding period of 1325 operating revenues iller than a vear ago, operating expenses in rn railway with No 11 mon ver the « ovember dere $58.0 while railwa creased $1K 3497 ope mber BUTTER STEADY TO FIRM. CHICAGO ®)—Bu ter toduy ru to firm Suj i lght but sufficie tisfy buyers’ needs goods, The ce at % cent Supplies Deember 18 1 steady price ined was fir cars imd closely held 1 veported. Fresh 114 915 89, 46 entralized: 90 score. ». 40 score SUPPLIES STIMULUS. NEW YORK, December 18 () The flow of extra dividends during the woek gave buovaney to many issues traded in “over the counter,” sharp advances being recorded by Johns Manville, National Fuel Gas, White Rock Mineral Springs, Bucyrus, Bor den, Knox. A strong tone in the tobaccos followed the 3314 stock divi- American ¢ dend by g » 110% 106% 1084 106% R91y 80 103 95 104% 101% 1087 101% 103% 101% 110 106% 110% 106 Blis 40% 100 o4y 10215 1014 106 99 105 98% 10474 987 101% 93 108 98y 102 98% 89% 79 947 9414 94t 90 107 80 1074 102% 971y 94 81% 705 96 86 1074 1013 112% 109 98% 99 1043% 100 92% 821, 921y Bk 106 103 105% 103 119 115% 1077% 104 N 94y 9% 9515 107t 103% 1087 99y 9% 964 98 94y 101% 9914 106% 100 81 8 1004 97% 103 100% 94 90 97 93y 111% 106 934 78 102 94k 1081 106% 100 94% 105 o7 106% 100 111 107% 121% 119 102 99 104% 101 91 82% %% 874 110 101% 90 89% 954 1% 97 87 99 116% 112 1044 100 99 954 108% 106 103 96% 99 98% 100% 92 105 101% 101 9 95l 88 101 9914 10416 100% 9l 85 108 1043 106% 104% 98% 91 102% 78 8T 754 112 109% 100 91% 9215 884 94% 89 L91% 86% 9% 8% 94 85% 1037 102% 90 83% §98l 95% 92% 82% 118% 116 8i% 79 .90 864 98 94% .93 8T% 584 44% 103% 100% 9% T1% 68le 59% 160% 44 90% TT% 56% 43% by 44 112% 106% 85 3% 5914 83% avdss T1% 1185 116% 8314 6% 104% 102% 107% 104% @96 90% 89 #31 112% 101% 104 101 85% 82 70 56 .93% £6 %% 70 684 61% g69% 63 B4l 69% 98 98 108% 106% 117 114% 103% 99% 111 108% 94 86% 7% 67% 103% 101% 4% 59% 95 85 4 66 104% 102% 8% 80 93 T6% 1187 106% 24 87 5974 £8% 1513 126% 87y1 83 108Y% 104% 98 96% 85 81 95 9% 1837 99% 109% 1% 9T 2% a1 | BdTs B 71 86% 21 1043 100% 18 106% 51l 34% 9au 90% 99 98 1013 95 103% 1004 8% 4% 68h 5% 10214 122% 106% 92 6% 96 821y T4 9% 854 100%s 108 116% 109 116 99% 847 104% 80% 100 Bob 93 76 997 99% 101% MStP& 951 100 103% 104 106 (13 100 Argentina7s1 964 Australlun Gov 100 Austria 7s 1948, 811§ Belgium 6 1955... 105 Belgium 7348 1945, 106% Belgium 8s 1941 81% Bordeaux 6= 1934, . 1004 Brazil 85 1941.. 102% Canada b 1952, 101% Canada 5i4s 1929, 100% Chile 881926 1074 Chile Rs 1941 107 Chile 8 1946 24% Chinese Govt Ry 981 Copenhagen 51 & 1944. 9R% Czechoslovakia 88 1961 102 Denmark 68 1842, ... 108% Dutch East Indies 68 1947 1084 Dutch East Indies 65 1962, 924 French Govt 71gs 1941..... 98% French Govt 8 1945. 1014 German 78 1949........... 78% Holland-American & f 68 194 /8% Ttaly 78 1951, ... uenss 92% Jupnnese 6158 1654 100 Jergens Utd Margarine § 1064 Netherlands 6x 1972 95 Norwuy Gis..... 7814 Paris-Lyon Med @s 1958 8213 Poland 85 1950, Queensiand 65 1947. . Queensland 7x 1941. . Rhinelbe i Rio de Janeiro 83 1946, Sao Paulo, State of, 8s 1936, Seine, Dept of, 78. Ser] ovenes 85 1962. Sweden 6s 1 Swiss blgs 1 United Kingdom 514s 1929 United Kingdom 6148 1927 95 85 87 216 H NDUSTRIAL AND MISCELLANEOUS. Amer Agri Chemical 7%s 1941. 