Evening star., 1923-11-23
FARM LOAN PLANS
S1Q,OD0,ODD SALE
Bureau Announces New
Credit Bank IsSue-Tradinq
Firm on Exchange.

The Federal Farm Loan Board to
tionaI s1O.0oO,O00 of intermediate
credit bank Az per cent debenture
bonds of six months maturity. com
pleting its program of obtaining
funds for financing this years crops.
This issue is the third of the kind and
makes total of s3o.000.o00 obtained
by the sale of securities.
With this obligation, the interme
diate credit banks have made avail
able a total of s50.000,0Oo for aiding
the farmers under the agricultural
act. Commissioner Cooper of the
Farm Loan Bureau said loans to date
aggregate s32.O00.o00 and that in the
opinion of the board the remaining
Sl8,oo0,0o0 will be sufficient to meet
all requirements from those seeking
government credit.
The agricultural credits act appro-
priated s60.000,000 as the banks capi
tai, but thus far the board had found
II necessary to draw only $20000.000
of the allotted capital In the opin-
ion of the board. no more will b.
drawn for at least another year, be
cause it's members feel that il is a
the sale of debentures rather than
by drawing on the Treasury.
Local stock Trading.
Prices for local securities ruled
firm to unchanged in today's rela-
lively light session on the Washing
ton Stock Exchange. Washington
Gas stock was off to 47s at the
market closed.
Washington Gas 6s Of 1888 were
slightly stronger, the majority OF
sales OF this issue being made above
par: City and Suburban So sold a.
79i. and Railway As brought SO. Gas
5s changed hands at 93l2.
s1O.OOO.OOO Issue Closed.
The issue of $4,000, 600 Northern
states Power Company of Minnesota
Convertible Sig per cent gold notes
was closed simultaneously with the
opening Of subscription books at q
o'clock this morning. the Guaranty
Company Of New York which head
ed the syndicate, announced.
The loan was offered at 9SI4 and in
terest to yield over go per cent.
Big Four Seeks Bond Issue.
The Cleveland. Cincinnati Chicago
and ST. Louis railroad today asked INC
Interstate Commerce Commission for
authority to issue s20.000.000 in re-
funding and mortgage bonds. Most o'
the proceeds will be used to pay off
existing Indebtedness of the corpO-d-
tion and its subsidiaries. and the bal
ance Will pay for additions and be,
terments.
The Seaboard Air Line also applied
for authorization for 1888, 600 in
consolidated mortgage bonds. Most
of the new issues Will be deposited
with the United States Treasury for
loans already made.
MoOdy's Weekly Review.
Moody's Weekly Review of Finan-
cial Conditions says in part:
"Whatever may be the immediate
future of the stock and bond markets,
surely the foundations are being
gradually laid for better trade and
growing security values some time
small margins of profit and political
radicalism which caused the unset
tlement of 1923 are slowly being
cured. Costs, as applied to the future.
anyway, are already being reduced
by the substantial majority OF de-
clnes shown each week in COM
modify prices. Later on they are
bound to be reduced also by higher
efficiency of labor, because unemploI-
ment has been gradually incre asine
since spring. and this must mean
that some time within few months
production costs per unit of output
will diminish.
Laying foundations is always a diff
there may not be sharp breaks be
| fore the job is completed. But If
present trends continue We shall by
next spring or summer enjoy more
moderate prices for raw materials,
higher efficiency of labor. and a bet
! ter supply of both working capital
/ and investment capital at lower rates.
! to say nothing of an improving politi-
cal outlook. Here are the real stuffs
Of which prosperity and bull markets
are made. We can afford. then. To
! look forward with confidence and to
partly disregard any trade unsettle-
ment which may occur during the
next few months as a portion OF tn.
laying of foundations.
sterling exchange appears to be
getting into a better position. British
trade with Germany seems to have
already fallen to the minimum. Ger
man importations have held we'll this
year, and since April German unem-
ployment has been diminishing. Fur
thermore. various currencies having
a gold basis are coming into circula-
tion there, and It may be that Ger
man prosperity is turning for the bet