Evening Star Newspaper, March 9, 1927, Page 10

10 INTEREST LIMITED FOR BONUS LOANS Banks May Not Compound Charges Against Veterans, McCarl Decides. Abe Martin Says: HowYHock Banks may not compound interest “annually, semi-annually, quarterly or otherwise” on loans to veterans on their Government bonus, Controller | General McCarl has decided. Answering one of a series of ques: | tions propounded to him by Director Hines of the Veterans' Bureau, the controller general said the law spe- cifically authorized the Government to compound interest annumly on the amount of the indebtednets charged against a veteran's certificate in case of default in payment of the loan, but he pointed out that the same act did not authorize banks to compound in- terest. Government Must Make Good. Gen. Hines sought information, as the Government will be called upon to pay certain amounts to a loaning bank presenting to the bureau the note and an adjusted service certifi- cate accepted by the bank as security for payment of the note when the veteran fails to pay his loan with in- terest at matu or when the vet- eran dies prior to maturity of the | loan. This amount, would be * ia or deducted fr the adjusted service ¢ 8 terest would be charged by the Gov- ernment at the rate of 6 per cent com- | pounded annually by the Government until he had redeemed his certificate Concerning two ite loans on the bonus certific McCarl ruled: “If a loan were made during lhs\i current fi year for the maximum loan value ted in the certificate for that year, and a new loan wers requested during the next succeeding certificate year to include the amount of the first ioan, together with the accrued interest thereon, the amount of the principal of the second loan should not exceed the loan value of the certificate for the certificate year in which the new loan is made. If the first and second loans are to be exceed the difference between the prin. cipal of the second loan should not exceed the difference between th prin- cipal of the first loan, plus accrued earned interest thereon, and the loan value of the certificate for the cer- tificate vear in which the second loan is made, and so on for succeeding vears.” McCarl answered flatly in the nega- tive to this question: “May the notes be discounted in advance where such action results in bringing the actual interest rate in excess of the maxi- mum?” EUCHARISTIC EXHIBIT. The' picturization of the twenty- eighth Eucharistic Congress, held in Chicago last June, will be shown at Gonzaga College Hall, 49 I street, to- night, tomorrow night and Friday night at 8:30 o'clock. A matinee showing will ‘be held tomorrow and Friday afternoons at 3:30 o'clock. ‘The vast spiritual pageant of the Eucharistic Congress is portrayed in every detail, beginning with the de- parture from Rome of the papal leg- ate, his eminence Cardinal Bonzano, and continuing through the closing benediction of the blessed sacrament at Mundelein. Th' hardest thing t' hide, next t' a bass drum, is your ignorance. (Copyright, Jobn F. Dille Co.) West Point Graduates to Celebrate Academy’s Anniversary. Members of the Washington sec- tion of the Association of Graduates of the United States Military Academy will hold their next annual dinner at the Willard Hotel, Satur- ch 19, in special in 30 other cities. rnest D. Peek, Corps of Engineers, is chairman of the committee on the dinner at the Willard. Secre D and Assistant Secretar Nider and Davidson of the W rtment and Mal. Gen. Charles P. Summerall, Chief of staff of the Army, and most of the Army officers stationed in this vicin. ity will be present. MIFFLIN WEEK in Washington ) To play or rest - ATLANTIC CITY The World’s. Playground HERE are a hundred things to do— or you can just loaf, with the sound of the sea in your ears and the salt tang of ocean breezes on your lips. Golf, indoor swimming, or a long ride in a wheel chair; splendid restaurants, danc- ing, the season’s best plays—infinite vari- ety or complete relaxation. Through parlor cars and coaches over this only all-rail route make your journey quick, comfortable. Luncheon on the train ~—and you are in Atlantic City in time for a stroll on the Boardwalk before dinner. Send your family for a fortnight or a month here by the sea, and spend your week-ends with them, f Through train leaves Vashington Union Station at 12:50 P.M. week days, i conches. Arrives Athatic: Gy 554 B A o other daily trains offer convenient connections. For information or reservations telephone Main 9140. Citizens meeting besides stre giving due of propert ‘'THE EVENING STAR, WASHINGTON, D. €., WEDNESDAY, MARCH 9, 1927. GAMMELL NAMED BY CITIZENS' BODY Lincoln Park Candidate for Council Selected—City Taypayers Warned. ammel last night was membership in the Council by the Assoclation, Joseph T.. nominated for Advisory Park Ci S the Br School. Commissioner S Taliaferro was the guest of honor and lauded the work done by the assoclation Lincoln the importance of » to delinquent tax- s, In telling of the work of 1x office he stated that the value sold for delinquent taxes During the evening hor i days ulepehone figlin ;;;0‘.