Evening star., 1922-09-25
LOCAL SECURITIES
!. N0M|NALLy FIRM
No Business Transacted on
Stock Exchange--A
Warning.

rckinS over the bid ana askeo
prices OF today's session OF the local
exchange one finds no special reac-
1lonary trend. no disposition to give
CONCESSIONS in prices to stimulate
trade. nor do late prices bring out
much stock.
Conditions look satisfactory to the
investor: unquestiof1ably. general
business is making rapid strides In
its Improvement. railroads are rushed
1 to capacity to care for the freight
I offered, high grade bond issues are
snapped up on the offering at good
prices. .-..--.
Money. while suffering a temporary
$ stringency, is still plentiful ana the
banks will not turn down appitca-
tions for loans from any one entitled
60 onsideration.
All of which should be encourag.
\ ing to the local stock market. ana
business Is summed up in the follow-
I ing trite announcement:
I American Security Trust Co" 2
4 eharss at 2s3."
! And then the members adjourned.
! Eiane 1t to Whlie sulphur. Hot
/ Springs. Atlantic City, anything but
this let-up after a summer OF more
I br less let-ups Is COO much.
Eid ana asked prices for the lead
ing utilities. unchanged. SO bid. SO
for Capital Traction: 55ls for Rail
way common. IS asked: II for the
preferred. with 7s asked.
Does Not Give o. X.
/ The Better Business Bureau has de-
tSeloped the fact that a number of
promoters and salesmen offering
sstock for sale in the District of Co
}vestor that they have presented their
f1roposition to the Better Business
Bureau and have secured their ap
fproval.
! The Better Business Bureau wishes
ito distinctly state that no financial
tnor is it's approval ever granted. and
any one who has such a statement
fhade to him should Immediately
tnotify The Better Business Bureau.
a s75O00OOe Farm Bonds.
/ A nationwide group composed OF
sthe twelve federal land banks. in
tyestment houses. institutions and
tsealers. headed by Alex. Brown 4
Co. Of Brsan Saa'mSrs BrotheTs asfs' Co.. Lees
lHiggnson & CO., the National City
fCompany and the Guaranty Company
}3i New York, announced today an
Saffering for public subsrription OF d
iYear Federal Land Bank AZ per cent
SSonds at price of 1oiM and interest
SIo yield more than 4.8O per cent to
frhe redcemable date 1S3e) and AZ
Spsr cent thereaftef to redemption or
Snaturi,y. These bonds are exempt
$from federal. state, municipal and
flGcal taxation.
f;The bonds are dated May I. 1893. are
fnot redeemable before May I. 1882,
land mature May /. 194s. Interest is
III. ~ = - 80
SFederal land bank or federal reserve
Sbank. and principal is payable at the
Shank of issue. The bonds are in
tanupon and registered form, inter
tjhangeable. in denominations OF s1o.-
1900. $1,000. $1,000. $500. S1e0 and $40
find are redeemable at par and inter-
sast at any time after ten years from
she date of Issue.
/ According to figures made. public in
sconnection filth the offering the twelve
I,ederal land banks In the four and one
half years Of active operation have been
shuiit up until on August 81, 1922, their
eeaptal was $S3,506.0S5 ; reserve, $253e.-
$500: surplus and undivided profits
.SI4so.135. and total assets, $Si1,0s3.e24
- All twelve banks are on dividend
paying basis and each bank shows a
surplus earned from its operations
t1he United States government owns
ofer s4.2eO.Oe9 of the capital stock of
rte banks. and the United states Treas
than $15e,O0o,0oo federal land bank
bonds.
The banks themselves are under the
direction and control of the Federal
Harm Loan Board. q bureau of the
Treasury Department Of the United
States government.
The Supreme Court Of the United
states has held that these banks wers
l{gally created as part of the banking
sstem OF the United States. and that
the bonds issued by the banks are in
sfrutnentalities Of the United States
;4pvernment and are exempt from fed