9 Amer Smelt & Ref 1st 5s 1947 107 102% 9674 97 101% 1021, 9014 098, 100% 92% 95% 104% 8% 924 107% 923, 101t 104 109% 119% 1014 102% 843, 94 107 1027% 964 102% 99% 96% 93% 100w 114% 104 97% 107% 101% 974 98% 103% 100 93% 100 103% 91% 105% 105 95 106 56 110% 95% Amer Sugar Refining 6s 1937. Amer Tel & Telel tr 4s 1929 American Tel & Tel s f 65, Anaconda Copper s 1953 Anaconda Copper cv deb 78 Armour & Co 4148 1939, Atlantic Refining deb bs 1! Bell Tel (Pa) ref 5 1948 Bethlehem Steel p m 55 1936 Bethlehem Steel s £ 65 1943.... Chile Copper 65 1932, Cons Coal (Md) 1st ref 5s 1950. Cuba Cane Sug cv deb 85 1930. . Detroit Edison ref 65 1940. . Dodge 68 1941. ... 4 Empire Fuel & Gas 7%8 1937...4. Goodrich (BF) 6%8 1947 Goodyear Tire 8s 1931 Goodyear Tire 88 1941 Humble Oil & Ref 58 Indiana Steel 63 1982. Inter Mer Marine 6s 1941. . Inter Paper 58 B 1947 International Tel 58 rets. Kelly Springfield 88 1931 Lackawanna Steel 6 1950. . Laclede 534s..... Liggett & Myers 58 1951. . Manati Sugar s f 7145 1942 Midvale Steel 5s 1936. . New England Tel 53 1953 N Y Edison 1st 6%8 1941 NYGas ELH&P 55 1948 N Y Tel 414 193 N Y Tel 65 1941 North American Edison 68 1952... Pacific Gas & Elec 58 1942. Pacific Tel & Tel 581962, Philadelphia Co ref 6s 194: Public Service 6s 1944 nelair Ofl 78 1937, Sinclair Crude O11 és United Drug 6s 1944 U'S Rubber 18t & ref 65 1947 U S Rubber 7% 1930... U S Steel s f 55 1963, Utah Power & Light 68 1944 Va-Carolina Chem s £ 78 1947, Warner Sugar 7s 1939 Western Union Tel 6145 1936. Wilson & Co 18t 63 1941....00 RAILROAD. Atchison gen 45 1936....... Auantic Coast Line 1st 45 1953. Balto & Ohlo gold 4s 1943 Balto & Ohio ov 4348 1933 Balto & Ohlo ret 68 1995. Balto & Ohlo 65 1929.. B&OPitts LE& W Va B & O Southwestern Div bs ¢! Brooklyn Manhat s £ 65 A 19 Canadian Northern 63 s 1946 Canadian Pacific deb 4s. .. Central Pacific 48 1949. Chesapeake & Ohlo cv 4148 Chesapeake & Ohlo gen 4148 1992. Chicago & Alton 3% s 1950. Chi B & Quincy 1stref 5s 1971 Chi & Eastern 11l gen 581961 Chi Great Western 48 1969 Chi M & St Paul cv 4% s 1932. Chi M & St Paul gen 435 1989 Chi M & St Paul ref 4% 2014. Ghi M & St Paul cy 65 2014 Chi& N W 4%s 1987.... Chi & Northwestern 6% s 1936 Chicago Railways bs 1927. Chi R I & Pacific ref 45 1934 Chi Union Station 4 /45 1964. Chi Union Station 6% 1963.. Chi & Western Ind con 4s 1962. CCC&St Lref6sA 1929.. Cleveland Term 6%s 1972. Colorado & Southern 4%s 1 Cuba RR581952.......... Del & Hud cv 55 1935. Delaware & Hudson 5 %8 1937 Den & Rio Grande con 48 193 D & R G West 55 1955 Detroit United ¢%s 19 Erfe 15t con 4a 199 Erfe gen lien 4s 1996 Erie cv 4s A 1963. .. Eriecv 4s D 1963 Fla E C 58 74. Grand Trunk s £ del Grand Trunk 7s 1940, % Great Northern gen 5%s 1963. Great Northern gen 78 1936 Hudson & Manhattan ref 58 1967. Hudson & Manhattan adj bs 1957. Tllinots Central 5%s 1934. .. Inter Rapid Transit 65 1966 . Inter Rapid Transit cv 7s 1932 Inter & Great Nor adj 63 1962. Kan C Ft Scott & M 4 1936. . . Kansas City Southern 38 1950. Kausas City Southern b8 1960 98% Lake Shore 43 1928 96% Lake Shore 48 1981. ... 93% Louts & Nash unified 48 1940 106 Louts & Nash 1st ref 53 s 2008, 89% Mil Elec Ry & Lit 18t ref 68 61 S M 63s 1981 84% Mo Kan & Tex 1st 45 1950. 90% Mo Kan & Tex adj b 1967. 96% Mo Kan & Tex pr In 65 A 1962. 65 Missouri Pacific gen 45 1975.. 961 N O Tex & Mex Inc 6s 1935 9414 New York Cent deb 48 1984 101% New York Cent ref imp 68 2013. 106's New York Central deb 6s 1935 58 New Havendeb 48 1957... 973 N Y N H & H cv deb 65 1948, 20% N Y Ry 65 1965.. 69 ¥ West & Boston 4348 19 80% Norfolk & Western con 48 1 138% Norfolk & Western cv 6s 1939 61% Northern Pacific 35 1947.. 864 Northern Pacific 45 1997. 108% Northern Pacific ref imp 6s 2047.. 967 Ore Short Line ref 4s 1929. 823 Ore-Wash 1t ref 45 1961. .. 