Evening star., 1922-10-01
LIBERTIES AND OTHER BONDS !
INJURED BY IDLE RUMORS
Suggestions That Secretary Mellon Planned
Long Term, Tax-Free, Refunding,
Harmful and Unlikely.

been ready on the slightest favorable
news from Constantinople to rally
strongly. but it has not had much to
For the better part of a year the
provement has been genuine.
The opinion Of big market traders
actual war, but that, following along
the lines during the big war. rapid
advances would soon follow when ac-
tivities were directed that way.
the next advance will meet real
liquidation. although there seems to
be nothing on which to base this
. view.
Primary votes have given strong
W1s tho of aar is It
all likely that the complexion OF the
next Congress will be so changed as
tb loosen in any way the dominant
party's control.
A. b. A. Convention.
Tuesday morning the forty-eighth
annual convention of the American
Bankers Association will be called to
order in the great ballroom OF, the
Commo odore Hotel.
All indications point to the largest
session on record. New York will do
herself proud in the entertainment Of
the guests. and the program commit
tee has succeeded in securing the
leading lights of the financial world
on the program for addresses.
Reginald McKenna, formerly chan
cellor Of the British exchequer, now
chairman of the London Joint City
and Midland Bank. Ltd. will speak
next Wednesday on Preparations and
International Debts" and what he
says will bear the weight and con-
viction as an opinion from a master
mind.
Thomas w. Lamont will address the
convention on THE American Bank
| er's responsibilities" and Gov. Henry
]. Allen of Kansas will discuss the
labor problem.
Other addresses are also scheduled.
The report Of the president and the
discussion of business Of sections will
| for entertainment will be ample.
A steamship Is coming with cargo
| of Texas bankers, who spent three
days in Havana and the Bahamas and
then turned north for New York.
f! Thomas B. McAdams. head OF the
| association and vice president Of the
Merchants Bank of Richmond. will
call the first general session to order
| at $3.50 sharp on Wednesday morning.
Receptions at thirty five homes are
noon. simultaneously. West Point will
be visited Friday, and on Saturday
the return trip will be well under
| way.
Nearing the Limit.
Net revenues of the Chesapeake and
Potomac Telephone Company are
nearing the limit fixed on the valua-
tion of August 81, 1921.
For the last eight months the
revenues have been $so7.51s. and for a
year the net revenues were S1.214,S SOP.
which is 5.s44 per cent on the fixed
physical valuation. The maximum al
lowed is 8 per cent on valuation.
The Federal Bonus.
The one share in the Federal-Amer-
lean National for each five shares of
Federal National Bank stock held will
capital The American National has a
capital of 100000 and the Federal
National of 100000.
Local Securities.
Local bonds have been affected by
the same causes as brought about the
REDUCTION in the prices OF bonds on
the New York exchange, but the de-
clire here has not made any progress
other than small fractions, and the
same is true of the stock list. includ-
ing utilities and typesetters. with the
tanned.
There has been comparatively little
movement during the past week,
which would seem to indicate that in
vestors are nearly loaded or are
waiting for the solution Of the puz-
zles Of the English, and
federal financing--although Washing
ton does not believe that Secretary
Mellon has any idea OF issuing tax
free bonds at any rate.
:. Stockholders of the District Guar
anty Corporation were the guests Of