“ ook et | PENNSYLVANIA RAILROAD in the Distric of Columbia has jumped from $10,000,000 to $27,000,000 in the past 10. years, Improvements Urged. The association adopted several resolutions calling the attention of the District Commissioners to several community needs. The resolutions included requests that police patrol boxes be installed at Nineteenth and B streets southeast and Nineteeth and East Capitol streets southeast, and that street lighting improvements, supplanting gas lights with electric lamps, be made in sections on Tennes- See avenue, Kentucky avenue, East Capitol street, North Carolina avenue, Potomac avenue and South Carolina avenue, The association requested also that a section of the east and west alley in the rear of property facing on the north side of D streets southeast | between Seventeenth and Eighteenth streets be paved. Principal Withdraws. When the matter of nominating a candidate for the ry council came up Harold . Warner, principal of the Hine Junior High School, re- cleved the nomination, but was forced to withdraw when it was learned that his position as an employe of the District automatically barred his candidacy, according to the regula- tlons governing the nominations to the couneil, New members elected were Joseph F. Hudson, Charles R. Gordon, R. A. Crusan, Lewis A. Crusan, Mrs. Eva Kemther, F. C. Thuelson and Paul Termini. Miss Margaret Stafford and Miss Pauline Grant gave a musical pro- gram. After the meeting refresh- ments were served. PO Col. David L. Stone Transferred. Col. David Stone, Quartermaster Corps, has be relieved from duty in the office of the Assistant Secretary of War and assigned to duty as execu- tive for reserve affairs in the office of chief of staff, War Depmrtment. Banking With the Federal-American Implies Good-standing Accounts of All Persons of Integrity and Thrift Cordially Invited. Sewer Contracts Awarded. Two contracts on the construction of a service and relfef sewer were awarded yesterday by thé Board of District Commissioners. The Warren F. Brenizer Co. was given the contract for the construction of the Mount Pleasant relief sewer, section 2, in Fourteenth street between Park and Columbia roads, at a cost of $23,098.94. Burchell’s Bouquet Coffee Known Nationally 38c¢ L». N. W. BURCHELL 81719 Fourteenth St. N.W. | ' A contract for the construction of a servige sewer in Georgla avenus be- tween Fern street and Alaska avenue, ~ Electri€E The Self-Defrosting Electric Refrigerator Washington ElectrICE Sales Corporation 1411 New York Avenue Washington, D. C. was awarded to W. A. Pate, jr, the low bldder, who quoted a prige of $10.211.42. Announcing Our First Annual ARTIST-USED PIANO SALE Jeaturing the celebrated TGhickerin sale prices. WASHINGTON J T IS the policy of the House of Jordan, once a year, to have returned ‘to its Warerooms pianos furnished to celebrated artists of the concert world and the opera. Although these pianos have just been uséd a short time and are in every respect like new, we offer them to you at unusually low The Chickering being the official piano of the CIVIC OPERA COMPANY, we are often called upon to loan instruments to great artists for use in their hotel rooms. Many other wonderful values are included— instruments that have just been re turned from use in our Concert Department, theaters, and some that have only been used in our warerooms as floor samples. you will find a group of high grade Baby Grand pianos Added to this special sale of fine makes other than the Chickering which were traded-in as part payment onthe Chickering piano or the Ampico re-enacting Piano during the ' present season. If you want a wonderful value in a truly fine piano—come in at once. HERE ARE A FEW OF THE OUTSTANDING BARGAINS IN THIS SALE CHICKERING Grand Piano Price Reduced $35() This splendid instrument caught the eye of Maurice Dumesnil, celebrated French planist. It offers a golden op- portunity to secure an artist’s used plano at an unusually low price. CHICKERING AMPICO Price Reduced $54() This beautiful Ampico, built in the charming Louis XVI model, has been used in our Concert Department and is in- deed a rare bargain. Your present piano taken in ex- change. STEINWAY Grand Piano Recently tradedin on a Grand Ampico by one of ‘Washington’s social leaders. Has had excellent care and is & real bargain. PIANO CO. CHICKERING Grand Piano Price Reduced 5530 Used by a few prominent opera_artists and has been placed on sale at a tre. - mendous reduction in price.