94 Pennsylvania gen 43 1965. 102% Pennsylvania gen 65 1968....... 111% Pennsylvania 645 1936...... 36 Peoria & Eastern inc 45 1990... 1014 Pere Marquette 18t 5s 1950. 94% Reading 4348 97.. . ....... 7414 Rio Grande Western clt 48 19 B8% RIATK & L 4%81934. .. ¥9% SULIM&S R &G 481933 - St L & San Fran pr In 4s A 1950 3 St L & San Fran pr In 63 1950. . 99% St L & San Fran 6% s B 1942 91% St L & San Fran udj 6s 1956 82% St L & San Fran ine 68 1960, 69'% Seabourd Alr Line ref 4s 195! 76 Seaboard Afr Line adj 68 1949 91 Seabourd Air Line con 6s 1946 967, Southern Pacific cv 48 1929. Bbhle Southern Pacific col 45 1949, 90 Southern Pacific ref 4s 1955 %1l Southern Ry gen 4s 1956 104 Sonthern Ry 1st Gs 1994. . 112 Southern Ry dev 845 1956 41's Third Ave adj 5= 1960. 9214 Union Pacific 1st 45 1947 G994 ion Pacific ev 48 1927..... 99% Virginian Ry 1st 58 1962... 101% Wabash 1st 58 1989.. 99% Wabash 6%8 1975.. €6% Western Maryland 4 1953 [ 1938.. 89% % 89% 94 93% 102% 894 734 974 106% 114% 102% 110% 92% 6% 101% 62 B6% 66 894 2% 985 96!y Argentina 6s A-1967. . | e - 100% " 104 L 108 107 9914 8b'% 9d% 106 i bV 14 102% 104% 96 % 108 1174 104 104% 100% 1074 104% 8% 1014 104% 107% 924 101 . 102% 984 " 1014 103% 97 96% . 109% © 1084 98, \ 1047 D 101w 104% 6% 108 116% 1056% 8% 108% 106% 100% 101% . . 104% 100% 105t 104% 108 103% 104'% 108% 107% 901 93% 100 10814 107% 99t 86 9414 105 112 115 108 108% 96 9814 1088 108% 117% 104% 104'% 1014 108 104% 98% 101 104% 100% 92% 101% 108% 9815 101% 100 97 101% 91% 110% 107% 93 104 1041 101% 101% 108 107% 24% 0% 106 103% 1084 1034 102% 10T 100" 97 101% 91% | 11 1077 93% 104% 1084 101% 1014 1084% 107% 264 9% 1054 1044 1034 1084 104 4 107% 106% 0% 94 9974 1081y 107's 994 8% LSy 104% 1114 g At Wednes “Luncheon Group { Bankers' Association the subject conversation had to do with problems connected with the | ing of cash with adjusted compen | tion certificates as collateral After January 1. these certificates will, under Government regulations. become available collateral for loans from banks to former service men These regulations, all important making loans, are sponsored hy Veterans' Bureau They are so complicated that the head of a prominent ings bank moved, in a spirit of fun, that only national banks and trust companies be ullowed to make loans on this collateral Mr, Howe, treasurer of the Amer- fcan Security and Trust t'o. ex plained at some length the various forms and rules, ile made it plain of District of the meeting { of the the 114% | that great caution would have to be 108 96% 97" 1085 102% 11T 104% 104% 101 108 104'% 98% 101% 104% 1094 924 101 108% | be made avallable as security 9814 | loans on and after January 1, 101% used in loans to veterans, urged the necessity of personal acquaintance with the applicant for accommodi- tions with especial carve fn the mat- ter of accepting duplicate certificates collateral. A digest of the opinfon thereon fs presented here- with for the benefit of the banks of the city, pre; 1 under guidance of Mr. Howe. The Nub of the Matter. The regulations recently issued by the United States Veterans' Bureau, relating to loans on adjusted service certificates, provide that those cer- tificates dated January 1, 1925, can or 1927, addi- regulations and Since this act was passed 110% | tional legfslation has provided that 83 the time for making applications for 99% | these certificates has been extended 107% | to January 1, 1928. No application 95% | will be granted after that date. Only 105, the veteran named in the certificate 106% | oy lawfully obtain a loan on these 110% certificates. Neither the beneficiar 1204 |10 any other person than the vet- 10218 | 10 "has any right In this respect 104 95% 97 109% 108% 100 104% 101 104% 96% 103% 116% 106 199 108's 104% 100% 101% 104 4 103% 84} 84X | trict 97% 101 1074 94% 10544 107% 9814 107% 844 111% 101% 2% e 9 7% 100% ‘Any natlonal bank, state bank or trust company is authorized to make loans to veterans opon their promis- sory notes secured by these service certificates. Fach certificate _con- tains on its face a table for deter- mining the loaning value and the con- ditions and terms upon which it is issued. Upon making such loans, the lending bank shall promptly notify the bureau of the name of the vet- eran, the number of the certificate, the amount and date of the loan. These certificates cannot be pledged as part collateral to secure other obligations. These certificates can only be negotiable and assignable by and Dbetween banks and trust com panies. Must Know Applicant. The form of the note as prepared by the Veterans' Bureau requires not only that the certificate be described, but it also requires an affidavil by the bank official that the person who obtained the loan is well and favorably known by the banking in stitytion. There is no_ provision as to the length of time for the note to mature, except that in case the bank desires the note rediscounted with the Fed- eral Reserve Bank, that note shall have a maturity not to exceed nine months from the time the rediscount 1024 | was granted. The rate of interest to be charged 101% { shall not exceed by more than 2 per 9934 | cent per annum the rate charged by 117% | the, Federal Reserve Bank of the dis- in which the lending bank is 91% 91% | located—that is to say, if the Federal 99% | reserve bank discount rate is 4 per 29 6% 87 cent, the rate to be charged the. vet- 61% 61% |eran shall not exceed 6 per cent. 106 108 80% 9% 56% 964 67 56% 108% 111% 1% 92 9Th 118% 86% 102% 108% 96% 947% 116% 104% 91 6% 94% 80% 2% T84 834 9% 107 116 107% 118% 98y 84 102% 79 8% 8% 92y T84 99 98% T 96% 107% 98 101% 86% 96 101% 6% 9% 964 106% 107 694 1044 31% 78 92% 162 65% k% ns 984 874% 94 107 12 40% 103% 7% 83% 9414 934 841y 993 102 487% 95 2% 821, 96% 983 884 93% 86 107 118% 614 94'e 99% 103 102% 103% % 8% This rate, of cour: might vary in different Federal districts. No other 69% | charge or fee can be made, except 564 | the Interest authorized by law. 9% 5% 66" 108% 12 8% 924 9Th 118% 86% 102 108% 9648 9% 118% 1043 1% 6% % 82 % 8% 84% 9% 107% 116% 109 118% As to Collection. An interesting question has ‘arisen, by reason of these provisions, among the banks in Washington, which will probably be called upon as & collec- tion agent in many of these cases, as to how they may be reimbursed for their services in presenting these items to the Veterans’ Bureau for their various out-of-town correspond- ents. The usual practice with collec- tion {tems is to. charge a reasonable fee for the services rendered. In these cases no such fee is authorized by law. Proper provision has been made for sale or discount of these notes when held by a bank, especfally with the Federal Reserve Banks. The law re- quires that in came of sale or redis- count the veteran he notifled to this effect. These certificates are not negotiable except as provided on the face of these instruments. If the veteran does not pay the Joan at its maturity, the bank may, at any time after the maturity of 98% | the loan, but not before the expiration 8444 102% 9% 98Y% 864 92 of six months after the loan was made, present same to the director of the Veterans’ Bureau. The director may, in hix_discretion, accept the cer- tificates and notes and pay the bank in_ full If, however, he Is of the 784 | opinfon that the bank presenting the 99 lgame s not a bona fide institution, 987 |}t aparently organized primarily to 97 9614 108 98K | redeem the same. 102 87 evade the intent of the law in dis counting these certificates, the di- rector may, in such cases, refuse to Of course, it 1s the policy of the bureau to redeem all of these loans, except where the note is 96% | held for a period of six months after 101% | the date of maturity. 7614 99% 96% 1054 107 691 105 33 784 92% 162 86% 914 18 98 874 99% 107% 112% 41 108% 978 83% 95 984 8478 100% ‘102 98 26 2% 82% 964 98% 88y 933 B6% 107 103% In this case the director ‘may revoke the authority in- vested in him regarding the redemp- tion of these certificates. If the veteran dles before the ma- turity of the loan, the amount of the unpaid principal, and the unpaid in- terest shall be immediately due and payable. The form of demand for payment must be executed by the beneficlary, or his representative, in case of death. This form of demand, however, is not necessary when a bank requests payment of the note before the death of the veteran, a separate affidavit being required for this purpose. 23,000 Certificates in City. We have been informed that the number of certificates held by the vet- erans in the District of Columbia ex- ceeds 28,000. The law provides that ‘when an adjusted service certificate has been lost or destroyed, the di rector shall issue a duplicate thereof for a like value in all respects of the original certificate. 'The regulations provide that the certificate stamped “Duplicate” does not destroy its value as security for a loan. Great care must, therefore, be shown on the part of the bank that the borrower has been properly identified and Is responsible, and that the bank is fully protected against the possibility of the original certificate being found and negotiated as collateral. In the event the veteran fails to pay the note at its maturity, and the bureau should pay the bank the amount legally due thereon, as pro vided by law, the note will be canceled and the certificate shall be returned to the veteran, if he repays the Gov- 108% | ernment the amount it has paid the 6% | bank, plus 6 per cent interest thereon. Should the veteran, however, fail to lend- | | | | | | | on Adjusted Compensation. redeem the certificate before its ma the | turity, the amount of the fndehtedness | be deducted and the remainder paid at its maturity to the veteran or his beneficiary Bankers who follow these directions closely should not have any trouble with the adjustment certificates as collateral. WHEAT GOES HIGHER: REPORT IS AWAITED Active Buying by Recent Sellers Feature Toward Last Hour of ,Saturday Trading. By the Associated Press CHICAGO, December 15—Wheat prices tightened up foday owing more or less to buying to make counts even the United S Government crop report expect Monday Closing quotations on wheat were firm '; cent to 1 cent net higher, with corn at % cent de- cline to cent advance, oats, % cent cent up, and provisions ing from 10-cent setback to a rise of 5 cents. Active purchasing on the part of evious sellers hecame a feature to- ward the last in all the grain pits today, but especlally so in wheat. Aside from a desire to be prepared for any sirprise in the Government report, buying of wheat was pro- moted through a forecast that world shipments for the week should turn out to be much smaller than of late. An advance in ocean freight rates from Argetina counted as a bullish tor as appearing likely to impede liberal shipments out of that country to Burope. Assertions were also current that whent bought now in Argentina would not reach Kurope until the beginning of March and that in the meantime Furopean supplies would mostly have to be obtained from North America. Scantiness of pri- mary domestic receipts, however, continued, the total this week, in- cluding today, being only 4,886,000 bushels, against 8,502,000 bushels a vear ago. Kxport business in North Amerfcan wheat today was estimated 5t 700,000 bushels, chiefly Canadian. Corn and oats sympathized with wheat strength. Country offerings of corn were not large, aithough the movement of new con is increasing. Miscellaneous selling weakened the provision market, despite firmness of hog values. COFFEE MARKET QUIET. Narrow Fluctuations Laid to Even- ing Up of Small Accounts. NEW YORK, December 18 (#).— Coffee futures were very quiet tod sales being estimated at only 8,000 bags and narrow fluctuations were at- tributed chlefly to evening up of small accounts in preparation for the approaching holldays and a little =ell- ing on slightly easier Rio exchange. After opening at 4 decline of 3 to 8 points and selling oft to 14.39 for March, prices closed a point or two up from the lowest; net unchanged to 7 points. lower. Closing quotations: December, 14.6! Janua 14.50: March, 14.40: May, 13.90; July, 13.38; September, 12.97. Spot coffee quiet, Rio 7s, 15%4 to 15%; Santos 4s, 20. Cost and frelght offers included part Bourbon 3s and 5& at 17.80. Rio exchange on London 1-16 low- er; dollar buying rate 90~ rels higher. Rio market 160 rels higher, Santos un changed to 150 rels lower; Brazilian port receipts, §3,000; Jundiahy re ceipts, 33,000. to % P BEAN GROWERS HIT. Michigan Farmers' Crop Reported Short This Year. LANSING, Mich., December 19 (®) —Michigan bean growers suffered heavy losses In the season just closed, says a joint report issued to- day by the State commissioner of agricuiture and the Federal agri- cultural statisticlan. Production fig- ures show that the total salable crop for 1026 was 4,350,000 bushels of graded beans, as compared with 6,471,000 n 1925. Grose production for the season just closed was given as 6,624,000, ‘but the report states that 20 per cent of this was so poor in quality as to be unsalable and another 17.9. per cent was lost in pickage. Twenty- four per cent, or 174,000 acres, of the total acreage - planted in Michigan was not harvested, the report states. The unharvested acreage was 87,000, NEW YORK MARKETS. NEW YORK, December 18 (#).— Rye, steadfer; No. 2 Western, 1.05%, tob., New York, and 1.08%, cif, export. Wheat, spot frregular; No. 1. dar] Northern Spring, ecif, New York, all rafl, 1.64; No. 2 hard Win- ter, f.o.b., all rail, 1.57; No. 2, mixed Durum, f.0b., to arrive, $1.50; No. 1 Manitoba, lake end rail to arrive 1.5514 in bond. Corn, spot easfer; No. 2, vellow, c.i.f., track, New York, all rafl, 92%; No. 3, vellow, cif., 8§91, Oats, spot, steady; No. 2, White, Lard, easler; Middlewest, 12.40a1 Other articles unchanged. AMERICAN BROWN BOVERL NEW YORK, December 18 (#).— The growing importance of the Amer- jcan Brown Boveri Elegtric Corpora- tion in the electrical field has given rise to reports that new and powerful || intereats shortly would assume active participation in its affairs. INVESTMENT I8 HUGE. NEW YORK, December 18 (f)— Approximately $1,280,000,000 18 in- Vested by 25 leading American sugar companies in facilities for producing, refining and marketing sugar, repre: senting plantations, centrals, Tefiner- jes and railroads and steamship lines, a compflation by, Farr & Co. shows. = WE PAY MORE INTEREST ON SAVINGS ACCOUNTS Than Any Other Nationai Bank In Washington Interest on DAILY Balances Come in and let us explaln : i Commercial Nat'l Bank 14th and G Streets Resources $17,000,000 ®. GOLDEN DONALDSON, PRESIDENT Loans at 57 to 51/27 Ecenomical Condition Tyler & Rutherford Loan Correspondent of the Mutual Benefit Life Ins. Co. Newark, N. J. 1018 Vermont Ave. Main 475 WE FINANCE |—all classes of income-producing property| Large Loans a Specialty Current Int. rate and commission Higbie & Richardson, Inc. 816 15th St. N.W For Immediate Delivery $50,000 3-Year—612% 1st Deed of Trust | Real Estate Notes ured on centrally located, modern, improved, income- producing business property. Amounts, $2,500, $5,000, $10,000. Interest payable semi-annually. A safe, satisfactory investment Apply Loan Department Gardiner & Dent, Inc. . Main 4884 1409 L Street N.W. Attention Property owners— Have you properties you wish to sell or ex- change? If so, don’t fail to consult this of- fice for results. First Trust placed on D. C. and Maryland properties and second ‘trust notes purchased discount. Ralph G. Robey 1010 Vermont Ave. Main 10252 Listed stocks and - bonds bought and | sold on commission. Accounts carried on a conservative marginal basis. ‘We invite correspondence on securities ' HARRIMAN & Co. | Members N. Y. Steck Exchange | 111 Broadway, New York WASHINGTON OFFICE 729 15th St. N. W. Telephone: Main 1603. Iniportant WM. H. SAUNDERS CO., Inc. 3 HOME OWNERS aitors 1433 K St Main 1016-7 LOANS HOME FURNITURE re pe. We take Znd, Ard or Real Estate Small Loan Co. Furniture Loan Procurement Co. District National Rank Bide. N.w. When You Need a Loan Consult Welch, Realtor Loan Specialists Money to Loan At 5157 and Before o th Pla Reason: - 15th T, AN Main 13 The New York Life Insurance Company Offers First Mortgage Loans On Improved Real Estate in the Di and Nearby Suburbs in Montgomery County, Mar 3 Years, 5 Years, 10 Years 5% ;= RANDALL-H. HAGNER¢® COMPANY Tncorpbrated ‘MORTGAGE LoAN GORRESPONDENT 1321 Connecticut Avenue Telephone Main 9700 Homes Apartments Give a Christmas gif: that will APPRECIATE rather than depreciate. probably no gift would be more warmly ac- cepted than a gilt-edged FIRST MORTGAGE NOTE. A gift that will SEMI-ANNU- ALLY be a reminder of your conservative thoughtfulness, ANNUAL RETURN 6Y2% In Denominations: as Low as $100 SAFE MORTGAGES SAFEST FOR " GIFE:FUNDS: +: ‘A Christmas gift of money is especially deserving of safe, definitely productive investment. No other investment better ex- presses the recipient’s respect for the gift than our 6',% FIRST MORTGAGES - In these securities of certain safety vour principal is guarded by .definitely established local realty value. Your interest pay- ments are mailed to you without delay-and always in full. In Amounts of $250 and Up B. F. SAUL CO. Main 2100 925 15th St. N'W. THERE A Third of @ Century Without a Loss 1S; NO. SUBSTITUTE: FOR™ SAFEFY Factors —exist in every business problem. In Real Estate Loans they are principally ¢ Interest Charges Terms Length of Loan Our firm, by arrangement with the Metropolitan Life Insurance Company, is in a position to offer you a most attractive plan suitable ta your needs. AT oRs O 809 15th St. N.W. Main 9486